Profits of $1bn for OZ insurer

AUSTRALIAN insurance group, QBE has reported record after-tax profits of Aus$1.02 billion (€595m) for the first half of this year – representing a 19% year-on-year increase.

Commenting on the half year results, group chief executive, Frank O’Halloran said: “The strong underwriting profits from our four insurance divisions, together with overall average premium rate increases of around 4% and the expectation of higher interest rates as economic conditions improve, give us confidence about the outlook for the insurance profit margin going forward.”

QBE employs 100 people at its office in Dublin’s Docklands.

Yesterday, QBE Ireland general manager, Matt Rafferty said the Irish side of the business is an important part of the group.

QBE Ireland did see a single digit percentage increase in first-half revenues, compared to the same period last year.

Mr Rafferty added that QBE could be in the position of being able to gain further market share in Ireland, with opportunities arising from competitors pushing up their prices “slightly too high”.