QBE Insurance Group increases underwriting profit in 2010, despite catastrophes

QBE Insurance Group increased its underwriting profit by 19% in 2010, posting a $1.2-billion underwriting profit in 2010, compared to a $981-million underwriting profit the year previous.
At the same time, the company’s net profit after tax slipped from $1.532 billion in 2009 to $1.278 billion. This “reflected the lower investment yields on policyholders’ and shareholders’ funds, reduced foreign exchange and other gains and an unusually high number of catastrophic events in the countries where QBE conducts its business.”
QBE reported paying $108 million in damages for a March 2010 storm in Perth, Australia, $83 million for damages caused by the February 2010 earthquake in Chile and $81 million for the Magnitude 7.1 earthquake that hit Christchurch in September 2010.