Australian insurer boosts global profits by 30%
QBE bucked the trend this week, with results that showed a 30% increase in worldwide operating profits for 2007 to A$1,925m (£907m).
However QBE Europe saw a slight fall in gross written premium, down 4% to A$5,137m. The combined operating ratio for European operations was 84.8% compared with 86.1% last year, and the insurance profit margin was 26% compared with 22.3% last year.
QBE attributed the strong underwriting results to a low level of large catastrophe claims and low attritional claims, despite an average reduction in rates of 4.5% over the year.
In Lloyd’s, QBE saw an operating ratio of 75.7% compared with 82.1% last year, and insurance profit margin of 36%, compared with 26.3% last year. Gross written premium was down 3% to A$2,634m.
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.
