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QBE aims to sell off businesses in three continents as profits fall

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QBE Insurance Group Ltd. will sell or float some of its businesses amid steps to get back on course after its net profit fell during the six months to June, reported Herald Sun.

The profit fell 18% year on year to $392 million. The company said it would divest its U.S. agency business.

It will also partly float its Australian mortgage lenders insurance unit and finalize deals for the divestment of its eastern and central European business.

For 2014, the insurer expects a gross written premium of between $16.6 billion and $17 billion.

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