QBE Insurance Group has released its preliminary financial results, showing a doubling of net profit after tax in the first six months of 2024.

According to QBE, the combined operating ratio improved “significantly” due to lower catastrophe costs, more stable reserve development and supportive premium increases.

In addition to the results, the Group also announced reserve transactions with RiverStone International and Enstar aimed at de-risking reserves valued at US$1.6 billion while reducing the risk associated with the wind-down of non-core businesses in North America.

Commenting on QBE’s progress, Group CEO Andrew Horton (pictured) said: “We have implemented a number of key initiatives over this period to support greater resilience and consistency. The shape and health of our insurance portfolio has improved significantly over recent years and, as a result, our priorities are becoming more forward-looking.

“We have announced our decision to begin the orderly exit of the North American middle market, which supports our continued focus on portfolio optimization and performance improvement in North America. This will enable us to focus our North American strategy on those companies that have more significant market position, relevance and scale.

“I am pleased with the improved coordination and networking across the company. Our employees remain highly engaged and we are building a high-performing, goal-oriented organization.”

The CEO added that the company remains pleased with its business outlook, having seen “a positive start to the year” due to improved underwriting performance and a strong return on equity.

QBE’s board announced an interim dividend of 24 Australian cents per share, to be paid in September.

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