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QBE Adjusted Profit Rises to $1.03 Billion in Half-Year Results

QBE Insurance logoQBE Insurance
Sig2.70Sen+4.20Env0.00Soc0.00Gov0.00

QBE Insurance Group reported adjusted net profit after tax of US$1,033 million for the half year ended June 30, up from US$997 million, with ROE at 17.7% above its 15%+ target. Crop insurance delivered an 86.0% combined operating ratio. QBE also flagged reinsurance to de-risk about US$1.6 billion of long-tail reserves and launched a new Bermuda primary offering, while renewal rate growth slowed to 0.3%.

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