QBE reports rise in European profits
QBE European Operations has reported a rise in pre-tax profit to US$222m for H1 2010, compared to $213m for the same period last year.
Gross written premium increased 8% to $2.41bn (H1 2009: $2.23bn), in pounds sterling, QBE said it was up 6% to £1.57bn.
Net earned premium rose to $1.23bn (H1 2009: $1.19bn), or flat in pounds sterling, while combined operating ratio stood at 88.4% (h1 2009: 89.9%).
In a statement, QBE said: “Generally soft market conditions continue to prevail; however, there are some encouraging signs that we are at the bottom of the cycle for most classes with an upturn predicted by 2012. The London insurance
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