QBE beats IAG in insurance stakes

Australias two largest insurance companies announced record profits yesterday and, in an attempt to quell persistent rumours, said they were not in merger discussions.
QBE, which has a strong international business reported a full year net profit of $1.091 billion, up 27 per cent from last year, driven by growth in written premiums and investment income. Insurance Australia Group, which is Australia's largest retail insurer with brands including NRMA and CGU, posted net profit of $461 million for the six months to December 31, up two per cent.