Record profit for QBE
QBE Insurance Group has reported a strong result for the half year to June 30, 2007, with profit up 56 per cent on the back of a 15 per cent increase in revenue.
The company told the Australian Stock Exchange the half-year profit of $921 million represented a record, with insurance profit before tax increasing by 41 per cent to $1,053 million.
The directors attributed the strong result to a continued low frequency and severity of claims combined with higher investment yields and the inclusion of recent US acquisitions.
They said the Australian Asia Pacific division had been among those that had produced higher insurance profits when compared to the same period last year.
AUTHOR
Mike Taylor
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