QBE doubles net profits to $802m in H1 2024

Its gross written premium increased by 2%.

During the first six months of 2024 (H1 2024), QBE doubled (100.5%) its net profits to $802m, bolstered by higher premiums and investment income.

Its gross written premium increased by 2%, driven by renewal rate hikes and organic growth, though offset by portfolio exits and lower crop premiums. 

The combined operating ratio improved to 93.8% from 98.8%, aided by lower catastrophe costs. QBE also announced reserve transactions to de-risk $1.6b in reserves. 

The board declared an interim dividend of AU$0.24 per share, up from AU$0.14 last year. Meanwhile, basic earnings per share–adjusted basis stood at $51.9.