QBE Insurance Group, the Australia-headquartered insurance giant, announced a strong increase in profits on Friday. For FY24, profit after tax moved up to almost US$1.8 billion from about $1.4 billion in FY23.
The personal lines ingredient in those profits is very small. Group CEO Andrew Horton (main picture) told Insurance Business that its under 3% of his firm’s premium base. This suggests brokers play a very important role bringing in their portion of the remaining 97% of premiums.