QBE Insurance Group (QBE.AX, QBEIF.PK) announced an increase in profit after income tax attributable to ordinary equity holders for the half-year ending 30 June 2024, rising to $802 million USD or 51.5 cents per share from $400 million USD or 25.0 cents per share in the same period last year.
The Group's statutory insurance operating result increased to $828 million USD, up from $377 million USD in the previous period. This improvement is attributed primarily to reduced catastrophe costs and more stable reserve development. Premium growth was driven by rate increases and targeted new business expansion, although this was partly offset by lower Crop premium and the impact of portfolio exits in North America and Australia Pacific.
Insurance revenue for the period reached $10.44 billion USD, up from $9.92 billion USD last year.
Gross written premium saw a 2% increase on a headline basis, reaching $13.05 billion USD compared to $12.80 billion USD in the prior period. On a constant currency basis, it also grew by 2%, reflecting premium rate hikes and strategic new business growth. This was partially offset by a decline in Crop premium due to falling commodity prices and the effects of portfolio exits in North America and Australia Pacific. Excluding Crop, gross written premium growth stood at 6%.
The company anticipates gross written premium constant currency GWP growth of approximately 3% for the fiscal year 2024.
