QBE has announced a substantial increase in its financial performance for the year 2023, with net profit after income tax reaching $1.35bn, a surge of 130.8% from $587m in 2022.  

The Australian insurer’s gross written premium during the year totalled $21.74bn as against $19.99bn a year ago.  

Net insurance revenue rose 10% year-on-year to $16.59bn.  

QBE’s combined operating ratio, an indicator of insurance profitability, improved to 95.2%, a slight enhancement from 95.9% in 2022. 

The company’s total investment income for the year stood at $137bn, yielding a return of 4.7%.  

Additionally, QBE’s funds under management grew by 7% to $30.1bn, compared with $28.2bn at the end of the previous year, or a 5% increase on a constant currency basis. 

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QBE’s board has declared a final dividend of A$0.48 per share, a significant increase from the 2022 final dividend of A$0.30 per share.  

QBE group CEO Andrew Horton said: “Over the last two years, QBE has been focused on delivering greater resilience and consistency. Our strategy to improve performance in North America remains a key focus for the board and management, and we are tasked to build a business which delivers performance that is consistent with our group targets.  

“We have renewed our focus on building and strengthening relationships with our major trading partners, and are confident we can successfully manage our priorities for the division. We want to accelerate QBE’s data-centric capabilities and expand our ability to support customer resilience through new technologies such as artificial intelligence.” 

In a strategic move, QBE has also announced the appointment of Rob Kosova as CEO of its Asia business, effective from 1 April 2024.  

Kosova, who has been with QBE since 2018, will be based in Singapore and report to QBE International CEP Jason Harris.