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QBE Reports Profits Are Down in First Half of 2010

Source: QBE Insurance Group

Posted on 19 Aug 2010

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QBE Insurance Group, which is Australia's largest international general insurance and reinsurance group and one of the top 25 insurers and reinsurers worldwide as measured by net earned premium, reported net profits for the first half of the year declined 39 percent to $440 million, down from $720 million for the same period a year previous.

According to QBE, the decline is predominantly due to reduced investment yields. The company received cash flow from operations worth $647 million in 2010, compared to $564 million in 2009.

The insurer’s net earned premium was $5.24 billion in the first half of 2010, up by 20%, from $4.37 billion in the first half of 2009. QBE’s investment income on the policyholders funds was $280 million in the first half of 2010 as compared to $294 million in 2009.

QBE Insurance Group has operations in 49 countries and in all key insurance markets. The insurer has built its geographic and product diversification through over 130 acquisitions. These include four acquisitions to make QBE Agri the third largest agricultural insurer in the US.