SYDNEY: QBE Insurance Group Ltd, the biggest underwriter at Lloyd’s of London, said first-half profit rose 33% after acquisitions boosted sales and the insurer charged more for policies. QBE's stock rose as much as 2.3%.
Net income rose to A$320mil, or 47 cents a share, in the six months to June 30, from A$241mil, or 37 cents, a year earlier, the insurer said in a statement. Its insurance margin, or profit as a percentage of premium income, rose to 13.1% from 8.4% and the company said it may maintain that level in the second half. – Bloomberg
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