The Australia-based firm released its half-year results today


QBE reported today a 2016 interim profit and combined operating ratio of $265m and 99% respectively, down from $455m and 93.4% in the prior period.

According to the release, the 94% combined operating ratio compares with 94.1% in the prior period and is in line with an unchanged FY16 combined operating ratio target of 94-95%.

“In an environment where both insurance pricing and investment markets are increasingly challenging, QBE’s strong and differentiated global franchise has delivered a solid half year result,” the release stated.

The Australia-based firm claimed to be “confident that the underlying combined operating ratio for FY16 will reflect a further step change over the already improved 2015 result”, and stated that their Emerging Markets division is growing and “continues to generate underwriting profits.”

“Cash generation remains strong and our balance sheet and expected retained earnings growth is more than capable of supporting our 3% per annum across the cycle premium growth target”, the report said.