QBE Announces Half-Year Financial Summary

Here are the numbers from QBE’s half-year report for the period ended June 30:


First half of 2022

First half of 2021

Gross premiums written

$11.6 billion

$10.2 billion

Gross premium earned

$9 billion

$8 billion

Underwriting record

$1.2 billion

$642 million

Net Investment Income/(Loss)

USD (840 million)

$58 million

Net profit after tax

$151 million

$441 million

The insurer said QBE’s net income attributable to common stockholders fell 66% due to the negative mark-to-market impact on the company’s investment portfolio and transactions to reinsure North American excess and surplus lines prior to the accident year. It was something. Review of Australian pricing commitments and unfavorable risk-free rate mismatches.

Of QBE’s net investment loss in the first half, USD 547 million was in policyholder funds. In shareholders’ funds he US$ 293 million.

QBE opened the lid on investment portfolio performance, stating: Adjusting for the impact of changes in risk-free interest rates on fixed income securities, total investment income in the first half was USD 14 million, or 0.1%, down from 0.7% in the prior quarter.

“In fixed income, core yields from portfolios are almost completely offset by unfavorable credit spread marks, and within risk assets, returns from infrastructure and private real estate are offset by unrealized losses in equities and enhanced fixed income. was largely canceled out by

Meanwhile, losses did not stop the board from declaring an interim dividend of AU¢9 per share. The corresponding amount in the first half of 2021 was AU¢11.

Regarding intermediate numbers, Horton said: We have made good early progress on our new strategic priorities and our outlook for the rest of the year remains positive. ”

QBE Announces Half-Year Financial Summary

Source link QBE Announces Half-Year Financial Summary

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