QBE Insurance Group Ltd
(ASX:QBE) has recorded a 39 per cent fall in profit to US$440 million for the first half of the year, explaining that lower investment yields held back insurance profit.
QBE says it has been affected by a period of economic upheaval and a record level of catastrophe claims for the insurance industry.
Substantially reduced net investment income and no one-off gains, as in the 2009 half year result, also influenced QBE's first half year earnings.
Gross written premiums, however increased 20 per cent to US$6.9 billion for the period.
An interim dividend of 62 cents per share, 9.3 per cent franked has been declared, on par with the year before.
QBE Insurance Group reported a profit of $1.97 billion for the year to 30 December 2009.
