QBE sees profits almost half in H1

Australian-headquartered insurer QBE recorded a 41.7 percent fall
in pre-tax profits for the first half of the year, taking the total
to $347mn.
The drop primarily reflected an adverse discount rate adjustment
of $283mn compared with a benefit of $45mn in the prior period.
Risk-free rates in all of the group's major currencies fell
significantly but especially sterling and euro, with euro risk-free
rates now negative.
The currency weighted average risk-free rate (excluding the
Argentine peso) us