QBE's Lloyd's operation saw its profits fall in 2005, despite reporting record group profits of nearly A$1.1bn.
Limit saw its profits fall by nearly 10% to A$216m from A$239m in 2004. Gross written premiums decreased to A$2,236m in 2005 from A$2,309m in 2004.
In contrast, QBE reported a 27% increase in group operating profits after tax to A$1,091m from A$820m in 2004.
QBE blamed the deterioration in Limit's performance on catastrophe claims. Net claims from large catastrophes were A$285m compared with A$140m in 2004.
Limit's overall combined ratio increased to 94.5% from 91.6%.
But the combined ratio for Limit's general insurance business improved to 90.2% from 91.4%. QBE said this reflected the "lower frequency of claims on non-catastrophe exposed business".
Meanwhile, QBE Insurance (Europe), Limit's sister operation in the European division, saw its profit increase to A$328m in 2005 from A$171m. Gross written premiums increased to A$2,558m from A$2,301m in 2004.
The combined ratio for the general insurance business improved to 84.5% from 89.1%.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
