SYDNEY (Reuters) - QBE Insurance Group Ltd. (QBE.AX: Quote, Profile , Research),Australia's top insurer by premium income, said on Wednesday itwas on track to meet its full-year insurance profit margintarget of 17.5-18.5 percent.

QBE Chief Executive Frank O'Halloran also told the annualshareholders meeting that the company was on track to hit anoperating profit growth forecast of at least 20 percent forfiscal 2007.

QBE, which earns about two-thirds of its premiums fromoverseas, has made more than 90 small-to-medium acquisitionssince 1982 to drive growth. It operates in over 40 countries.

"We have just completed the first quarter of 2007 and I ampleased to report that we are on track to meet our targetedfull year insurance profit margin," QBE Chairman John Cloneytold shareholders.

QBE stormed into the United States insurance market withtwo large acquisitions in December and January, paying about$2.0 billion to buy Winterthur U.S. Holdings and PraetorianFinancial Group.

"However, any unforseen regulatory delays in completing therecent U.S. acquisitions will impact on premium and profitgrowth in 2007," Cloney added.

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