In the first half of 2024, QBE Insurance Group reported a remarkable 100.5% increase in net profits, reaching $802 million. This substantial growth was fueled by a rise in both premiums and investment income.
The company’s gross written premiums saw a 2% uptick, reflecting higher renewal rates and organic expansion. However, this growth was partially counterbalanced by portfolio reductions and decreased crop premiums.
QBE’s combined operating ratio improved significantly to 93.8%, down from 98.8% in the previous year, primarily due to reduced catastrophe expenses. Additionally, the insurer executed reserve transactions to de-risk $1.6 billion in reserves.
The board has declared an interim dividend of AU$0.24 per share, up from AU$0.14 last year. Basic earnings per share, on an adjusted basis, were reported at $51.9.
