News: QBE QBE Insurance Declares Interim Dividend Of 9 Au Cents/Security

Aug 11 (Reuters) - QBE Insurance Group Ltd (QBE) :

• DECLARES INTERIM DIVIDEND OF 9 AU CENTS/SECURITY
• HY REVENUE FROM ORDINARY ACTIVITIES $11,538 MILLION VERSUS $9,126 MILLION REPORTED YEAR AGO
• HY NET PROFIT ATTRIBUTABLE $151 MILLION VERSUS PROFIT OF $441 MILLION REPORTED YEAR AGO
• HY NET COST OF CATASTROPHE CLAIMS IMPROVED TO $454 MILLION
• OUTLOOK FOR REMAINDER OF YEAR REMAINS POSITIVE
• EXPECT FY CONSTANT CURRENCY GROSS WRITTEN PREMIUM GROWTH OF AROUND 10%
• FY22 COMBINED OPERATING RATIO GUIDANCE REMAINS UNCHANGED
• HY COMBINED OPERATING RATIO 82.5%
• ON A CONSTANT CURRENCY BASIS, GROSS WRITTEN PREMIUM INCREASED 18% TO $11,609 MILLION FOR HY
• IN FY22 WE CONTINUE TO EXPECT IMPROVEMENT ON THE FY21 EXIT COMBINED RATIO OF AROUND 94%
• IN HY EXCLUDING IMPACTS OF CHANGES IN RISK-FREE RATES, COMBINED OPERATING RATIO WAS 94.1% COMPARED WITH 93.3% IN PRIOR PERIOD
• EXPECTED $150 MILLION RESTRUCTURING EXPENSE OF THREE YEAR PROGRAM NOW EXPECTED TO BE FULLY INCURRED BY END OF FY22
• REMAIN CONFIDENT OF ACHIEVING STRONGER, MORE CONSISTENT LEVEL OF FINANCIAL PERFORMANCE OVER MEDIUM TERM