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BRIEF-QBE Insurance Sees HY Net Statutory Loss After Tax Of Around $750m

Published 22/07/2020, 08:47 am
© Reuters.
QBE
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July 22 (Reuters) - QBE Insurance Group Ltd QBE.AX :

* QBE INSURANCE - EXCLUDING COVID-19 IMPACTS, 1H20 COMBINED OPERATING RATIO IS EXPECTED TO BE AROUND 98%

* QBE INSURANCE - 1H20 COMBINED OPERATING RATIO IS EXPECTED TO BE AROUND 98%

* QBE INSURANCE- ON A CONSTANT CURRENCY BASIS AND ADJUSTING FOR ASSET SALES COMPLETED IN 2019, GROSS WRITTEN PREMIUM GREW BY AROUND 10% DURING HALF

* QBE INSURANCE - EXPECTS TO REPORT A 1H20 COMBINED OPERATING RATIO OF AROUND 104% WHICH REFLECTS COVID-19 IMPACTS OF AROUND $335M

* QBE SEES 1H20 COMBINED OPERATING RATIO OF AROUND 104%; COVID-19 IMPACTS ABOUT $335M, ADVERSE CATASTROPHE EXPERIENCE $60M

* QBE INSURANCE- THERE WILL BE OTHER LESS SIGNIFICANT IMPACTS, BOTH POSITIVE AND NEGATIVE, THAT ARE NOT READILY IDENTIFIABLE OR QUANTIFIABLE IN HY

* QBE INSURANCE - EXPECTS TO REPORT A 1H20 NET STATUTORY LOSS AFTER TAX OF AROUND $750M

* QBE INSURANCE- EXCLUDING COVID-19 IMPACTS, 1H20 COMBINED OPERATING RATIO IS EXPECTED TO BE AROUND 98%

* QBE INSURANCE - EXPECTS TO REPORT A 1H20 NET STATUTORY LOSS AFTER TAX OF AROUND $750M

* QBE INSURANCE - PRO FORMA GEARING AT 30 JUNE 2020 IS EXPECTED TO BE AROUND 30% OR MID-POINT OF GROUP'S INTERNAL 25-35% DEBT TO EQUITY TARGET RANGE

* QBE -LANDSCAPE HIGHLY UNCERTAIN; CURRENTLY SEES TOTAL COVID-19 RELATED COSTS TO BE AROUND $600M PRE-TAX IN H1

* QBE INSURANCE - GROUP HEAD OFFICE LIQUIDITY AT 30 JUNE 2020 IS EXPECTED TO BE AROUND $1.5BN

* QBE INSURANCE - TOTAL NET OUTSTANDING CLAIMS PROVISION IS EXPECTED TO BE JUST ABOVE 91% AS AT 30 JUNE 2020

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