QBE will book a loss of $US73 million ($99.03 million) from the sale of its Argentinian workers’ compensation business to the Werthein Group.

The $US95 million ($128.88 million) sale, announced in February, was completed last week.

QBE says funding and transaction costs and taxes, plus a foreign currency reclassification charge of $US65 million ($88.18 million), are to blame for the loss.

The Australian insurer’s half-year report card, due tomorrow, will include the financial results of the Argentinian business.

Group CEO John Neal has been divesting underperforming businesses acquired by his predecessor Frank O’Halloran.

The insurer has sold Australian underwriting agencies for $290 million and North American agencies for $US217 million ($294.34 million).