QBE NZ doubles underwriting profit

The New Zealand branch of insurer QBE International has more than doubled its underwriting profit to $16.6 million in 2009 compared to 2008’s figure of $7.9 million.

The mostly business insurer across liability, property, marine, trade credit and other areas, made a profit before tax of $25.8 million, and an after tax profit for the2009 year of $18.48 million, according to financial statements lodged with the Companies Office.

The New Zealand office reports to the Australian-listed and headquartered business, whose 13,000 staff operate in 47 countries.

The international company wrote A$14.5 billion in gross written premiums, of which New Zealand contributed NZ$235.8 million last year.

QBE International declared a A$1.97 billion group profit after tax for the 2009 year. The shares gained 2.2% to A$19.12 on the ASX in trading today, and have slumped almost 26% this year.

Businesswire.co.nz

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