QBE reveals huge profit jump

QBE reveals huge profit jump | Insurance Business Asia

Insurance News

QBE reveals huge profit jump

“I see meaningful progress across the business,” says group CEO

Insurance News

By
Terry Gangcuangco

QBE Insurance Group has released its financial results for 2023 – a period in which the insurer saw more than a doubling of its earnings.

Here’s how QBE performed in the year ended December 31:

Metric

FY 2023

FY 2022 (restated)

Gross written premium (GWP)

US$21.7 billion

US$20 billion

Net insurance revenue

US$16.6 billion

US$15.1 billion

Combined operating ratio (COR)

95.2%

95.9%

Net investment income

US$1.4 billion

US$570 million

Net profit after income tax

US$1.4 billion

US$587 million

In 2023, QBE’s COR in Australia Pacific was 93.6%; for international, 89.5%; and in North America, 103.7%. GWP in all three divisions grew from 2022.

Commenting on the numbers, group chief executive Andrew Horton said in a release: “Over the last two years, QBE has been focused on delivering greater resilience and consistency. I see meaningful progress across the business, and I am confident that we can drive further progress against our strategic priorities in 2024.

“Our strategy to improve performance in North America remains a key focus for the board and management, and we are tasked to build a business which delivers performance that is consistent with our group targets. We have renewed our focus on building and strengthening relationships with our major trading partners, and are confident we can successfully manage our priorities for the division.”

Meanwhile the QBE board declared a final dividend of 48 Australian cents per share, which is higher than the 2022 final dividend.