The Chief also provided an update on the progress of strategic priorities
By Terry Gangcuangco
QBE Insurance Group has raised its premium growth outlook for 2023, based on the global insurer’s performance in the first quarter.
Compared to Q1 2022, QBE’s gross written premium (GWP) for January to March this year saw an 11% increase. On a constant currency basis, the jump to $7.6 billion represents a 14% change.
“Given the stronger than expected start to the year, and the expectation that the rating will remain stable for the foreseeable future, we have raised our FY23 growth outlook, and now view the group’s constant currency GWP growth of ~10%,” chief executive Andrew Horton said during QBE’s annual general meeting (AGM).
Previous guidance for constant currency GWP growth was in the mid to high single digits.
Meanwhile, the change rate increases across the group, averaging 10% in Q1.
Horton said: “The group-wide change rate improvement of 10% for the first quarter represents an improvement over the first corresponding period in each division (North America, International, and Australia Pacific ) and driven by a reacceleration in the rate of increase in property classes. .”
Development of strategic priorities
At the company’s AGM, Horton also took the time to talk about QBE’s strategic priorities, which he said continue to provide direction for the medium to long term.
The head of the group stated: “Regarding portfolio optimization, we are focused on developing multi-year business portfolio mix targets, which will be embedded in our planning process. These targets calibrated to our ambition for sustainable development and to be a less volatile business.
“Our strategic priority of business integration sits at the core of our strategy, and our goal is to unlock the value of QBE through initiatives that help us leverage capabilities across all of our markets. We see the increased collaboration with product committees, which drives consistency in the types of businesses where we have a global footprint.
“We continue to evolve to modernize our business. There is a continued focus on core platforms and further simplification of the IT estate, all centered on making QBE an easier to deal with and work with, ensuring that we fully utilize our global scale.
In addition, QBE has made good progress in the areas of reward and performance, leadership and capability, and workforce planning as part of the group’s people priority. Although culture is the priority, the business also sees greater alignment and connection with QBE’s purpose.
“I believe we have strong engagement across the business to consistently deliver on our strategic priorities,” Horton said.
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