QBE sees European business GWP slightly reduce

The combined operating ratio for European operations was 84.8% compared with 86.1% last year and the insurance profit margin was 26.0% compared with 22.3% last year.

The Lloyd's business which wrote £1.1bn of business saw a COR of 75.7% (2006: 82.1%) and insurance profit margin of 36% (2006: 26.3%).

Its European insurance business produced a COR of 92.1% on Aus $2503m [down 5%] compared with 89.9% last year which the company attributed to large individual risk and catastrophe claims and an