QBE Europe profitable in “most challenging environment” for five years
Provider’s GWP up 4.1% as COR slips amid $1.2bn group loss.
QBE Europe has posted an insurance profit of £249m for 2017, up 6.9% on the previous year.
However, the insurer admitted that the numbers excluded a £109m hit from the change in the Ogden discount rate.
Similarly, the underwriting result did not factor in Ogden as QBE Europe achieved £121m.
The combined operating ratio (COR) was 95.2% up from 2016’s figure of 90.7%. Again, adding in the impact of Ogden takes the final figure to 99.6%.
Richard Pryce, CEO of QBE European Operations commented:
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