Profits up at QBE
QBE has reported an 8% rise in net profit after tax to US$761m [£501.8m] for 2012 along with gross written premiums (GWP) of $18.4bn, up a modest 1% on 2011.
The Australia-based insurer did not provide a breakdown for UK figures, however it stated that "local currency premium growth" for the European operations was 6% to £3.19bn of GWP.
The provider confirmed that its combined operating ratio had slipped to 97.1% for the full year from 96.8% in 2011.
QBE's insurance profit, which includes investment income on policyholders' funds, came in at US$1.26bn, up 16% from US$1.09bn in 2011. It attributed this to significantly improved investment returns
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