QBE Insurance Group Limited (ASX:QBE) has cut its full year insurance profit margin outlook, despite a rise in profit for the first half.
The insurer has seen catastrophes batter key markets in New Zealand, Australia, the US and Japan in the first half.
For the six months to June 30, the company posted net profit of $651 million, a jump of more than 50 per cent on the corresponding period.
But investors have been focusing on its full-year margin outlook. Australia’s biggest insurer is now targeting an insurance profit margin of 11 to 14 per cent, below the previous outlook.
QBE maintained the interim dividend of 62 cents per share, franked at 10 per cent.
