QBE's interim profit falls

Group says result in line with forecasts based on lower investment yields.

QBE Insurance Group (QBE) has reaffirmed its full-year operating ratio and insurance profit margin targets, despite posting a steep drop in first-half profit that was far below consensus estimates.

In the six months to June 30, the company posted an underlying net profit of $477 million, significantly lower than the $555 million analysts were predicting.

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