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Australian insurer QBE Insurance Ltd. on Monday withdrew its 2020 financial targets due to COVID-19 uncertainty.
In a statement QBE said it was withdrawing its previously advised combined operating ratio and net investment return targets for the 12 months ending Dec. 31, 2020.
“These are extraordinarily difficult times for all of our stakeholders,” QBE Group CEO Pat Regan said in the statement.
QBE had projected a 2020 target full-year net investment return of 2.5% to 3.0% and a 2020 combined operating ratio of 93.5% to 95.5% in its 2019 financial results released Feb. 17.
“In light of the unprecedented COVID-19 pandemic and uncertain economic and investment market outlook, we consider it prudent to withdraw those previously advised targets,” QBE said in the statement.
Premium rate momentum in the first quarter of 2020 has continued and the group’s capital position and liquidity are strong, the insurer said.
“We continue to implement our business continuity plans to ensure our services remain available to our business partners and customers,” QBE said in the statement.
A further update will be provided at the group’s annual general meeting, to be held virtually on May 7, QBE said.
More insurance and risk management news on the coronavirus crisis here.