QBE Insurance Turns To Profit In FY18, Revenues Down; Sees Further Improvement

(RTTNews) - Australia's QBE Insurance Group (QBE.AX, QBEIF.PK) reported Monday that its fiscal 2018 net profit attributable to ordinary equity holders of the company was $390 million, compared with a net loss of $1.25 billion in 2017.

During 2018, QBE announced the sale of its Latin American Operations, which is reported as a discontinued operation.

The company's underwriting profit was $480 million, compared with a loss of $507 million last year.

Revenue from ordinary activities from continuing operations dropped 8% to $15.39 billion from $16.79 billion a year ago.

Net investment and other income was $547 million, down from $758 million last year, resulting in a net return of 2.3%, compared with 3.0% last year.

Further, the company announced final dividend of 28 Australian cents. The final dividend will be paid on April 18.

Looking ahead, Chairman Marston Becker said, "Our improved performance in 2018, coupled with a more simplified structure and focus on achieving cost reductions across the Group, positions QBE well. In 2019, we will continue to drive further performance improvement, increase the use of data analytics and digital tools in our underwriting, strengthen earnings quality, target further improvements in our return on equity and, most importantly, continue to deliver value for our shareholders."
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