Divisions at a glance

North American Operations

North American Operations is a specialist insurer and reinsurer with a full scope of commercial, personal and specialty lines capabilities and a focus on delivering a comprehensive suite of products through a targeted distribution model.

Gross written premium (US$M)

4,647

2% from 2015 2
Net earned premium (US$M) 1

3,318

1% from 2015 2
Combined operating ratio

97.8% 1

99.2% in 2015
Insurance profit margin

4.7% 1

2.5% in 2015

European Operations

European Operations’ business units are aligned by geography and/or distribution characteristics. Retail distributes commercial and specialty products in the UK and continental Europe. International Markets is a global specialty business using the Lloyd’s platform (and includes Canada) and QBE Re is a global reinsurance business.

Gross written premium (US$M)

4,076

7% from 2015 4
Net earned premium (US$M) 3

3,115

10% from 2015 5
Combined operating ratio

93.6% 3

89.1% in 2015
Insurance profit margin

10.1% 3

13.4% in 2015

Equator Re

Equator Re, as part of the broader Global Reinsurance Operations team, is instrumental in managing the Group’s exposure and reinsurance risk appetites. In doing so, Equator Re works closely with divisions to bridge the gap between their risk appetites and that of the Group.

Gross written premium (US$M) 6

1,349

34% from 2015
Net earned premium (US$M) 6

468

28% from 2015
Combined operating ratio

70.7% 6

89.0% in 2015
Insurance profit margin

35.0% 6

28.1% in 2015

Emerging Markets

This division has a meaningful footprint with leading positions across many of the world’s most attractive emerging markets. With its customer base, distribution partners and product range, it is uniquely positioned to continue to deliver profitable growth over the long-term.

Gross written premium (US$M)

1,632

6% from 2015 7
Net earned premium (US$M)

1,328

8% from 2015 8
Combined operating ratio

99.5%

99.2% in 2015
Insurance profit margin

5.5%

4.9% in 2015

Australian & New Zealand Operations

A diversified general insurer providing cover for commercial and personal risks. Our strong customer focus, disciplined underwriting and strong capital base assists consumers and business to mitigate and manage risk while delivering strong and stable returns.

Gross written premium (US$M)

3,933

4% from 2015 9
Net earned premium (US$M)

3,410

4% from 2015 9
Combined operating ratio

92.7%

91.3% in 2015
Insurance profit margin

12.3%

14.2% in 2015
  1. Adjusted for transactions to reinsure run-off liabilities.
  2. Prior period comparable figures exclude premium associated with the sale of M&LS in 2015.
  3. Adjusted for transactions to reinsure UK long‑tail liabilities.
  4. Down 3% on a constant currency basis.
  5. Down 6% on a constant currency basis.
  6. Adjusted for North American Operations loss portfolio transfer transaction.
  7. Up 10% on a constant currency basis.
  8. Up 8% on a constant currency basis.
  9. Up 5% on a constant currency basis.