Shares from Australia’s QBE Insurance (ASX:QBE) slipped by as much as 4.1% to A$14.960 in what is reported as their most dramatic intraday decline since May 12.

QBE is at its weakest point since July 14, and it is among the top 10 declining companies in the ASX 200 benchmark index.

The company is also on a course to suffer losses for a second consecutive day if the current trend persists.

QBE’s half-year profit of $400 million fell short of the consensus estimate by 17.1%.

The insurer’s half-year combined operating ratio saw an increase to 98.8% from 94.9%, a clear indication of the impact catastrophe costs had.

Meanwhile, the interim dividend stands at 14 AU cents per share, reflecting a 35% payout ratio of the annual adjusted cash profit, which is below their goal of between 40% and 60%.

Despite these setbacks, QBE shares had risen by 16.2% this year as of the last close, compared with a 4.3% increase in the ASX 200 benchmark.

QBE Insurance is a leading Australian insurance company.