QBE shares are tanking

Coastal erosion at Narrabeen beach in Sydney this year. Brendon Thorne/Getty Images

Shares in QBE fell hard after the insurance group posted a 46% fall in half-year profit to $US265 million.

A short time ago, they were down 8.3% to $10.24.

Revenue was flat at $7.89 billion, up just 1%, as insurances prices came under pressure.

The company expects pricing pressure to remain for the rest of the year.

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