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QBE Insurance 2008 net profit decreases

Insurance profit for 2008 was A$2.18 billion, compared to A$2.26 billion in 2007

Australia-based QBE Insurance Group has reported a net profit after tax of A$1.86 billion, or diluted earnings per share of $2.06 cents, in 2008, a decrease of 3% compared to A$1.92 billion, or diluted earnings per share of $2.17 cents, in 2007.

Insurance profit for 2008 was A$2.18 billion, compared to A$2.26 billion in 2007. Return on equity for 2008 was 20.9% of weighted average shareholders’ funds, compared to 26.1% in 2007.

Gross written premium increased 6% to A$13.14 billion in 2008, compared to A$12.41 billion in 2007. Net earned premium for 2008 was A$11.09 billion, an increase of 9% compared to A$10.21 billion in 2007.

Frank O’Halloran, QBE’s group CEO, said: QBE made 11 earnings per share accretive acquisitions in 2008 for an initial cost of A$2.7 billion. This has reduced some of our surplus capital, which remains strong at around 1.7 times or A$3.3 billion in excess of our calculation of the Australian Prudential Regulation Authority’s stringent risk based minimum capital requirements of A$4.6 billion.