Premiums and profits rise but combined ratio above 90%

QBE announced premiums and profit rises for 2009 but admitted it missed its target on claims with its combined ration rising to 89.6%. It European operations performed worst with a combined ratio of 91.3%.

Financial highlights $m (2008 in brackets)


  • Gross written premium 14,455 (13,142)
  • Gross earned premium 14,074 (12,853)
  • Net earned premium 12,149 (11,087)
  • Combined operating ratio % 89.6% (88.5%)
  • Insurance pro?t 2,064 (2,183)
  • Pre-tax operating pro?t 2,432 2,420
  • Profit after tax 1,970 (1,859)

European results

  • GWP 5,094 (5,011)
  • Net premiums earned 3,259 (3,252)
  • Profit after tax 467 (5740)
  • Combined ratio 91.35 (85.6%)

CEO Frank O’Halloran said: “QBE continued to produce strong underwriting and insurance profits despite the insurance industry experiencing a high frequency of large individual risk claims from the severe downturn in economic conditions and historically low interest yields on policyholders’ funds. 2009 is the fifth year in succession we have reported a combined operating ratio of less than 90%.

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