QBE Insurance Group has published its preliminary financial results, showing a doubling of net profit after income tax in the first six months of 2024.

Below is the performance of the global insurance company, based on its financial statements for the first half of the year:

According to QBE, its combined operations have improved “significantly” thanks to lower catastrophe costs, more stable reserve development and supportive premium rate increases.

In addition to the results, the Group also disclosed reserve transactions with RiverStone International and Enstar aimed at de-risking $1.6 billion of reserves while reducing the risks associated with the divestiture of non-core lines in North America.

Commenting on QBE’s performance, Group CEO Andrew Horton (pictured) said: “We have introduced a series of important initiatives over the period to support greater resilience and consistency. The shape and health of our underwriting portfolio has improved significantly over recent years and as a result, our priorities are more focused on the future.

“We have announced our decision to initiate an orderly closure of the North American mid-market, which supports our continued focus on portfolio optimization and performance improvement in North America. This will allow us to refocus our North American strategy on those companies with more significant, significant and scaled market position.

“I am pleased with the improvements in alignment and communication across the organization. Our employees remain highly engaged, and we are working to build a high-performing, goal-oriented organization.”

The CEO added that they remain enthusiastic about the business prospects, having seen a “positive start to the year” as a result of improved underwriting performance and strong return on equity.

The Board of Directors of QBE has declared an interim dividend of 24 Australian cents per share, to be paid in September.

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