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QBE - QBE Insurance News Story

A$8.83 -0.1  -0.6%

Last Trade - 29/05/20

Sector
Financials
Size
Large Cap
Market Cap £6.21bn
Enterprise Value £8.52bn
Revenue £11.85bn
Position in Universe 42nd / 1842

UPDATE 1-Australia's QBE Insurance posts 35% jump in H1 profit, retains forecast

Thu 15th August, 2019 2:00am
(Adds share performance, other metrics)
    Aug 15 (Reuters) - Australia's QBE Insurance Group  QBE.AX 
said on Thursday its first-half cash profit rose 35%, helped by
lower claims losses and robust investment return.
    The country's third-largest listed insurer's cash profit for
the six months ended June 30 rose to A$520 million ($351.05
million) from A$385 million a year ago.
    That sent the company's shares as high as 3% to A$12.44 in
early trade, while the broader market  .AXJO  was nearly 2%
lower. 
    QBE is in recovery mode after a weak spell, having posted a
record annual loss in 2017 as hurricanes swept the Atlantic and
earthquakes rattled Mexico. 
    It had ended fiscal 2018 with a better than expected profit.
   
    The insurer's combined operating ratio (COR) - claims
payouts against premium income - came in at 95.2%, slightly
better than the mid-point of its projected range of 94.5%-96.5%
for fiscal 2019.
    QBE reaffirmed its full-year forecast on Thursday and
declared an interim dividend of 25 Australian cents a share,
higher than the 22 cents interim payout of last year.
($1 = 1.4813 Australian dollars)

 (Reporting By Rushil Dutta in Bengaluru; Editing by Maju Samuel
and Muralikumar Anantharaman)
 ((rushil.dutta@thomsonreuters.com; +91-80-6749-1130; Reuters
Messaging: rushil.dutta.thomsonreuters.com@reuters.net))
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