News: QBE QBE Insurance Posts FY Adjusted Net Cash Profit After Tax Of $805 Mln

Feb 18 (Reuters) - QBE Insurance Group Ltd (QBE) :

• CATASTROPHE CLAIMS FOR YEAR WERE $905M OR 6.6% OF NET EARNED PREMIUM
• SEES INDUSTRY OPERATING ENVIRONMENT REMAINS HIGHLY UNCERTAIN
• FY ADJUSTED NET CASH PROFIT AFTER TAX $805 MILLION VERSUS LOSS OF $863 MILLION
• FY GROSS WRITTEN PREMIUMS GREW BY 22% TO $18,457 MILLION
• SEES GROSS WRITTEN PREMIUM GROWTH TO BE IN HIGH SINGLE DIGITS IN 2022
• IN FY22, EXPECT THE BUSINESS WILL ACHIEVE FURTHER STEADY IMPROVEMENT ON THE FY21 ‘EXIT’ COMBINED OPERATING RATIO OF AROUND 94%.
• PREMIUM PRICING ENVIRONMENT IS LIKELY TO REMAIN POSITIVE IN 2022.
• CAPABLE OF CONSISTENTLY DELIVERING A LOW TO MID-90'S COMBINED OPERATING RATIO IN 2022
• REPORTED A STATUTORY FY21 COMBINED OPERATING RATIO OF 93.7% COMPARED WITH 104.2% IN THE PRIOR YEAR