QBE's Lloyd's division posted a combined ratio of 96.6% for last year, an improvement on its 2001 figure of 108.6%.
The operation, which trades as Limit, made a net profit after tax of A$68m (£26m), up from A$5m (£1.9m) in 2001 and wrote gross premiums of A$2.3bn (£880m), up 4% from A$2.2bn (£840m) the previous year.
Much of the improvement came from its inward reinsurance operation which achieved a combined ratio of 87.6%, down from 117.9% in 2001, while its general insurance combined ratio was 101.1% compared to 104.6%.
Property writing brought in the largest share of gross earned premiums, at 38.7% up from 18.8% in 2001, next came casualty on 22.7%, down from 29.8% the previous year.
The group's European companies division, which includes the group's non-Lloyd's insurance and reinsurance London operations, made a combined operating ratio of 98.9%, down from 119.1% in 2001.
Its GWP increased by 12% to A$2.2bn from A$2bn in 2001 and its combined ratio was 98.9%, a significant improvement over the previous year's figure of 119.1%.
The group made an insurance profit of A$406m compared with a loss of A$119m the year before. The group's GWP grew by 14% to A$7.72bn from A$6.79bn.
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.
