Thursday, February 26, 2015
This week QBE released annual results for 2014. Our worldwide results show a significant improvement in performance over the previous year, and are in line with what we communicated to the market in August 2014. Furthering our commitment to deliver more predictable and stable results, we have achieved the following:
- An increase in net profit after tax by almost $1 billion to $742 million
- An increase in our insurance profit to $1,074 million, up from $841 million
- An improvement in our combined operating ratio to 96.1% from 97.8% the previous year
- Completion of major capital initiatives which add $1.5 billion of capital and bring greater stability and flexibility to our balance sheet
In North America, we ended the year with $5.3 billion in written premium and improved our combined operating ratio more than 10 percentage points from 2013.
Beyond these numbers, we are pleased to maintain our Insurer Financial Strength Ratings with S&P (A+) and A.M. Best (A), who in January upgraded their outlook for QBE from “negative” to “stable.”