Provided by Dow Jones
QBE Insurance Group said its interim net profit doubled and it raised its dividend, amid continued premium renewal rate increases and lower catastrophe costs.
The Australia-listed insurer, which reports in U.S. dollars, said earnings for the six months through June were $802 million, compared to $400 million the previous year. Revenue rose by 5% on year to $10.44 billion.
“We have seen a positive start to the year, highlighted by further improvement in underwriting performance and strong return on equity,” said Chief Executive Andrew Horton.
QBE’s combined operating ratio, a measure of underwriting profitability comparing premiums with losses and expenses, improved to 93.8% from 98.8% in the prior year.
Read more here: https://www.morningstar.com/news/dow-jones/2024080819255/qbes-interim-profit-doubles-dividend-raised
QBE has been serving Hong Kong for more than a century. As a leading general insurer, QBE Hong Kong provides a comprehensive range of non-life insurance solutions for both business and personal customers. QBE Hong Kong operates through an extensive network of professional insurance agents and brokers and has an exclusive distribution partnership with Manulife. QBE Hong Kong is part of the QBE Insurance Group, a general insurance and reinsurance company.