QBE prospers despite cat events
QBE Insurance Group Ltd consolidated results year ended 31 December ● US$m Category 2006 2007 2008 2009 2010 Gross written premium 7,839.00 10,391.00 11,015.00 11,239.00 13,629.00 Net written premium 6,447.00 8,727.00 9,597.00 9,629.00 11,523.00 Increased NWP % 10.9 35.4 10.0 0.3 19.7 Retention % 82.2 84.0 87.1 85.7 84.5 Net earned premium 6,166.00 8,552.00 9,293.00 9,446.00 11,362.00 Claims incurred 3,440.00 4,652.00 5,354.00 5,698.00 6,807.00 Claims incurred % NEP 55.8 54.4 57.6 60.3 59.9 Operating expenses 1,819.00 2,696.00 2,870.00 2,767.00 3,387.00 Operating expenses % NWP 28.2 30.9 29.9 28.7 29.4 Underwriting result 907.00 1,204.00 1,069.00 981.00 1,168.00 Underwriting result % NWP 14.1 13.8 11.1 10.2 10.1 Combined ratio % 85.3 85.9 88.5 89.6 89.7 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 544.00 818.00 873.00 545.00 517.00 Net realised gains/(losses) 35.00 235.00 205.00 (61.00) 75.00 Pre-tax result 1,521.00 2,135.00 2,028.00 1,891.00 1,551.00 Pre-tax % NWP 23.6 24.5 21.1 19.6 13.5 Net result 1,121.00 1,612.00 1,558.00 1,532.00 1,278.00 Shareholders' funds 4,962.00 7,435.00 7,834.00 9,164.00 10,311.00 Solvency margin % 77.0 85.2 81.6 95.2 89.5 Unearned premium reserve 3,666.00 4,997.00 5,003.00 6,127.00 6,788.00 Outstanding claims reserve 9,197.00 12,163.00 11,346.00 12,864.00 15,017.00 Total technical provisions 12,863.00 17,160.00 16,349.00 18,991.00 21,805.00 Technical reserves as % NWP 199.5 196.6 170.4 197.2 189.2 Overall coverage as % NWP 276.5 281.8 252.0 292.4 278.7