Fitch Ratings has affirmed the A+ insurer financial strength rating of QBE Insurance Group and its main underwriting subsidiaries.
The agency has also affirmed QBE's Long-term rating at A+. The outlook for all ratings is stable.
The ratings reflect an important improvement in underwriting performance and a good recovery in investment earnings, which together contributed towards a very good improvement in total net income, said Fitch.
Capitalisation continues to be commensurate with the rating level and debt leverage has reduced. A particular strength continues to be its sound overall management, underwriting and risk control, it added.
Fitch said it expects to see continued strong premium growth for 2004, with broadly stable earnings for the group as a whole. The 2004 combined ratio is expected stay below 95%, said Fitch.
