QBE admits to off-shore plans

QBE admits to off-shore plans | Insurance Business

QBE has this afternoon confirmed that the 700 jobs to be off shored to the Philippines will result in a reduction in employee numbers in Australia, Europe and North America.

Group CEO John Neal said at least 700 jobs will be offshored.

A statement read: “While this will lead to a reduction in total employees in QBE’s operations in Australia, Europe, and North America, this will be predominantly managed through a combination of natural staff turnover and staff redeployment.”

This comes as QBE Group conceded that it pushed rates up by more than 5% in 2012.

Revealing the full year results for 2012, the insurer reported a flat gross written premium of $18.4bn and a stable combined operating ratio of 97.1%. Insurance profit was a more positive story with a 16% of $1,262m.

QBE Australia and New Zealand saw GWP climb 6% to US$4,987m. Net earned premium was up 7% from 2011, reaching US$4,123m; the underwriting profit stood at US$388m, up from US$371m in 2011. Insurance profit climbed 6.3% to

QBE knocked 9% off the combined operating, bringing it down to 90.6%.

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