(Writes through with further details from paragraph 2 onwards)
June 19 (Reuters) - Australia's QBE Insurance Group (QBE) on Wednesday forecast its first-half gross written premium to increase by 3% on a constant currency basis, and said it would close its struggling North America middle-market segment.
A review revealed the segment, which represented a gross written premium of $500 million in fiscal year 2023, had experienced challenges over several years.
"The closure will have no incremental impact on appetite or strategy for North America’s three core businesses - Specialty, Crop and Commercial," the company said.
A cost of $100 million before tax associated with the business closure would be recorded in the fiscal 2024 result, it added.
The group, which operates in 27 countries, has logged a total investment income in the five months to May 2024 of $643 million, compared with $406 million clocked in the first quarter of 2024.
QBE projects a first-half gross written premium of $13.1 billion with net insurance revenue expected to be $8.4 billion, up from $12.80 billion and $7.98 billion, respectively, from a year earlier.
News: QBE UPDATE 1-QBE Insurance forecasts higher 1H premium; to shut North America middle-market...
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