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QBE today announced that net profit after tax for the half
year to 30 June 2001, increased by 56% to $122 million
compared with the six months to 30 June 2000. Insurance profit
was up 43% to $126 million and investment income by 47% to
$181 million.
Gross earned premium was up 60% to $3.0 billion due to
substantial growth in the Lloyd's division following the
acquisition of Limit last year, other acquisition initiatives
and increases in premium rates for most classes of business.
Net earned premium increased by 48% to $2.3 billion. Earnings
per share was 27.6¢, up from 18.7¢ last year.
The directors have declared an increased interim dividend
of 16.5¢ per share (last year 15.0¢) providing a dividend
payout of $76 million, up 21%. The interim dividend will be
franked at 25%.
QBE's Chief Executive Officer, Mr Frank O'Halloran, said,
"We are now starting to realise the benefits of a number of
acquisitions and other initiatives around the world. Subject
to unforeseen circumstances, we expect a continuation of the
strong growth in premium and profit for the second half and
2002". He added, "Our confidence is supported by our extensive
reinsurance arrangements and the substantial prudential
margins included in outstanding claims to cover
uncertainties".
Shareholders' funds increased by 21% to $2.1 billion at 30
June 2001. Mr O'Halloran said, "The existing shareholders'
funds, together with anticipated retained profits, are
expected to be sufficient to finance the premium growth from
the recent acquisitions and initiatives and the higher premium
rates being achieved in most markets".
For further information, please contact:
Frank O'Halloran, Chief Executive Officer
Ph: (612) 9375
4400
Neil Drabsch, Chief Financial Officer
Ph: (612) 9375
4216
Gayle Tollifson, Group General Manager, Corporate
Ph:
(612) 9375 4102
29 August
2001 | 
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