Meanwhile, ahead of its 1H24 result, the Group expects ~$13.1B 1H24 gross written premium; a figure that represents constant currency growth of ~3% on the prior corresponding period, with net insurance revenue expected to be ~$8.4B.
Group catastrophe costs in the five months to May-2024 are estimated at ~$500M, relative to the 1H24 catastrophe budget of $609M.
Recent events have included US convective storms, the Dubai floods and an initial estimate of $175M-$225M to account for QBE’s net exposure to the ongoing civil unrest in New Caledonia.
Total investment income in the five months to May-2024 was $643M, an improvement from $406M in the first quarter of 2024. The result included a favourable credit spread impact of $76M, and a risk asset result of $104M.
To May-2024 the net impact from asset-liability management activities remained neutral.
Additionally, QBE continues to expect a modest level of adverse prior year development, a conclusion that was forecasted following the completion of recent 1H24 reserve reviews.
“Based on its preliminary view of the 1H24 result, QBE continues to expect FY24 Group constant currency gross written premium growth in the mid-single digits, and a FY24 Group combined operating ratio of ~93.5%,” the insurer concluded.
Source link : https://www.reinsurancene.ws/qbe-to-close-its-north-america-middle-market-segment/
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Publish date : 2024-06-19 09:32:45
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