Shares of QBE are up over 5.5% in early trade as the insurance giant reported a 5% jump in net profit, as well as, a $1 billion share buyback scheme.
In the year up to December 31st, the company announced net profit after tax of $844 million, which is up from $807 million over the previous year. Return on equity also improved from 7.5% to 8.1%.
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QBE declared it will pay a 33 cent dividend, compared to 30 cents last year.
QBE is fully valued and we recommend selling covered call options to enhance the investment return.
