QBE in huge profit jump | Insurance Business America
Group CEO: “I see meaningful progress across the business”
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) | $21.7 billion | $20 billion |
Net insurance revenue | $16.6 billion | $15.1 billion |
Combined operating ratio (COR) | 95.2% | 95.9% |
Net investment income | $1.4 billion | $570 million |
Net profit after income tax | $1.4 billion | $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.
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