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.