Global insurer QBE says it is on track to hit its guidance on financial performance, with premiums rising and investment returns in line with expectations.
At its annual general meeting in Sydney, chief executive Pat Regan told shareholders that at the end of the first quarter, QBE was “well on track” to deliver a combined operating ratio, which measures claims and costs as a share of premium revenue, of 94.5 to 96.5 per cent, in line with previous guidance.
He also said investment returns were hitting the company’s target of 3 to 3.5 per cent for the year.
Mr Regan, who has overseen a rationalisation of the group’s operations after a series of profit downgrades in recent years, also said its plans to cut costs were on track.
QBE had a much between 2018, helping it regain the market’s confidence following a series of disappointments.
“I am pleased with the progress we made in 2018 and the solid start we have made to 2019,” Mr Regan said.
“With our simplified structure and our relentless focus on performance across the business, I am confident that we will continue to deliver value for shareholders in 2019 and beyond.”