Aug 9 (Reuters) - Australia's QBE Insurance Group ( QBEIF )

on Friday reported a more than twofold jump in its

first-half profit, boosted by higher gross written premiums, and

announced reinsurance deals to de-risk exposure to its reserves.

The company's gross written premiums grew 2% to $13.05

billion for the first half of fiscal 2024.

Higher interest rates during the period also led to strong

investment income, while QBE expects the trend to continue

through the remainder of fiscal 2024.

Besides, the company entered into reinsurance deals with

Britain-based RiverStone International and global insurance

group Enstar, in a bid to de-risk its exposure to

reserves totalling about $1.6 billion.

These deals are expected to de-risk all of QBE's North

America middle-market reserves and a small number of other

portfolios in its international and North America businesses and

lead to a $230 million net capital benefit for QBE in the second

half of the year.

The Sydney-based insurer, which has a presence in 27

countries, said its net profit after tax for the six months

ended June was at $802 million, compared with $400 million a

year ago.

Its first-half results were also aided by lower

catastrophe-related claims. The company paid out $527 million

mainly to account for floods in Dubai, storms in the U.S. and

exposure to the unrest in New Caledonia, lower than the $609

million reserved for period.

That helped its combined operating ratio (COR) improve to

93.8%, compared with 98.8% a year earlier. A ratio below 100%

means the insurer earned more in premiums than it paid out in

claims.

QBE expects to post gross written premium growth of 3% and a

COR of 93.5% for the full-year 2024.

The company also declared a final dividend of 24 Australian

cents per share, up from 14 Australian cents apiece a year ago.