-Australia's QBE Insurance posts 35% jump in H1 profit, retains forecast (Aug. 15)
(Corrects paragraph 2 to show figures are in U.S. dollars, not
Australian dollars, removes currency conversion)
Aug 15 (Reuters) - Australia's QBE Insurance Group
said on Thursday its first-half cash profit rose 35%, helped by
lower claims losses and robust investment return.
The country's third-largest listed insurer's cash profit for
the six months ended June 30 rose to $520 million from $385
million a year ago.
That sent the company's shares as high as 3% to A$12.44 in
early trade, while the broader market was nearly 2%
QBE is in recovery mode after a weak spell, having posted a
record annual loss in 2017 as hurricanes swept the Atlantic and
earthquakes rattled Mexico.
It had ended fiscal 2018 with a better than expected profit.
The insurer's combined operating ratio (COR) - claims
payouts against premium income - came in at 95.2%, slightly
better than the mid-point of its projected range of 94.5%-96.5%
for fiscal 2019.
QBE reaffirmed its full-year forecast on Thursday and
declared an interim dividend of 25 Australian cents a share,
higher than the 22 cents interim payout of last year.
(Reporting By Rushil Dutta in Bengaluru; Editing by Maju Samuel
and Muralikumar Anantharaman)
First Published: 2019-08-15 03:00:54
Updated 2019-08-15 18:22:33
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