Helped by recent acquisitions, QBE Insurance, Australia’s second largest general insurer after NRMA, posted a strong 56 percent gain in interim net profits to A$122 million (U.S.$64.4 million) for the first half of the year.
QBE became one of the largest insurers in the Lloyd’s market by acquiring Limit plc, and also took over a lot of business from HIH, following its collapse in March. Gross written premiums reached nearly U.S. $1.6 billion, a 60 percent increase, while loss ratios remained steady at around 102 percent.
The fact that QBE was able to do so well in a difficult year bodes well for the future, especially in the Lloyd’s market where rates are generally expected to increase. The company remains on target to achieve a full year result in excess of U.S.$ 130 million.
Topics Profit Loss Australia
Was this article valuable?
Here are more articles you may enjoy.
NY Lawmakers Agree to Governor’s Auto Insurance Reforms in New Budget 
Roof Costs Soar Even as Claims Decline: Verisk 
Sentry to Sponsor PGA Tournament at Torrey Pines 
DeSantis Plan to Cut Florida Property Taxes Heads to Ballot—With Schools Removed 
