Australia and New Zealand CEO Tim Plant has left QBE with immediate effect as the insurer continues to battle challenging conditions.

QBE’s half-year results, published today, show profit of $265 million for the six months ending June 30, falling from $455 million in the corresponding period last year.

The combined operating ratio also blew out from 93.4% to 99%.

“While the interim result is broadly in line with our expectations, QBE’s business is not immune to macro conditions that are challenging the returns of all insurance companies,” it said.

“This is particularly evident in our Australian and New Zealand operations, where cumulative pricing declines concurrent with heightened claims inflation have detracted from performance in several of our short-tail classes, exacerbated by the well-publicised deterioration in the NSW compulsory third party scheme.

“We are responding decisively with price increases, revised terms and conditions and other portfolio adjustments, and remain confident that these actions will benefit the claims ratio in 2017.”

Mr Plant, who was appointed little over a year ago, leaves QBE “effective immediately”.

“While retaining some of his existing Group CFO responsibilities, Pat Regan will take responsibility for the Australian and New Zealand business while we undertake a search for a permanent CEO for the division,” QBE says.

More information in our regular Monday bulletin.