QBE's European COR falls "behind plan" to 95.7%
QBE saw its combined operating ratio (COR) for its European operations fall "behind plan" to 95.7% for the first half of 2013, a slight deterioration on the 95% posted for the same period last year.
The insurance profit margin for its European segment also dropped from 11.2% to 6.1%.
The insurer reported that gross written premium (GWP) had increased to $3.1bn [£1.98bn] from $2.75bn, while net earned premiums rose from $1.56bn to $1.73bn.
Assessing its European results, the insurer stated: "Year-on-year premium growth reflects the strong trading relationships cultivated with our key broking partners to ensure that we remain their market of choice, plus of course the renewal of the ex-Brit
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