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QBE Insurance Group (QBE)

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Our commentary:

20 Aug: QBE Insurance Group today reported its 1H09 results, impressing the market. Net profit of $1.02 billion was 19% higher than last year, boosted by strong premium growth and recent acquisitions, and was slightly ahead of market expectations. QBE’s key revenue measure, net earned premium, rose 21% to $6.19 billion, driven by a weaker AUD against the USD, premium rate increases and acquisitions.

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