QBE Group has announced the financial results for its half-year ending June 30, 2019, recording a cash profit after tax of US$520 million – up by 35% on the previous half-year period.
Its gross written premium (GWP) rose by 1% to US$7,637 million, and statutory net profit was up 29% to US$463 million.
QBE shares have lifted by 2.5% to $12.38 off the back of the strong results, and the business has continued its strategy of minimising costs and offloading overseas businesses in order to simplify its structure.
Overall, international business saw gross written premium climb 4% to US$2,880 million, while net earned premium was also up 3% compared to the same period last year at US$2,019 million. Its underwriting result climbed 74%, while its combined operating ratio fell from an already healthy 96.8% last time around to 94.3% during the first six months of this year.
In Asia, it pointed to “favourable development following significant strengthening” and noted that “we expect the impact of underwriting remediation on premium income will start to moderate in the second half of 2019.”
QBE Group CEO Pat Regan said that the half-year performance reflected “significant improvement in attritional claims experience across all divisions,” along with strong returns on investment.
“With a strong first half result now behind us and our 2019 full year guidance unchanged, through the second half of 2019 we will continue to build on the good progress we have made against our priorities,” Regan said.
