Global insurer QBE has reported its net profit for the first half of 2021 came in at $441 million, compared with a net loss of $712 million for the prior year period.
The rebound in profit reflects the groups turnaround in both underwriting and investment returns.
On a constant currency basis, gross written premium grew by 20% to $10,203 million, reflecting the strong premium rate environment as well as improved customer retention and new business growth across all regions.
The group reported an improved combined operating ratio of 93.3% compared with 103.4% in the prior period, this was significantly impacted by COVID-19 claims and adverse prior accident year claims development.
Interim QBE Group CEO, Richard Pryce, said: “Notwithstanding the heightened level of catastrophes during the half which remain a major issue for the industry, I am very pleased with the improvement in the underwriting result and the strong but targeted premium growth.
“While we continue to benefit from meaningful compound premium rate increases in all our geographies, there are signs that pricing momentum is moderating, particularly in International Markets.
“Regardless, we will remain vigilant in balancing premium growth and pricing adequacy for an appropriate risk adjusted return on capital, with claims inflation and catastrophe costs key areas of ongoing focus.”