XM tidak menyediakan perkhidmatan kepada penduduk Amerika Syarikat.

Australia's QBE Insurance first-half profit more than doubles, but misses estimates



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 3-Australia's QBE Insurance first-half profit more than doubles, but misses estimates</title></head><body>

HY profit after tax more than doubles

Enters reinsurance deals to de-risk exposure to reserves

FY GWP growth estimate lowered to 3%

Shares hit lowest since Jan. 30

Updates with analyst comment, share moves, and further details on results

By Ayushman Ojha and Rishav Chatterjee

Aug 9 (Reuters) -Australia's QBE Insurance Group QBE.AX on Friday reported a more than twofold jump in its first-half profit, boosted by higher income from premiums, but missed analysts' view, sending its shares to over a six months low.

The company's gross written premiums (GWP) grew 2% to $13.05 billion for the first half of fiscal 2024 on the back of higher rates for premium for the period.

However, it lowered its GWP growth estimate to 3% for fiscal 2024, from 5% earlier, as it expects lower premium from its crop division.

Its first-half results were also aided by lower catastrophe-related claims. The company paid out $527 million mainly to account for floods in Dubai, storms in the U.S. and exposure to the unrest in New Caledonia, lower than the $609 million reserved for period.

The Sydney-based insurer, which has a presence in 27 countries, said its profit after tax for the six months ended June was at $806 million, compared with $404 million a year ago, but missed Jefferies estimate of $811 million.

The company's shares fell 5.1% in early trade to A$15.49, their lowest level since late January.

Meanwhile, lower catastrophe-related claims helped improved its combined operating ratio (COR) improve to 93.8%, compared with 98.8% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.

In its North America (NA) segment, COR was 97.5% for the six-months, down from 103.7% in the previous half.

"Investors should derive some comfort from the performance of NA while otherwise the result is broadly in line if not slightly ahead," analysts at Citi said.

The company had said earlier this year, it would shut down its struggling North America middle-market segment.

It entered into reinsurance deals with Britain-based RiverStone International and global insurance group Enstar ESGR.O, in a bid to de-risk its exposure to reserves totalling about $1.6 billion, which mainly comprises reserves for the NA middle-market segment .

These deals are expected to de-risk all of QBE's NA middle-market reserves and a small number of other portfolios in its international and North America businesses and lead to a $230 million net capital benefit for QBE in the second half of the year.



Reporting by Ayushman Ojha, Rishav Chatterjee and Himanshi Akhand in Bengaluru; Editing by Pooja Desai, Shilpi Majumdar and Michael Perry

</body></html>

Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.

Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.

Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.

Amaran Risiko: Modal anda dalam risiko. Produk yang berleveraj mungkin tidak sesuai untuk semua individu. Sila pertimbangkan Pendedahan Risiko kami.