QBE with huge jump in profits | Insurance business America
Group CEO: “I see significant progress across the company”
Insurance News
By Terry Gangcuangco
QBE Insurance Group has released its financial results for 2023 – a period in which the insurer more than doubled its profits.
Here is QBE’s performance in the financial year ended December 31:
|
Metric |
Fiscal year 2023 |
Fiscal year 2022 (adjusted) |
|---|---|---|
|
Gross written premium (GWP) |
$21.7 billion |
20 billion dollars |
|
Net insurance income |
$16.6 billion |
$15.1 billion |
|
Combined Operating Ratio (COR) |
95.2% |
95.9% |
|
Net income from investments |
$1.4 billion |
570 million dollars |
|
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 increased from 2022.
Commenting on the figures, Andrew Horton, group chief executive, said: “Over the last two years, QBE has focused on ensuring greater resilience and consistency. I see significant progress across the company and am confident we can make further progress toward 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 with building a company that delivers performance consistent with our group objectives. We have renewed our focus on building and strengthening relationships with our key commercial partners and are confident in our ability to successfully manage our priorities for the department.”
Meanwhile, the QBE board has declared a final dividend of 48 Australian cents per share, which is higher than the final dividend for 2022.
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2024-02-15 22:51:28
www.insurancebusinessmag.com
