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QBE Insurance says H1 profit down 7 pct

Wed Aug 20, 2008 7:48pm EDT

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SYDNEY, Aug 21 (Reuters) - QBE Insurance Group Ltd (QBE.AX), which scrapped a takeover proposal for Insurance Australia Group Ltd (IAG.AX) earlier this year, reported a 7 percent fall in first-half profit on Thursday due to weaker investment returns.

QBE, which earns two-thirds of its premiums overseas, said net profit for the six months ended June totalled A$859 million ($747 million), down from A$921 million reported a year ago.

Four analysts on average had forecast QBE's net profit at A$869 million.

The company announced an interim dividend of 61 cents.

QBE shares are down 28 percent so far this year, compared with 22 percent fall in the benchmark S&P/ASX 200 index .AXJO in the same period. ($1=A$1.15) (Reporting by Denny Thomas;Editing by Mark Bendeich)



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