Feb 23 (Reuters) - QBE Insurance Group Ltd QBE.AX :
* Market release - QBE announces 2015 results QBE.AX
* 2016 target allows for $150 million reduction in operating expenses intended to deliver a 1% improvement in 2016 expense ratio
* Developing plans to eliminate further $150 million of costs in 2017-18, thereby improving expense ratio by 2% over the three years to 2018
* Expected to result in a total reduction in the group's gross operating expenses of approximately $700 million over the six year period to 2018
* Says board has approved a 36% increase in the final dividend to 30 Australian cents per share
* Substantial additional cost savings anticipated in 2016 and over the medium term"
* Source text for Eikon ID:nASX2DTdDk