QBE has issued its performance update for the third quarter of 2023

QBE Insurance Group Limited (ASX: QBE) reported a 7% increase in gross written premium during the third quarter of 2023 compared to the same period last year, both in reported and constant currency terms. The overall renewal rate for the group saw an average increase of 9.6% in 3Q23, while the exchange rate growth remained relatively stable, influenced by portfolio exits and a substantial bias in written premiums during the first half, particularly in key growth areas. Retention levels have remained favourable.

Looking at the year-to-September performance, gross written premium growth stood at 10% compared to the previous corresponding period, or 11% when measured in constant currency, with exchange rate growth at 5%. Excluding Crop, the Group's gross written premium experienced an 11% increase in constant currency, with exchange rate growth at 4%.

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