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Aug 15 (Reuters) - Australia's QBE Insurance Group (QBE) 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 A$520 million ($351.05 million) from A$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 (xjo) was nearly 2% lower.
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. ($1 = 1.4813 Australian dollars)
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News: QBE UPDATE 1-Australia's QBE Insurance posts 35% jump in H1 profit, retains forecast
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Last
$15.89 |
Change
-0.190(1.18%) |
Mkt cap ! $23.85B |
Open | High | Low | Value | Volume |
$16.08 | $16.13 | $15.84 | $48.42M | 3.031M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1081 | $17.47 |
Sellers (Offers)
Price($) | Vol. | No. |
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$14.31 | 149627 | 1 |
View Market Depth
No. | Vol. | Price($) |
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4 | 48615 | 17.470 |
19 | 68281 | 17.180 |
5 | 19311 | 17.160 |
1 | 24127 | 17.000 |
1 | 7161 | 16.940 |
Price($) | Vol. | No. |
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14.310 | 149651 | 2 |
14.500 | 2052 | 1 |
14.850 | 129 | 2 |
14.920 | 780 | 1 |
14.950 | 288 | 1 |
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