Australian general insurer QBE Insurance Group has posted a net profit of $477m for the first half of 2013, a decline of 37% compared to $760m for the same period last year.

Underwriting profit grew by 2% to $530m for the first half of 2013, compared to $522m for the same period last year.

During the period, insurance profit declined by 18% to $790m from $958m last year, while cash profit declined by 30% to $590m from $844m a year ago.

The company said it is on track to deliver full year target for combined operating ratio (COR) of 92% and insurance profit margin of 11%.

During the period, the company held a 30.97% interest in Pacific Re, 38.37% interest in Istmo Reinsurance, and a 26% in Raheja QBE General Insurance.

QBE Group CEO John Neal said that gross written premium and net earned premium will be lower than guidance for 2013 due to reductions in North America.