QBE Insurance Affirms Annual Guidance, Reports 1Q Premium Growth

By Alice Uribe

SYDNEY--QBE Insurance Group confirmed its full-year guidance after premiums grew at the start of the year and with claims tracking to expectations.

The insurer on Friday said group gross written premium was up 2% in the three months through March compared to the same time last year on both a reported and constant currency basis.

At the same time, group-wide renewal rate increases were 7.3%. The result reflected reduced rate increases across certain property and reinsurance lines compared to the prior corresponding period.

"Excluding rate increases, premiums declined by 2% in constant currency due to lower crop premium, and property portfolio exits in North America and Australia," said QBE.

QBE confirmed its fiscal 2024 outlook. It expects annual gross written premium growth in the mid single digits, after stripping out the impact of currency swings. It anticipates premium rate increases to remain supportive, and a group combined operating ratio of around 93.5%.

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

(END) Dow Jones Newswires

May 09, 2024 19:01 ET (23:01 GMT)

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