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QBE LMI has posted a strong half year financial performance – recording a net profit after tax of $136 million for the year to 31 December 2009.
The company’s chief executive officer Ian Graham said low interest rates and lower unemployment, together with a recovery in the housing market, all contributed to a significant improvement in QBE LMIs loss experience and operating result in 2009.
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During 2009, the company managed to assist over 20,000 first home buyers achieve home ownership by insuring lenders on eligible borrowers who were able to access the Government’s First Home Buyer boost scheme.
“We were also able to approve 94 per cent of all hardship requests received from lenders in relation to borrowers who experienced mortgage stress. This was more than double the requests received in the previous year,” Mr Graham said.
“I am delighted that we have been able to demonstrate the value of LMI to our customers in so many ways throughout 2009.”
