QBE Fiscal Year Profit More Than Doubles, Increases Dividend

By Alice Uribe

SYDNEY--QBE Insurance Group said its full-year net profit more than doubled, reporting strong premium growth supported by renewal rate increases and new business growth.

The Australia-listed insurer, which reports in U.S. dollars, said earnings for the 12 months through December were $1.36 billion, compared to $587 million the previous year.

Revenue rose 10% on year to $20.83 billion.

QBE's combined operating ratio, a measure of underwriting profitability comparing premiums with losses and expenses, improved to 95.2% from 95.9% in the prior year. Its gross written premium rose to $21.75 billion versus almost $20 billion last year.

"Financial performance improved in the period, and QBE is demonstrating greater consistency and resilience. We are pleased with the ongoing progress across our strategic priorities, and expect trading conditions to remain favorable in the year ahead," said Chief Executive Andrew Horton.

Directors of the company declared a final dividend of 48 Australian cents (US$0.31) a share, compared to 30 Australian cents last year.

For 2024, QBE said it expects constant currency GWP growth in the mid‑single digits.

Write to Alice Uribe at alice.uribe@wsj.com

(END) Dow Jones Newswires

February 15, 2024 16:14 ET (21:14 GMT)

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