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    QBE   AU000000QBE9

QBE INSURANCE GROUP LIMITED

(QBE)
  Report
Delayed Australian Stock Exchange  -  02:10 2022-09-23 am EDT
11.83 AUD   -0.76%
08/18QBE INSURANCE GROUP LIMITED : Ex-dividend day for interim dividend
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08/15UBS Adjusts QBE Insurance Group's Price Target to AU$17 From AU$16, Keeps at Buy
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08/12NEWS HIGHLIGHTS : Top Financial Services News of the Day
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QBE Insurance Warns of $75 Million Hit From Ukraine War

05/04/2022 | 06:20pm EDT

By Alice Uribe

SYDNEY--QBE Insurance Group Ltd. said it could take a US$75 million from its exposure to the Ukraine war.

QBE said it had exposure across several lines, including political violence, political risk and aviation, as it manages a rising number of natural catastrophe events.

The general insurer on Thursday updated on its performance in the first quarter of FY 2022, outlining 19% growth in gross written premium compared with the same period last year and average increases in group-wide renewal rates of 7.9% for the quarter.

While acknowledging the war in Ukraine remained fluid, QBE estimated the potential net impact to be around US$75 million, and that the ultimate impact from the conflict will be reported in catastrophe costs.

At the same time, QBE said it had experienced an elevated rate of catastrophes in the first quarter, including widespread flooding and storms across the east coast of Australia and Storm Eunice in the UK and Europe.

"Natural catastrophe claims for the quarter were however in line with the 1Q FY 2022 allowance," said QBE.

Chief Executive Andrew Horton said that even as the insurer grappled with a number of natural catastrophes and significant geopolitical events, positive momentum experienced through the 2021 fiscal year had continued into the first quarter.

"Based on our current view, in fiscal 2022 we continue to expect a group combined operating ratio that demonstrates improvement on the fiscal 2021 exit combined operating ratio of around 94%," he said.


Write to Alice Uribe at alice.uribe@wsj.com


(END) Dow Jones Newswires

05-04-22 2020ET

All news about QBE INSURANCE GROUP LIMITED
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Analyst Recommendations on QBE INSURANCE GROUP LIMITED
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Financials
Sales 2022 20 585 M 13 473 M 13 473 M
Net income 2022 1 020 M 668 M 668 M
Net Debt 2022 3 348 M 2 191 M 2 191 M
P/E ratio 2022 17,9x
Yield 2022 3,71%
Capitalization 17 547 M 11 484 M 11 484 M
EV / Sales 2022 1,02x
EV / Sales 2023 0,95x
Nbr of Employees 11 404
Free-Float 99,4%
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Mean consensus BUY
Number of Analysts 12
Last Close Price 11,83 AUD
Average target price 15,65 AUD
Spread / Average Target 32,3%
EPS Revisions
Managers and Directors
David Andrew Horton Group Chief Executive Officer & Director
Inder Singh Chief Financial Officer-Australia & New Zealand
Michael Wilkins Independent Non-Executive Chairman
Matt Mansour Group Executive-Technology & & Operations
Brian Pomeroy Independent Non-Executive Director
Sector and Competitors