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QBE Sees Lower Insurance Margin Profit for First Six Months of 2011

Source: Sidney Morning Herald

Posted on 14 Jun 2011

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QBE Insurance Group expects first-half profit to rise 50 to 60 percent after its investment performance improved significantly from the previous year, but warns that its insurance margins will be lower due to the recent natural disasters.

Net profit will be as much as $US704 million ($666 million) for the six months to June, based on a figure 60 percent higher than the $US440 million recorded for the first half of 2010.

QBE said in a statement today that it had recorded a strong performance in investment income.