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The division reported revenue up 13.3% at A$465.9mn. -
The Bermudian reiterated its pledge to improve performance.
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The mid-year renewals point to mounting pressure on reinsurance pricing.
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Top line grew across all carriers even as pre-tax profits dipped.
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Besides Russia-Ukraine losses, the Air India crash losses totaled $26mn.
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Nat-cat events triggered A$1.36bn of losses during the year.
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The overseas division booked a combined ratio of 94% for the quarter.
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The carrier also reported a slightly improved combined ratio of 94.6%.
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Net adverse development for the quarter increased 30% year on year to $89.2mn.
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The London carrier missed consensus on gross and net premiums for H1.
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The carrier’s profit grew 34% for the year to A$1.35bn.
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