Dec 11 (Reuters) - Australia's QBE Insurance Group Ltd (QBE) on Monday announced a three-year operational efficiency programme targeting net cost savings of A$130 million ($93.57 million) and an expense ratio of around 14 percent in 2021.
The company said it shifted to a more conventional reinsurance structure with increased catastrophe protection that will deliver better profit outcomes in extreme catastrophe years.
"Reflecting the company's strengthened catastrophe protection, the new structure delivers a modest uplift in both our S&P and APRA capital ratios," the company said in a statement. ($1 = 1.3893 Australian dollars)
News: QBE Australia's QBE Insurance flags cost savings from operational efficiency
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