QBE has revealed a 66% decline in net profit for the first half of 2022.
The insurer said the result reflects adverse mark-to-market impacts on the company?s investment portfolio, the transaction to re-insure North America excess and surplus lines prior accident year liabilities, the Australian pricing promise review, as well as an adverse risk-free rate mismatch.
?Despite the challenging operating backdrop, QBE demonstrated resilience in the period, with ongoing positive momentum across the business. We have made good early progress against our new strategic priorities, and our outlook for the remainder of the year remains positive", said CEO Andrew Horton.
QBE shares have rallied today, up more than 4%.