QBE has announced a half-year net profit of $241 million, compared with $115 million for the same period last year.

Gross earned premium was up 12% to $3.9 billion and net earned premium increased 15% to $3.1 billion. The combined operating ratio was 96%, compared with 99% for the same period last year. Cash flow from operations substantially increased, rising almost 60% to $726 million.