QBE Insurance Sees 1H24 Gross Written Premium $13.1B
June 19 (Reuters) -QBE Insurance QBE.AX:
SEES 1H24 GROSS WRITTEN PREMIUM IS EXPECTED TO BE $13.1B
STRATEGIC REVIEW OF NORTH AMERICA MIDDLE-MARKET
HAS DETERMINED IT WILL COMMENCE AN ORDERLY CLOSURE OF ITS NORTH AMERICA MIDDLE-MARKET SEGMENT
QBE HAS DETERMINED IT WILL COMMENCE AN ORDERLY CLOSURE OF ITS NORTH AMERICA MIDDLE-MARKET SEGMENT
WILL BEGIN NON-RENEWING MIDDLE-MARKET POLICIES ACCORDING TO APPLICABLE STATE REGULATIONS, WITH GROSS WRITTEN PREMIUM EXPECTED TO BEGIN REDUCING IN FY24
RESTRUCTURING CHARGE OF $100M BEFORE TAX WILL BE RECORDED IN THE FY24 RESULT TO ACCOUNT FOR COSTS ASSOCIATED WITH BUSINESS CLOSURE
CONTINUES TO EXPECT FY24 GROUP CONSTANT CURRENCY GROSS WRITTEN PREMIUM GROWTH IN MID-SINGLE DIGITS
SEES TOTAL INVESTMENT INCOME IN FIVE MONTHS TO MAY-2024 WAS $643M, WHICH IMPROVED FROM $406M IN 1Q24
Further company coverage: QBE.AX
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