Qbe Insurance Group
From IntFX
See also: QBE for realtime information.
QBE Insurance Group Limited (QBE) is Australia’s leading general insurance and reinsurance Company. Company prime activities are underwriting general insurance and reinsurance risks. It is also engaged in management of Lloyd’s syndicates and investment management. Company’s insurance products are sold through brokers, agents and authorized representatives. Company also gives insurance products directly to individuals and families.
The Company has following prime businesses:-
- Property insurance policy: It covers physical loss or damage to assets.
- Motor insurance policy: It provides corporations, businesses and individuals protection for commercial and private vehicles.
- Underwriting: It covers workers’ compensation business for its own account or as an agent of government-based schemes.
Few key events of company in 2006 were:
- Acquired QBE Insurance (Vietnam) Company Limited in Jan’06 through its subsidiaries
- Acquired Austral Mercantile Collections Pty Limited
- Sold 50% interest in QBE Insurance Company Limited.
- Company’s subsidiaries acquired QBE Nordic Aviation Insurance A/S.
- Company acquired interest in the Concord Group of companies.
- Company acquired Praetorian Financial Group and Winterthur US.
It is one of the top 50 companies in Australia Stock Exchange under ticker QBE. Company has one of the top 25 insurers and reinsures worldwide. Company operates in all key insurance markets. It has offices in almost 44 countries and has more than 10,000 staff worldwide.
[edit] History
The Company has more than 120 years of history. Though it has small beginnings but today it is a leading institution that has played an important part in Australian commercial history. The Company is formed in 1973 by the merger of three Company Queensland Insurance (the “Q” in QBE) Bankers’ and Traders’ Insurance (the “B” in QBE) and Equitable Probate and General Insurance (the “E” in QBE). In 1988 Company start acquisitions and acquired two Companies i.e. Universal Insurance Company of Ireland and Imperial chemicals Reinsurance Ltd. In 1997 Company has acquired 74.9% of Trade Indemnity Australia Limited.
[edit] Strategy
The key strategy reflects the fast processing of claims, high customer retention and the lapsing of business which did not perform well as a result of increased competition. Company is also towards systematic and disciplined approach for business planning within the group. Company generates greater accountability and transparency in decision making and target the reduction of uncertainty and volatility.
[edit] Financial and operational performance
The Company achieved an insurance profit of 21.9%.Company’s profit after income tax increased 36% and Diluted earnings per share increased 32%.In 2006 Company achieved a return on average shareholders’ funds of 26.1%. Company’s overall increases in average premium rates of 6% to achieve targeted attritional claims ratios. Company has achieved lower maximum event retention ratio. It continues to effectively manage the impact of foreign exchange with $18 million net gain.
