Fresh from having it’s A+ rating confirmed by Standard & Poor’s, QBE expects to exceed its projected after-tax profit of $238 million by around 15%. The Australian insurer said in a statement that the increase is due to underwriting margins being better than expected, resulting in an insurance profit to net earned premium slightly in excess of 7%, compared to the 6%-6.5% previously advised.

CEO Frank O’Halloran said QBE’s provisions for outstanding claims remain strong, including prudential margins consistent with prior periods after allowing for the impact of lower interest rates.

The company is due to report its results on March 6.