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Financial News - Favourable markets sees QBE profits soar worldwide.
(From Post Magazine)
QBE's European and Lloyd's operations saw their combined after tax profits rise by 44% in 2006, with Lime Street largely behind the company's growth.
In a favourable market, QBE Europe's net profit after tax rose from Aus$314m (GBP126.8m) to Aus$385m, despite a 2% reduction in gross written premium. The insurer's Lloyd's division, Limit, enjoyed an increase of Aus$161m in profits from 2005, posting Aus$374m and a combined ratio that improved by 12% to 82.1%.
Frank O'Halloran, chief executive officer at QBE, commented: "Insurance conditions continued to be favourable, particularly for commercial lines of business and reinsurance. We ...
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