QBE Insurance Group announces its FY22 results; NPAT increased to AU$770 million

On 17 February 2023, QBE Insurance Group Limited (ASX: QBE) a financial institution announced its FY22 result which consisted of:

• A statutory net profit after tax of AU$770 million for FY22, which increased from AU$750 million in FY21.
• Moreover, the adjusted cash profit after tax rose to AU$847 million from AU$805 million in the prior year, resulting in an adjusted cash return on equity of 10.5%, compared to 10.3% in the previous year.
• Additionally, premium growth remained strong, with Group-wide renewal rate increases of 7.9% in FY22, supporting gross written premium growth of 13%.
• QBE's indicative regulatory capital PCA multiple was 1.79x, which is at the upper end of the Group's 1.6-1.8x target range and compared to 1.75x at 31 December 2021.
• The Board has declared a final dividend of 30 cents per share, an increase from the FY21 final dividend of 19 cents per share. The combined interim and final dividend of 39 cents per share corresponds to a total dividend payout ratio of 48% of adjusted cash profit.

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