QBE swings back into profit in H1

Marine energy and aviation made up 7.2% of H1 GWP, down from 8.6% in H1 2020.

Most of the MEA written was in the International Division, where it was the third-largest sector, making up 15.3% of the $3.89bn in gross premiums in H1 2021. By contrast, in the North America division MEA made up only 1.6% of $3.78bn in GWP.

In Australia/Pacific, MEA made up 3.1% of the $$2.54bn GWP (all figures US dollars)

Total GWP for the half was $10,203m, up 20% year on year.

The group combine ratio for the half was 93.3%, a 10.1pp improvement on the 103.4% recorded in H1 2020. Net profit after tax was $441m, compared with a loss of $712m in H1 2020. The underwriting profit was $437m, compared with a loss of $189m during the same period last year.

QBE observed that in Australia/Pacific, “border closures and supply chain disruptions are impacting claims costs, with inflation observed in both materials and labour costs”.