QBE Insurance Group (ASX:QBE) flags $750m loss for 1H20

Company News

by Rachael Jones

Insurance group QBE (ASX:QBE) has flagged a $750 million net statutory loss after tax for the first half of the year (1H20) primarily due to Covid. 

This figure includes a net investment loss of around $125 million as a result of extreme investment market volatility, adverse catastrophe experience of around $60 million, and adverse prior accident year claims development of around $120 million. 

QBE currently estimates total Covid-19 related costs to be around $600 million pre-tax. 

Excluding Covid-19 impacts, the 1H20 combined operating ratio is expected to be around 98 per cent. 

Shares in QBE (ASX:QBE) are trading are trading 2.07 per cent higher at $9.87.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.