Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

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QBE Insurance GrpLtd (35WU)

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Thursday 24 February, 2005

QBE Insurance GrpLtd

Annual Report and Accounts

QBE Insurance Group Limited
23 February 2005

                              MARKET ANNOUNCEMENT


The directors of QBE Insurance Group today announced a record operating profit
after tax of $820 million for the year ended 31 December 2004, up 43% on the
profit of $572 million last year.  Pre tax profit was up 41% to $1,080 million.
Fully diluted earnings per share increased 35% to 104.5 cents and the return on
average shareholders' funds was 21.2% compared with 18.3%.

Insurance profit before tax increased 45% to $908 million, despite net claims
from large catastrophes of $320 million compared with $27 million in 2003.
Insurance profit to net earned premium was 13.4% compared with 10.4%.  Cash flow
from operations was again strong at $2,110 million compared with $2,089 million.

Gross earned premium was up 10% to $8,571 million and net earned premium
increased 12% to $6,781 million.  The impact of the stronger Australian dollar
on premium growth was significant.  Using 2003 rates of exchange, gross and net
earned premium would have increased 16% and 17% respectively.

In recognition of the strong operating performance, the directors have declared
a 36% increase in the final 2004 dividend from 22.0 cents per share last year to
30.0 cents per share.  The dividend will be 50% franked.  Books close for the
final dividend on 7 March 2005 and the dividend reinvestment plans continue at a
discount rate of 2.5%.

Mr Frank O'Halloran, QBE Group's Chief Executive Officer, said 'We have exceeded
our main financial targets for 2004, achieving a record operating profit,
improving underwriting profits and insurance margins in all our insurance
divisions and outperforming our overall investment benchmarks with a low risk
investment strategy.'

QBE has upgraded its expectations for the insurance profit margin for 2005 from
the previously announced range of 12% - 13% to 12.5% - 13.5% of net earned

Mr O'Halloran added 'acquisition activity during 2004 added over $1.5 billion in
annualised gross premium, of which $0.7 billion was written in 2004.  This
underpins the Group's 2005 growth targets of a 10% increase in gross written
premium to $9.6 billion and a 12.5% increase in net earned premium to $7.6
billion.  Even though overall premium rates were slightly less than our
expectations for the major renewal season of 1 January 2005, the quality and
diversification of our insurance businesses around the world and the strength of
our liabilities for outstanding claims and unearned premiums give us confidence
that, subject to the usual caveats, we can increase our profit after tax by more
than 10% in 2005.'

For further information, please contact:

Frank O'Halloran, Chief Executive Officer                    +61 2 9375 4400
Neil Drabsch, Chief Financial Officer                        +61 2 9375 4216
Duncan Ramsay, General Counsel and Company Secretary         +61 2 9375 4422
Gayle Tollifson, Chief Risk Officer                          +61 2 9375 4102

24 February 2005

                      This information is provided by RNS
            The company news service from the London Stock Exchange