Fitch Ratings affirmed the A+ insurer financial strength (IFS) ratings of QBE's main operating subsidiaries.
Fitch said: "The IFS ratings reflect important improvements in underwriting performance and a good recovery in investment earnings, which together contributed towards a very good improvement in total net income for 2003.
"Capitalisation continues to be commensurate with the rating level, as is the group's sound overall management, underwriting and risk control."
