QBE 0.00% $17.01 qbe insurance group limited

June 19 (Reuters) - QBE Insurance (QBE) : SEES 1H24 GROSS...

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    June 19 (Reuters) - QBE Insurance (QBE) :

    • SEES 1H24 GROSS WRITTEN PREMIUM IS EXPECTED TO BE $13.1B
    • STRATEGIC REVIEW OF NORTH AMERICA MIDDLE-MARKET
    • HAS DETERMINED IT WILL COMMENCE AN ORDERLY CLOSURE OF ITS NORTH AMERICA MIDDLE-MARKET SEGMENT
    • QBE HAS DETERMINED IT WILL COMMENCE AN ORDERLY CLOSURE OF ITS NORTH AMERICA MIDDLE-MARKET SEGMENT
    • WILL BEGIN NON-RENEWING MIDDLE-MARKET POLICIES ACCORDING TO APPLICABLE STATE REGULATIONS, WITH GROSS WRITTEN PREMIUM EXPECTED TO BEGIN REDUCING IN FY24
    • RESTRUCTURING CHARGE OF $100M BEFORE TAX WILL BE RECORDED IN THE FY24 RESULT TO ACCOUNT FOR COSTS ASSOCIATED WITH BUSINESS CLOSURE
    • CONTINUES TO EXPECT FY24 GROUP CONSTANT CURRENCY GROSS WRITTEN PREMIUM GROWTH IN MID-SINGLE DIGITS
    • SEES TOTAL INVESTMENT INCOME IN FIVE MONTHS TO MAY-2024 WAS $643M, WHICH IMPROVED FROM $406M IN 1Q24

    (([email protected];))

 
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