(RTTNews) - QBE Insurance Group (QBE.AX, QBEIF.PK) reported that its profit after income tax attributable to ordinary equity holders of the company for the half year ended 30 June 2024 climbed to US$802 million or 51.5 US cents per share from US$400 million or 25.0 US cents per share in the same period last year.
The Group reported a statutory insurance operating result of US$828 million compared with US$377 million in the prior period, primarily reflecting lower catastrophe costs and more stable reserve development. Premium growth continued through rate increases and targeted new business growth, partly offset by lower Crop premium and the impact of portfolio exits in North America and Australia Pacific.
Insurance revenue for the period grew to US$10.44 billion from US$9.92 billion last year.
Gross written premium increased 2% on a headline basis to US$13.05 billion from US$12.80 billion in the prior period. On a constant currency basis, gross written premium increased 2%, reflecting premium rate increases and targeted new business growth, partly offset by lower Crop premium due to commodity price declines, and the impact of portfolio exits in North America and Australia Pacific. Excluding Crop, gross written premium growth was 6% on the same basis.
The company expects gross written premium constant currency GWP growth to be about 3% for fiscal year 2024.
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