56% increase for QBE

QBE announced a 56% increase in net profit to a record £372m. The combined operating ratio was 86.2% compared with 87.9% for the same period last year. Insurance profit was 22.2% (2006 H1: 18.7%). According to the insurer, the improvement in net profit was mainly due to a continued low frequency and severity of claims, higher investment yields and recent acquisitions.