Limit, the division of Australian insurer QBE trading at Lloyd's, improved its combined operating ratio to 96.2% in the half year to 30 June from 98.1% in the same period the year before.
Limit's gross written premium (GWP) fell 5% to A$1.5bn (£626m) from A$1.6bn (£662m). Limit made its best gains on inward reinsurance, where the combined ratio improved to 86.1% from 89.1%.
QBE's European company operations improved its combined ratio to 96.4% from 100.5%. GWP was up 20% to A$1.4bn (£597m) from A$1.2bn (£499m).
The group's combined ratio for the half year was 96%, against 99% for the same period last year.
Insurance profit in the six months was A$259m (£107m) against A$160m (£66m). Total GWP increased to A$4.8bn (£1.9bn) from A$4.3bn (£1.8bn).