SYDNEY, Aug 18 (Reuters) - Australia's biggest insurer by premium income QBE Insurance Group QBE.AX on Tuesday posted 24 percent rise in first-half net profit helped by gains from sale of non-core assets.
Net profit rose to A$488 million for the six months to June compared with A$392 million a year ago. Revenues fell 6 percent.
The company also posted an insurance profit margin of 10 percent compared with 9.3 percent a year ago. Insurance margin is a measure of profit the company makes on premium.
Under CEO John Neal, QBE has said it has taken steps to bolster future earnings and reinstate investor confidence after years of underperformance.
Those efforts include cutting costs, putting in place a comprehensive re-insurance plan, changing key management teams and sale of non-core or underperforming businesses.