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QBE Insurance HY Profit Down

QBE Insurance Group (QBE.AX,QBEIF.PK) reported a net profit after tax of US$151 million in the half year ended 30 June 2022, down from US$441 million last year, reflecting adverse mark-to-market impacts on our investment portfolio, the transaction to reinsure North America Excess & Surplus lines prior accident year liabilities, the Australian pricing promise review and an adverse risk free rate mismatch.

Adjusted cash profit after tax reduced to US$169 million from US$463 million in the prior period.

But net earned premium rose to US$6.79 billion from US$6.57 billion in the prior year.

The Board has declared an interim dividend of 9 Australian cents per share, a decrease from 11 Australian cents per share in the prior period.

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