UPDATE 1-Australia's QBE Insurance posts 35% jump in H1 profit, retains forecast [Reuters (UK)]
QBE INSURANCE GP S/ADR (QBIEY)
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Source: Reuters
UPDATE 1-Australia's QBE Insurance posts 35% jump in H1 profit, retains forecast - Reuters 2 Min Read (Adds share performance, other metrics) Aug 15 (Reuters) - Australia’s QBE Insurance Group 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 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 r
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