QBE Insurance Group has lifted first-half net profit by four per cent to $US358 million ($A496 million), helped by higher average premiums across its operations and a more streamlined business structure.
Excluding the Latin American business that is being held for sale, net profit was also up four per cent to $US 370 million.
The insurance giant said its group-wide premium rate increased 4.6 per cent in the six months to June 30, while gross written premiums were up one per cent to $US7.9 billion.
QBE announced the sale of its Latin American operations to Zurich earlier this year, as it shifted focus to the Asia-Pacific and North America units.
It also recently offloaded its travel insurance business to health insurer NIB Holdings Ltd for $25 million.
The company's adjusted combined operating ratio - a key measure of profitability - rose to 95.8 per cent, in the middle of its guidance for a ratio of 95 to 97.5 per cent.
However, investment returns were down to $US287 million, from $US424 million a year earlier.
The group has reiterated its guidance for full-year investment return to be between 2.25 and 2.75 per cent, but narrowed its guidance range for full-year combined ratio at 95 to 97 per cent.
QBE declared a partially-franked interim dividend of 22 cents a share, unchanged from a year earlier.
On Monday, the company also reaffirmed its commitment to the $1 billion share buyback over three years that it launched in 2017.
BY 1040 AEST, QBE shares were up 4.5 per cent to 10.66 in a weak Australian share market.
QBE HALF YEAR PROFIT:
* Net profit up 4pct to $US358m
* Gross written premium up 1pct at $US7.9b
* Partially franked interim dividend of 22 cents per share, unchanged
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