CANBERA (dpa-AFX) - QBE Insurance Group (QBE.AX, QBEIF.PK) announced fiscal
year 2023 statutory net profit after tax of US$1.355 billion, compared to US$587
million in fiscal year 2022.

Adjusted cash profit after tax increased to US$1.362 billion from US$664 million
in the prior year.

The company reported gross written premium growth of 10% supported by Group-wide
renewal rate increases of 9.7% and targeted new business growth. The combined
operating ratio improved to 95.2%, or 94.6% excluding the upfront cost of the
$1.9 billion reserve transaction completed in the first half. The result was
underpinned by supportive market conditions and favourable current year
catastrophe experience, partially offset by the impact of short-tail prior year
development.

The Board has declared a final dividend of 48 Australian cents per
share,compared with the 2022 final dividend of 30 Australian cents per share.

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