QBE Insurance Group Limited
(ASX:QBE) has posted a half year net profit of $US477 million, a 37 per cent decline on the same period last year.
In the six months to June 30, revenue was $US9.1 billion, a two per cent lift on the previous corresponding period.
The insurance giant says net profit is in line with its projections based on lower investment yields, although there was an increase in non-cash charges largely due to accelerated amortisation relating to its US lender-placed insurance business.
QBE reaffirmed its full-year operating ratio and insurance profit margin targets, saying it’s made good progress in improving key capital ratios.
The group will pay a fully-franked interim dividend of 20 cents to be paid on September 23.
