By David Winning


SYDNEY--QBE Insurance Group Ltd. upgraded its outlook for gross written premium growth at the end of a fiscal first half headlined by a 66% drop in net profit.

QBE reported a net profit of US$151 million for the six months through June, down 66% on US$441 million achieved at the corresponding stage of fiscal 2021. The insurer said its revenue lifted 26% to US$11.54 billion.

Among other key metrics, QBE's net earned premium rose by 8% to US$6.79 billion in its fiscal first half, its combined operating ratio was 94.1% and its gross written premium rose by 17% to US$11.55 billion.

"Our outlook for the remainder of the year remains positive," said Chief Executive Andrew Horton. "We expect constant currency gross written premium growth of around 10%, an improvement from our previous expectation for growth in the high single digits."

Mr. Horton said QBE's guidance for its combined operating ratio was unchanged, anticipating an improvement on the fiscal 2021 exit combined ratio of around 94%.


Write to David Winning at david.winning@wsj.com


(END) Dow Jones Newswires

08-10-22 1758ET