QBE releases Q1 performance update | Insurance business America
“We are making good progress,” says CEO
Insurance News
By Terry Gangcuangco
QBE Insurance Group has released its performance update for the first quarter of 2024, reporting a slight increase in gross written premium (GWP) over the period.
In the first quarter of this year, QBE’s GWP was $7.8 billion, a 2% jump from $7.6 billion in the same three-month period in 2023.
“Excluding rate increases, premiums decreased 2% on a constant currency basis, reflecting lower crop premiums and property portfolio sales in North America and Australia. Excluding harvest, the group’s gross written premium growth was 9% and 3%, respectively.
“At Crop, organic growth is expected to partially offset the impact of lower commodity prices and QBE currently estimates that gross written premium for Crop will be approximately $3.9 billion in FY24.”
The group also achieved strong investment returns in the quarter, thanks to favorable returns in the risk asset portfolio and supportive interest rates. QBE’s total investment income was $406 million in the first quarter.
Commenting on the figures, CEO Andrew Horton (pictured) said: “In summary, we have had a good start to the year. Markets remain supportive, with continued momentum in gross written premium, while underwriting performance is on track.”
Horton, whose camp welcomed former Direct Line Group chief executive Penny James as an independent non-executive director on January 1, also said: “Overall we are making good progress on both our financial plan for the year and our strategic agenda. “”
Meanwhile, in addition to the quarterly performance, QBE provided an update on the insurer’s claims figures for the first four months.
“In the four months to April 2024, the net cost of catastrophe losses is approximately $300 million, compared to QBE’s 1H24 catastrophe preparedness of $609 million,” QBE said. “The disaster costs were highlighted by a series of storm events, particularly in Australia and North America.”
For the full year, QBE forecasts a combined operating ratio of around 93.5%.
What do you think about this story? Share your thoughts in the comments below.
similar posts
Stay up to date with the latest news and events
Join our mailing list, it’s free!
Source link
2024-05-12 23:00:00
www.insurancebusinessmag.com
