QBE Insurance Group Limited
(ASX:QBE) has announced a net profit after tax for FY16 of $844M, up 23 percent on the prior year.
The group’s combined operating ratio also improved to 94.3 percent for the period, slipping into the company’s 94 – 95 percent target range.
Return on equity was also up, increasing from 7.5 percent in 2015 to 8.1 percent in FY16.
Underwriting profit more than doubled in QBE’s North American operations, with further improvements expected in profitability in the next two years.
QBE will pay a final dividend of 33 cents per share to investors, with the board announcing the company will look to buyback around $1B worth of shares over the next 3 years.
