QBE on Friday said it recognised gross earned premium from its new lenders mortgage insurance business of $203 million in the year to December 2008, and up from $194 million in gross earned premium in 2007.The insurer set a target of $207 million for 2009.QBE Lenders Mortgage Insurance bought PMI Australia in October 2008 for a final price of $1.12 billion, with net assets of $578 million and goodwill of $534 million. QBE also bought PMI Asia in December for $73 million in net assets and with no goodwill paid.The new LMI subsidiary made a lower underwriting profit in 2008 than in prior years. QBE said the combined operating ratio was 94 per cent in 2008, up from 71 per cent in 2007.QBE said the 60-day mortgage default rate increased to 0.49 per cent over the December 2008 half, up from 0.46 per cent over the June 2008 half.