QBE is starting to realise the benefits of a number of global acquisitions and other initiatives with an increase of 56% in net profit after tax for the half-year. Insurance profit was up 43% to $126 million and investment income by 4.7% to $181 million. 

MD Frank O’Halloran said the better insurance result was the “key driver” for its $126 million result. The company’s PI business was patchy, and he predicted rates in this class will rise further.

QBE recorded an underwriting loss of about $50 million, but Mr O’Halloran expects this to improve in the next year.