QBE Insurance Group Ltd

QBE: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$91.00	Gmsj	Nvlqfzrs

QBE Insurance Earnings: Strong Result but Signs Rate Increases Are Moderating

Nathan Zaia

Aug 9, 2024

QBE Insurance’s first-half 2024 net profit almost doubled to USD 777 million, benefiting from an average premium rate increase of 6.7% and material improvement in the claims ratio to 64% from 69%. Most of the improvement in the claims ratio was due to lower catastrophe claims. While QBE has progressively made changes to the portfolio to manage exposures, both lifting rates and exiting historically problematic insurance lines, investors should not be complacent this is the new norm. Volatility is to be expected. Investment income increased 10%, which practically all flows through to the bottom line.

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