QBE posts profit surge in first half
QBE posts profit surge in first half | Insurance Business Asia
Insurance News
QBE posts profit surge in first half
Key internal appointment announced
Insurance News
By
Terry Gangcuangco
QBE Insurance Group has published its financial results for the half year ended June 30, 2023.
According to the global insurer, here’s how it fared in the first half:
Metric
H1 2023
H1 2022 (restated)
Gross written premium (GWP)
US$12.8 billion
US$11.6 billion
Insurance revenue
US$9.9 billion
US$8.9 billion
Insurance profit
US$475 million
US$292 million
Total investment income/(loss)
US$662 million
US$(20 million)
Profit before income tax
US$584 million
US$61 million
Net profit after income tax
US$400 million
US$48 million
In terms of GWP growth per region, North America posted a 6% increase in H1; International, 18%; and Australia Pacific, also 18%. QBE’s combined operating ratio stood at 98.8% (2022: 94.9%).
Commenting on the numbers, group chief executive Andrew Horton said in a release: “While underwriting performance was challenged by catastrophe events, we are encouraged by our ongoing business momentum and remain confident in the outlook.
“I’m pleased with the progress we’ve made across our strategic priorities, and with our efforts concentrated around building a more resilient business.”
QBE, which has been listed on the Australian Securities Exchange since 1973, also announced a key internal hire.
Horton noted: “We are pleased to announce the appointment of Peter Burton to the role of group chief underwriting officer. Peter has been with QBE for over 15 years, currently leads our International Markets segment, and has had a long and distinguished career as an underwriter and leader across multiple classes of business.”
Burton is based in the UK.
Meanwhile the QBE board has declared an interim dividend of AU14¢ per share.
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