QBE Insurance Group, a prominent international insurer and reinsurer, has recently unveiled its full-year financial results for 2024. The company reported an impressive profit after tax of US$1.779 billion, alongside a substantial gross written premium (GWP) totaling US$22.395 billion. This marks a significant increase compared to the net profit of US$1.355 billion recorded in 2023.
In the 2024 Annual Report, released today, QBE emphasized its commitment to strengthening its underwriting performance across the Group. “I am very pleased with the consistent execution of our strategic priorities and improved performance,” stated Chair Mike Wilkins, who is featured in the main photo.
Wilkins highlighted the firm’s robust capital position and solid balance sheet, which are crucial as the company navigates the complexities of the insurance market. The Report detailed a financial performance summary that included an expense ratio of 12.2%, a combined operating ratio of 93.1%, and a net commission ratio of 17.7%. Furthermore, net investment income was reported at an impressive US$1.488 billion.
Group CEO Andrew Horton described the financial performance in 2024 as “encouraging.” He noted that “numerous initiatives to reduce volatility and build resilience are now supporting stronger and more predictable performance.” This indicates a strategic focus on sustainable growth and risk management within the organization.
However, Wilkins acknowledged that challenges loom on the horizon, such as inflationary pressures, security concerns across various regions, and global uncertainties that could impact economic growth. “As a global organization, these factors remain top of mind as we navigate their implications for our business and stakeholders,” he cautioned.
In light of these results and the positive outlook, QBE’s board has declared a final dividend for 2024, set at 63 Australian cents per share, rewarding shareholders for their continued support.
Source: insurance business mag
