QBE, the Australian insurance group, has reported a doubling in net profits for the six months to June to A$241m from A$115m, as all five insurance divisions exceeded their targets.
The Sydney-based company, the largest underwriter in Lloyd's, said profits from its Lloyd's operations more than doubled to A$72m while those from its European businesses tripled to A$66m.
Net earned premium grew by 15% to A$3.1bn in spite of an 18% rise in the Australian dollar against its US counterpart this year.
The group expects net earned premium to grow by 10% in 2004 as policy prices keep rising. Full-year net profits are expected to be 75% higher than the A$279m reported in March, provided there is no major fall in equity markets.
