QBE Insurance Group (QBE.AX,QBEIF.PK) announced fiscal year 2023 statutory net profit after tax of US$1.355 billion, compared to US$587 million in fiscal year 2022. Adjusted cash profit after tax increased to US$1.362 billion from US$664 million in the prior year.
The company reported gross written premium growth of 10% supported by Group-wide renewal rate increases of 9.7% and targeted new business growth. The combined operating ratio improved to 95.2%, or 94.6% excluding the upfront cost of the $1.9 billion reserve transaction completed in the first half. The result was underpinned by supportive market conditions and favourable current year catastrophe experience, partially offset by the impact of short-tail prior year development.
The Board has declared a final dividend of 48 Australian cents per share,compared with the 2022 final dividend of 30 Australian cents per share.
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