Australia's largest listed insurance company, QBE Insurance (QBE), announced a worse than expected 1H13 (Jan-June 2013) net profit of $477m. The result was held back by lower investment returns & a fall in earnings across 4 of its 6 markets. Cyclone Oswald, which made its way through QLD & NSW in Jan cost QBE US$72m (biggest natural disaster expense of 1H13). The recent strengthening of the US dollar & a rise in bond yields is a positive for QBE, as close to 20% of its investments are held in govt. bonds. A $0.20ps dividend was announced, payable to eligible shareholders on 23 Sept. Visit (VIEW LINK) for more details