QBE Asia revenue climbs 6.3% in H1 ‘23, group pencils $8b

Group-wide, this was a 12% increase year-on-year.

Insurance group, QBE, saw its net insurance revenue climb 12% year-on-year (YoY) to $8b in the first half of the year,  whilst its Asia segment went up 6.3% YoY.

The net profit after tax was $400m, up $48m from the previous period. 

The prior period's figures were adjusted to account for the adoption of AASB 17 Insurance Contracts from 1 January, with retrospective application to the 2022 comparative period. 

The group's reported insurance operating result was $377 million, down from $386 million previously. 

The group said the change was due to increased premium rates and new business growth, balanced by current and past catastrophe costs, as well as the upfront net cost of reinsuring certain prior accident year claims in North America and internationally.

Total net investment income for the current half-year was $461m, a significant improvement from a net loss of $874min the prior period. 

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This improvement was driven by strong returns on fixed-income assets, supported by higher interest rates and tighter credit spreads. 

Additionally, returns on growth assets contributed positively, despite weaker performance in unlisted property assets.

The group's effective tax rate for this period was 30.8%, compared to 16.4% previously. This change was attributed to the mix of corporate tax rates in the regions where QBE operates and the recognition of previously unacknowledged tax losses.