QBE 1Q24 Performance Update

QBE Insurance Group Limited (ASX: $QBE) has released its 1Q24 performance update, confirming continued growth in gross written premium and underwriting performance tracking to plan. The company's 1Q24 constant currency gross written premium grew by 2%, with group-wide renewal rate increases of 7.3%, in line with expectations. QBE also provided an outlook for the full year, expecting mid-single digit gross written premium growth and a Group combined operating ratio of approximately 93.5%.

Executive Commentary on 1Q24 Performance

The 1Q24 performance update reflects our continued momentum in gross written premium and underwriting performance, which is in line with our expectations. We are pleased with the growth in gross written premium and the renewal rate increases, which demonstrate the market's support. Despite challenges in certain segments, we remain confident in our full year outlook, expecting mid-single digit gross written premium growth and a Group combined operating ratio of approximately 93.5% for FY24.

Summary of 1Q24 Performance and Outlook

QBE's 1Q24 performance update indicates a 2% growth in constant currency gross written premium, with group-wide renewal rate increases of 7.3%. The company expects mid-single digit gross written premium growth for the full year, with premium rate increases remaining supportive. Despite challenges in certain segments such as lower Crop premium and property portfolio exits, QBE remains optimistic about organic growth offsetting the impact of lower commodity prices. The company also provided an outlook for a Group combined operating ratio of approximately 93.5% for FY24, reflecting its confidence in maintaining underwriting discipline and performance.