QBE returns to annual profit as North American unit improves

(Bloomberg) — QBE Insurance Group Ltd. reported a return to full-year profit on an improved North American business even as it flagged falls in premium income due to a strengthening U.S. currency.

Net income in the year ended Dec. 31 was $742 million compared with a loss of $254 million a year earlier, when it wrote down its North American operations, the Sydney-based insurer said in a regulatory statement. That compared with the $826.2 million mean estimate of 11 analysts surveyed by Bloomberg. QBE expects its gross written premium for 2015 to be in the range of $15.5 billion to $15.9 billion compared with $16.3 billion in 2014.