Provided by
Dow Jones
By Alice Uribe
SYDNEY--QBE Insurance Group Ltd. has logged a full-year net loss driven by a significant reduction in investment income, impairment of goodwill and deferred tax assets in North America.
The general insurer reported a statutory net loss of US$1.5 billion for the 12 months through December, compared to a US$550 million profit a year earlier.
QBE, which issued an estimate of its headline fiscal 2020 results in December, also reported a US$863 million adjusted cash loss for fiscal 2020, down on a profit of US$733 million the year before.
"While obviously very disappointed with the headline loss, premium momentum accelerated across 2020 and has continued into 2021," said Interim Chief Executive Richard Pryce. "Coupled with the improved positioning of the underlying business, we enter this year with confidence and optimism."