QBE’s net profit drops 66% in first half of the year

Australia-based QBE Insurance Group Ltd.’s net profit after tax plunged 66% year-on-year to $151 million in the first half of the year due to a rate remediation program in Australia and investment losses, Asia Insurance Review reported. The insurer’s underwriting results reflected a strong growth of 86% to $1.2 billion despite record storms and floods in Australia, geopolitical tensions, inflation and economic uncertainty.