QBE sees European business GWP slightly reduce
QBE Europe saw gross written premium reduced by 4% to Aus $5137m (£2421m) and gross earned premium reduced by 1% to Aus $5158m in 2007.
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
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