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

22Jul

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

 

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.

Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

12Apr

Centuria Industrial REIT (ASX:CIP) acquires Arndell Park distribution centre

12 Apr 2021 - Centuria Industrial REIT (ASX:CIP) has added a distribution centre in the strategic infill market of Arndell Park to its $784 million pipeline of industrial asset acquisitions in FY21.

Read More
24Jun

Stocks of the Hour: Beston Global Food, ArchTIS, PayGroup

23 Jun 2022 - A snapshot of the stocks on the move featuring, Beston Food Company (ASX:BFC), ArchTIS (ASX:AR9), and PayGroup (ASX:PYG).

Read More
11Dec

oOh!media (ASX:OML) projects full year revenue of $420M to $430M

11 Dec 2020 - Outdoor advertiser, oOh!media (ASX:OML) expects full year revenue to be between $420 million and $430 million.

Read More
08Sep

Suncorp appoints Group CEO and Managing Director

09 Sep 2019 - Suncorp (ASX:SUN) has named acting CEO Steve Johnston as the new permanent head of the company.

Read More
15Jun

Stocks of the Hour: Crown Resorts, Nuix, Archer Materials, Sequoia

15 Jun 2021 - A snapshot of the top news for the hour, featuring Crown Resorts, Nuix, Sequoia Financial Group and Archer Materials.

Read More
04Mar

Stocks of the Hour: Lake Resources N.L, Genex Power, St Barbara

04 Mar 2024 - A snapshot of the stocks on the move, featuring Lake Resources N.L. (ASX:LKE; OTC:LLKKF), Genex Power Limited (ASX:GNX) and St Barbara (ASX:SBM).

Read More
15Jan

Westpac NZ and Contact Energy (ASX:CEN) agree first sustainability-linked loan

15 Jan 2020 - Westpac NZ and Contact Energy (ASX:CEN) have entered into a $50 million, four-year sustainability linked loan facility. The loan is the first of its kind in New Zealand.

Read More
15Jan

Gentrack’s (ASX:GTK) sales hit by market conditions

15 Jan 2020 - Software company, Gentrack Group (ASX:GTK) has announced it is continuing to experience difficult market conditions in its key utilities markets. The conditions are impacting Gentrack’s sales pipeline to a greater degree than previously expected.

Read More
14Apr

Empire Energy (ASX:EEG) wins auction for Pangaea Group’s resource base

14 Apr 2021 - Sydney-based oil and gas producer Empire Energy (ASX:EEG) has won the auction to acquire a majority stake in exploration company Pangaea Group’s five tenements across the Beetaloo Sub-basin.

Read More
06May

Bubs Australia (ASX:BUB) signs supply agreement with Coles

06 May 2020 - Bubs Australia (ASX:BUB) has entered a new supply agreement with Coles Supermarkets for their Bubs Organic Grass Fed Infant Formula.

Read More