QBE Insurance Group (ASX: QBE) informed on Tuesday in response to a query raised by the Australian Securities Exchange, it was unaware of the impact of losses in its emerging markets division on overall profitability during its annual meeting in early May. It was unaware of losses in emerging markets until a board meeting on 21 June 2017 that the financial condition of each of its global divisions, including the Emerging Markets division, had been clarified and confirmed. Last week, QBE surprised the market with a profit warning as it would report lower than expected earnings due to underwriting losses in its emerging markets division. The company downgraded its overall combined operating ratio to the 94.5% to 96% range, compared with a February guidance of 93.5% to 95%.A higher combined operating ratio translates to lower underwriting profits for insurers. The company forecast interim insurance profit margin to be in the range of 8.5% to 9.5% against 9.7% in 2016.