QBE profit up despite emerging markets deterioration

Alice Uribe

Insurer QBE has posted a 30 per cent increase in net profit to $345 million, on further improvement in the Australia and New Zealand market.

Adjusted net profit after tax increased by 76 per cent to $464 million on the one-off pretax charge coming from the UK Ogden price charge.

On the same adjusted basis the Group’s combined operating ratio increased slightly to 95.3 per cent, from 94.5 per cent in the prior year, consistent with revised guidance provided to the market in June

Cash profit for the half year to June 30 was also up by 30 per cent to $374 million from $287 million for the 2016 half.

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