QBE announces share buyback as FY profit rises

QBE reported rising earnings in 2016 and noted signs of a
"modest improvement" in the market as it announced a
three-year, A$1bn ($766.3mn) share buyback.
Group adjusted pre-tax profit, which excludes the effect of
fronting and legacy transactions, rose 6 percent to $1.06bn for
2016, after a jump in investment income offset a deteriorating
underwriting result.
On an adjusted basis, net investment income on shareholders'
funds went up by 42 percent to $339mn, while underwriting profit
declined to