QBE withdraws 2020 financial targets

Written by Adam Cadle

30/03/2020

QBE has withdrawn its 2020 financial targets in light of the “unprecedented COVID-19 pandemic and uncertain economic and investment market outlook”.

Net investment returns were forecast to rise from 2.5% to 3% and the combined operating ratio from 93.5% to 95.5%.

In a statement to the Australian Stock Exchange, QBE said the group’s annual general meeting will be held virtually on 7 May 2020 at which a further update will be provided.

Group CEO Pat Regan said: “These are extraordinarily difficult times for all of our stakeholders: our customers, our broker partners, our staff, our shareholders and the community at large. 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.”

“Premium rate momentum in Q1 2020 has continued in accordance with the strong trends reported in the second half of 2019,” the statement added.

“The group’s capital position and liquidity are strong and we continue to implement our business continuity plans to ensure our services remain available to our business partners and customers.”

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