QBE reports profit surge in first half

QBE reports profit surge in first half | Insurance Business New Zealand

Insurance News

QBE reports profit surge in first half

Key leadership hire 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.”