QBE said profit for the group had doubled to AUS$572m for the year ending 31 December 2003, up from $279m for 2002.
Pretax profit for the group increased 146% to $765m.
Insurance profit increased by half, said QBE, up from $406m for 2002 to $627m. Gross written premium grew by 8% to $8,350m with net earned premiums up 7% on 2002 to $6,036m.
The combined ratio for the group was 93.8%, compared with 97.7% for 2002, which QBE said reflected the benefit of premium rate increases and improvements in its policy terms and conditions.
QBE's Lloyd's division, Limit, had an operating ratio of 95.1%, down slightly from last years figure of 96.6%.
It said this was due to continued focus on core products together with further premium rate increases and improved terms and conditions for most classes of business.
Gross earned premiums for Limit were down 7% to $2,037m. QBE said growth of 2% in sterling was offset by a strong Australian dollar.
