QBE has reported a 37% slide in half-year earnings to $US477 million and cut its dividend by half, from 40 to 20 cents per share. Investors dumped the stock sending it down almost 9% at the open of trade, whilst still down over 5% at 11am AEST. Consensus had been earnings of $US696 million and a dividend of 23 cents per share. The company blamed the poor result on a big turnaround in its investment earnings, especially from fixed income and troubles with its US operations.