QBE sees gross written premium reduce

QBE Europe saw its gross written premium reduce by 4% to Aus$5.14bn (£2.42bn) and gross earned premium drop by 1% to Aus$5.16bn in 2007. The combined operating ratio (COR) for European operations was 84.8%, compared with 86.1% in 2006, and the insurance profit margin was 26%, compared with 22.3% in 2006. Meanwhile, 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%).