News: QBE QBE Insurance Posts FY Adjusted Net Cash Loss After Tax Of $863 Mln

Feb 19 (Reuters) - QBE Insurance Group Ltd (QBE) :

• FY STATUTORY NET LOSS AFTER TAX OF $1,517M
• FY ADJUSTED NET CASH LOSS AFTER TAX WAS $863M
• FY NET INVESTMENT INCOME REDUCED TO $226M FROM $1,036M IN 2019
• ELECTED NOT TO DECLARE A FINAL DIVIDEND
• EXPECTS TO RESUME DIVIDEND PAYMENTS - OF UP TO 65% OF ADJUSTED CASH PROFITS - IN CONJUNCTION WITH 2021 INTERIM RESULT
• FY20 COMBINED OPERATING RATIO OF 104.2% COMPARED WITH 97.5% IN 2019
• PREMIUM MOMENTUM ACCELERATED ACROSS 2020 & HAS CONTINUED INTO 2021
• WILL INCUR RESTRUCTURING CHARGE OF $150M TO BE EXPENSED OVER THREE YEARS
• FY NET EARNED PREMIUM UP 4% TO $11,785M

Source: https://bit.ly/3ptGufb

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