News: QBE UPDATE 1-Australian insurer QBE's first-half profit more than doubles on higher premiums

(Updates with details on results from paragraph 2 onwards)

Aug 9 (Reuters) - Australia's QBE Insurance Group (QBE) reported a more than twofold jump in its first-half profit on Friday, helped by higher gross written premiums and investment income.

The company's gross written premiums grew 2%, to $13.05 billion for the first half of fiscal 2024, driven by a premium rate increase of 6.7% and targeted organic growth.

Interest rates remained highly supportive during the period, resulting in strong investment income, where QBE maintains a positive outlook for the remainder of fiscal 2024, the insurer said.

Meanwhile, it paid out $527 million in catastrophe-related claims, mainly to account for floods in Dubai, storms in the U.S. and exposure to the

unrest

in New Caledonia. The cost was below its provision of $609 million for the first half.

The Sydney-based insurer, which has a presence in 27 countries, said net profit after tax for the six months ended June was $802 million, compared with $400 million a year ago.