Monday, February 6, 2023
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QBE declares half-year monetary outcomes


H1 2022

H1 2021

Gross written premium

$11.6 billion

$10.2 billion

Gross earned premium

$9 billion

$8 billion

Underwriting outcome

$1.2 billion

$642 million

Internet funding earnings/(loss)

$(840 million)

$58 million

Internet revenue after earnings tax

$151 million

$441 million


Based on the insurer, the 66% decline in internet revenue attributable to strange fairness holders of QBE was as a consequence of antagonistic mark-to-market impacts on the corporate’s funding portfolio, the transaction to reinsure North America extra & surplus strains prior accident yr liabilities, the Australian pricing promise assessment, in addition to an antagonistic risk-free price mismatch.

Of QBE’s internet funding loss within the first six months, $547 million was on policyholders’ funds; $293 million on shareholders’ funds.

Lifting the lid on its funding portfolio efficiency, QBE famous: “The outcome was materially impacted by unrealised losses related to the numerous improve in bond yields in the course of the interval. Adjusting for the affect of modifications in risk-free charges on mounted earnings securities, the entire funding return was $14 million or 0.1% for the half, a lower from 0.7% within the prior interval.

“In mounted earnings, the core yield from the portfolio was virtually totally offset by antagonistic credit score unfold marks, and inside danger property, the returns from infrastructure and unlisted property had been largely offset by unrealised losses on equities and enhanced mounted earnings.”

The losses, in the meantime, didn’t cease the board from declaring an interim dividend of AU¢9 per share. Within the H1 2021, the corresponding quantity was AU¢11.

Commenting on the interim figures, Horton said: “Regardless of the difficult working backdrop, QBE demonstrated resilience within the interval, with ongoing optimistic momentum throughout the enterprise. We’ve made good early progress towards our new strategic priorities, and our outlook for the rest of the yr stays optimistic.”


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