sydneyqbe insurance group ltd reported a 3 rise in fullyear net profit supported partly by increased premium rates but offset by higher catastrophe costs the australialisted insurer which reports in us dollars said earnings for the 12 months through december were us770 million compared to us750 million a year earlier qbes adjusted combined operating ratio a measure of underwriting profitability comparing premiums with losses and expenses improved to 937 from 950 in the prior year while its gross written premium rose to a2005 billion on an adjusted basis in a backdrop underscored by heightened inflation geopolitical tensions and elevated catastrophe activity qbes underwriting performance demonstrated improved resilience said the insurer for the full year the net cost of catastrophe claims increased to us106 billion or 72 of net earned premium compared with 66 in the prior year qbe said catastrophe costs were underscored by hurricane ian flooding in australia and an allowance for russias invasion of ukraine australian general insurers have been managing the fallout from three consecutive la niñas while the likely end of the weather pattern may provide a reprieve insurers have also been pressured by higher reinsurance costs this has helped to spur higher pricing for cover with insurers also adjusting their appetite for certain risks directors of the company declared a final dividend of 30 australian cents a share 206 us cents a share compared to 19 australian cents a share last year