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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
News: QBE UPDATE 1-Australia's QBE Insurance posts 35% jump in H1 profit, retains forecast
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Last
$15.90 |
Change
-0.180(1.12%) |
Mkt cap ! $23.85B |
Open | High | Low | Value | Volume |
$16.08 | $16.13 | $15.84 | $40.14M | 2.510M |
Buyers (Bids)
No. | Vol. | Price($) |
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25 | 3217 | $15.90 |
Sellers (Offers)
Price($) | Vol. | No. |
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$15.91 | 5578 | 30 |
View Market Depth
No. | Vol. | Price($) |
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24 | 8808 | 15.890 |
19 | 6127 | 15.880 |
9 | 4874 | 15.870 |
12 | 4494 | 15.860 |
15 | 16720 | 15.850 |
Price($) | Vol. | No. |
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15.900 | 4368 | 19 |
15.910 | 4408 | 13 |
15.920 | 5618 | 10 |
15.930 | 6361 | 9 |
15.940 | 11282 | 9 |
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