QBE Insurance Group's half-year net profit increased 100% to $802m, driven by lower catastrophe costs.
QBE Insurance Group posted a 100% increase in half-year net profit after tax to US$802m with gross written premium up 1.9% to US$13.05bn. The Australian insurer's net profit improvement was driven by lower catastrophe costs and stable reserve development. Despite the positive results, shares declined 4.9% following the announcement, possibly due to falling short of analysts' expectations.
August 09, 2024
3 Articles