QBE Insurance Group has announced full year financial results for 2024. The international insurer and reinsurer reported profit after tax at US$1.779 billion with US$22.395 billion in gross written premium (GWP). This compares to 2023’s net profit of US$1.355 billion.
QBE’s 2024 Annual Report, released today, said the Australian headquartered giant “has continued to strengthen its underwriting result across the Group.”
“I am very pleased with the consistent execution of our strategic priorities and improved performance,” said chair, Mike Wilkins (main photo).
Wilkins referred to the firm’s “strong” capital position and balance sheet.
The Report’s financial performance summary showed the expense ratio at 12.2%, a combined operating ratio of 93.1% and a net commission ratio of 17.7%. Net investment income was US$1.488 billion
Andrew Horton, Group CEO, said financial performance in 2024 was “encouraging”.
“Numerous initiatives to reduce volatility and build resilience are now supporting stronger and more predictable performance,” he said.
However, Wilkins anticipated challenges in the year ahead, including inflationary pressures, security concerns in multiple regions and global uncertainty impacting economic growth.
“As a global organisation, these factors remain top of mind as we navigate their implications for our business and stakeholders,” he said.
QBE’s board declared a 2024 final dividend of 63 Australian cents per share.
