CANBERA (dpa-AFX) - QBE Insurance Group (QBE.AX, QBEIF.PK) reported that its
profit attributable to ordinary equity holders of the company for the half year
ended 30 June 2023 climbed to US$400 million or 25.0 US cents per share, from
US$48 million or 1.5 US cents per share last year.

The comparative period has been restated to reflect the application of AASB 17
Insurance Contracts from 1 January 2023 which was adopted from 1 January 2023
and retrospectively applied to the 2022 comparative period disclosed, the
company said.

Adjusted cash profit after tax increased to US$405 million from US$66 million in
the prior period.

Gross written premium increased 11% on a headline basis to US$12.80 billion from
US$11.58 billion in the prior period. On a constant currency basis, gross
written premium increased 13% reflecting continued rate increases and organic
growth. Excluding Crop, gross written premium growth was 14% on the same basis.

Insurance revenue for the period was US$9.92 billion up from US$8.96 billion
last year.

Group net insurance revenue increased 12% on a constant currency basis, broadly
in line with growth in gross written premium on the same basis. The upfront cost
associated with the aforementioned reserve transaction was incurred in North
America and International business segments.

The Board has declared an interim dividend of 14 Australian cents per share,
compared with the 2022 interim dividend of 9 Australian cents per share.

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