(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.
(Updates with details on results from paragraph 2 onwards) Aug...
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