Profits down in QBE’s European operations
QBE has revealed a significant drop in European insurance profits to £123m for the first half of 2011 compared to £146m for the same period of 2010.
The combined operating ratio for the division, which includes but does not separate out UK business, slipped to 95.4%, from 88.4% in the first six months of 2010, while gross written premium grew to £1,748m (H1 2010: £1,574m.)
The provider's insurance profit margin from European operations also fell to 13% (H1 2010:18.3%) which QBE said was impacted by significant large individual risk and catastrophe claims and was partly offset by prior year releases of risk margins in claims provision. It
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