QBE Withdraws 2020 Financial Targets on COVID-19 Related Economic Uncertainty

QBE released its 2019 full year results on Feb. 17, 2020, which included an outlook statement that included combined operating ratio and net investment return targets for the 12 months ended Dec. 31, 2020.

However, QBE has decided to withdraw those previous targets in light of the unprecedented COVID-19 pandemic and uncertain economic and investment market outlook.

Despite the economic uncertainties, QBE said, premium rate momentum in the first quarter of 2020 has followed the strong trends seen in the second half of 2019, and the group’s capital position and liquidity are strong.

“We continue to implement our business continuity plans to ensure our services remain available to our business partners and customers,” added QBE.

The group’s annual general meeting will be held virtually on May 7, 2020 at which a further update will be provided.

“These are extraordinarily difficult times for all of our stakeholders: our customers, our broker partners, our staff, our shareholders and the community at large,” said QBE’s Group CEO Pat Regan. “Despite the obvious and extreme disruption to normal business practices, our priority is to maintain the health and wellbeing of our staff and continue to support our customers in this time of need.”

Source: QBE