Update: CBL shares fall 12% as reserves increase dents profit

Fri, 18 Aug 2017

(Updates to add market reaction, comment from analyst) By Rebecca Howard Aug. 18 (BusinessDesk) - CBL Corp's shares fell about 12 percent after the financial risk insurer said first-half profit dropped by more than a third, largely on a $16.5 million increase in reserves to cover future claims. Revenue grew 29 percent. Auckland-based CBL's shares fell to $3.32 after the company said first-half operating earnings fell 36 percent, largely due to a $16.5 million increase in CBL Insurance's reserves to cover future claims, although revenu...

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