QBE Insurance Group Reports 53% Rise In First-Half Profit

QBE Insurance Group Ltd

downgraded its full-year profit projections. It reported a 53% surge in its first half profit. QBE's net profit for the period climbed to US$673 million, from US$440 million, in the year-ago period. Its revenue gained 34% to US$9.07 billion from US$6.78 billion. QBE projects annual gross written premium to increase to marginally above US$17 billion. QBE also declared a first half dividend of $0.62 per share. QBE shares dropped 4.99% to close at $13.72 yesterday.