May 12 (Reuters) - QBE Insurance Group Ltd (QBE) :
- GROWTH IN GROSS WRITTEN PREMIUM REMAINED STRONG IN 1Q23, UP 11% ON PCP
- GROUP-WIDE RENEWAL RATE INCREASES AVERAGED 10.0% IN 1Q23
- CATASTROPHE ACTIVITY HAS REMAINED ELEVATED THROUGH THE BEGINNING OF 2023
- TO APRIL, NET COST OF CATASTROPHE CLAIMS IS $480M, WHICH COMPARES TO QBE’S CATASTROPHE ALLOWANCE FOR 1H23 OF $535M
- 1Q23 EXIT CORE FIXED INCOME RUNNING YIELD IMPROVED TO 4.2% VERSUS FY22 EXIT RUNNING YIELD OF 4.1%
- AT 1Q23-END, TOTAL INVESTMENT FUNDS UNDER MANAGEMENT WAS $29.1 BILLION
- IN 2Q23 FUM WILL BE NEGATIVELY IMPACTED BY ABOUT $1.9 BILLION FROM RESERVE TRANSACTION ANNOUNCED IN FEB
- EXPECTS FY23 GROUP CONSTANT CURRENCY GWP GROWTH OF ABOUT 10%
- FY23 PLAN GROUP COMBINED OPERATING RATIO REVISED TO ABOUT 94.5%
- CURRENTLY ESTIMATES CROP GROSS WRITTEN PREMIUM WILL BE ABOUT $4.0 BILLION IN FY23, WITH NET EARNED PREMIUM OF ABOUT $1.4 BILLION
News: QBE QBE Insurance Says Growth In Gross Written Premium Strong In 1Q23, Up 11% On PCP
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