Profits up at QBE

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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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