Half Year 2024 QBE Insurance Group Ltd Earnings Call Transcript
Key Points
- QBE Insurance Group Ltd (ASX:QBE) reported a strong financial performance, with a return on equity of 16.9%, significantly improved from the prior period.
- The company achieved a combined operating ratio of 93.8%, aligning with their full-year outlook.
- QBE Insurance Group Ltd (ASX:QBE) announced the launch of QCyberProtect, a new global cyber product, addressing the increasing demand for cyber coverage.
- The investment portfolio delivered an annualized return of almost 5%, supported by strong performance in both core fixed income and risk assets.
- The interim dividend was increased to $0.24 per share, up from $0.14 in the prior period, representing a payout ratio of 31%.
- Gross Written Premium (GWP) growth moderated to 2%, impacted by exited lines and crop, with underlying growth closer to 11%.
- The company faced a significant loss of around $200 million net of reinsurance due to civil unrest in New Caledonia.
- The North American middle-market business closure resulted in a restructuring charge of around $145 million for the full year.
- The noncore runoff businesses in North America are expected to incur a total underwriting loss of around $200 million for the full year 2024.
- QBE Insurance Group Ltd (ASX:QBE) noted increased competition in certain markets, particularly in Australia and the UK, which may impact future growth.
Good day and thank you for standing by. Welcome to QBE half year 2024 results briefing.
(Operator Instructions)
Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Group Chief Executive Officer, Andrew Horton. Please go ahead.
Good morning and thank you for joining us today. I'd like to start by acknowledging the traditional owners of the many lands on which we meet today. For me, this is the Gadigal lands of the Eora nation, and recognize their continued connection to land, waters and culture. I pay my respects to the elders past, present and future, and I extend this respect to any First Nations people joining us today.
At the outset, I think we've had a good start to the year. These results highlight a continuation of improved and more consistent performance for QBE and we've implemented a series of actions in the period to ensure this continues.
So let's
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