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    QBE Fijis Key Disclosure Statement For The Financial Year Ended 2022

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    Navinesh Nand
    QBE Insurance (Fiji) Limited reported a net profit after tax of $10.8 million for the year ended 31 December 2022, down from $18.6 million in the prior year. Total assets grew 20.6% to $92.8 million. Solvency surplus was $37.7 million, exceeding the minimum requirement of $3.6 million. Net premium income increased 6.5% to $18 million. The disclosure statement provides details on profitability, size, solvency, underwriting provisions, and reinsurance to give policyholders and regulators insight into the company's financial condition.

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    QBE Fijis Key Disclosure Statement For The Financial Year Ended 2022

    Uploaded by

    Navinesh Nand
    17 views2 pages
    QBE Insurance (Fiji) Limited reported a net profit after tax of $10.8 million for the year ended 31 December 2022, down from $18.6 million in the prior year. Total assets grew 20.6% to $92.8 million. Solvency surplus was $37.7 million, exceeding the minimum requirement of $3.6 million. Net premium income increased 6.5% to $18 million. The disclosure statement provides details on profitability, size, solvency, underwriting provisions, and reinsurance to give policyholders and regulators insight into the company's financial condition.

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    QBE Fijis Key Disclosure Statement for the Financial Year Ended 2022

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    QBE Insurance (Fiji) Limited reported a net profit after tax of $10.8 million for the year ended 31 December 2022, down from $18.6 million in the prior year. Total assets grew 20.6% to $92.8 million. Solvency surplus was $37.7 million, exceeding the minimum requirement of $3.6 million. Net premium income increased 6.5% to $18 million. The disclosure statement provides details on profitability, size, solvency, underwriting provisions, and reinsurance to give policyholders and regulators insight into the company's financial condition.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views2 pages

    QBE Fijis Key Disclosure Statement For The Financial Year Ended 2022

    Uploaded by

    Navinesh Nand
    QBE Insurance (Fiji) Limited reported a net profit after tax of $10.8 million for the year ended 31 December 2022, down from $18.6 million in the prior year. Total assets grew 20.6% to $92.8 million. Solvency surplus was $37.7 million, exceeding the minimum requirement of $3.6 million. Net premium income increased 6.5% to $18 million. The disclosure statement provides details on profitability, size, solvency, underwriting provisions, and reinsurance to give policyholders and regulators insight into the company's financial condition.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    DISCLOSURE STATEMENT FOR GENERAL INSURERS

    for the year ended: 31 December 2022

    Introductory Statement
    The purpose of this disclosure statement is to provide policy holders, potential policy holders and other
    market participants with information about the financial condition of QBE Insurance (Fiji) Limited as
    required by the Reserve Bank of Fiji.

    Corporate Information
    The full name of the insurer is QBE Insurance (Fiji) Limited operating as a General
    insurance business.
    QBE Insurance (Fiji) Limited commenced its operations in Fiji in the year 1974
    and is licensed and supervised by the Reserve Bank of Fiji under the Insurance Act of 1998.
    The full name of the ultimate parent company of QBE Insurance (Fiji) Limited is
    QBE Insurance Group Limited, which is domiciled in Australia

    Current Year Prior Period

    PROFITABILITY
    Fiji Operations:
    Net operating profit/(loss) after tax ($'000) $ 10,818 $ 18,574
    As a percentage of average total owner's fund 28.50% 80.11%
    As a percentage of average total assets 12.75% 27.93%
    Global Consolidated Operations:
    Net operating profit/(loss) after tax (F$ equivalent) Not Applicable Not Applicable
    As a percentage of average total owner's fund Not Applicable Not Applicable
    As a percentage of average total assets Not Applicable Not Applicable

    SIZE - as at end of year


    Fiji Operations:
    Total assets ($'000) $ 92,772 $ 76,926
    The percentage change in total assets over 12 months 20.60% 37.22%
    Global Consolidated Operations:
    Total assets (F$ equivalent) Not Applicable Not Applicable
    The percentage change in total assets over 12 months Not Applicable Not Applicable

    SOLVENCY REQUIREMENT as at end of year


    Fiji Operations:
    Adjusted Net Assets ($'000) $ 41,277 $ 30,106
    Minimum Required Solvency Margin ($'000) $ 3,597 $ 3,370
    Solvency Surplus ($'000) $ 37,679 $ 26,736
    Total Owners' Fund ($'000) $ 43,411 $ 32,491

    UNDERWRITING PROVISIONS - as at end of year


    Fiji Operations:
    Unearned Premium Provisions ($'000) $ 16,237 $ 14,575
    Admitted Claims ($'000) $ 25,916 $ 22,245
    Incurred But Not Reported ($'000) $ 2,886 $ 3,424

    1 of 2
    Current Year Prior Period

    REINSURANCE - as at end of year


    Fiji Operations:
    Reinsurance Outwards ($'000) $ 7,656 $ 6,041
    Reinsurance/Gross Premium 29.86% 26.39%
    Balance Sheet
    ($'000) ($'000)
    Investments $ 36,398 $ 37,513
    Loans $ - $ -
    Other Curent Assets $ 53,292 $ 36,723
    Fixed Assets $ 1,873 $ 1,639
    Intangible Assets $ 141 $ -
    Other Assets $ 1,068 $ 1,051
    TOTAL ASSETS $ 92,772 $ 76,926
    Underwriting Provisions $ 46,291 $ 40,697
    Other Provisions $ 690 $ 491
    Borrowings $ - $ -
    Other Liabilities $ 2,380 $ 3,247
    TOTAL LIABILITIES $ 49,361 $ 44,435
    NET ASSETS $ 43,411 $ 32,491
    Total Owners Funds $ 43,411 $ 32,491
    CONTINGENT LIABILITIES $ 2 $ 2
    Underwriting and Profit & Loss Statements

    Net Premium Income $ 17,986 $ 16,849


    Net Earned premiums $ 16,988 $ 15,620
    Net Claims Incurred $ 2,217 $ 1,541
    Underwriting expenses $ 6,680 $ 5,678
    Underwriting surplus/deficit $ 8,091 $ 8,401
    Non-underwriting income $ 4,560 $ 10,359
    Management/Adminstration Expenses $ 190 $ 141
    Other Extraordinary Items $ - $ -
    NET PROFIT BEFORE TAX $ 12,461 $ 18,619
    Taxation Expense $ 1,643 $ 45
    NET PROFIT AFTER TAX $ 10,818 $ 18,574

    Availability of Disclosure Statements


    Additional information on QBE Insurance (Fiji) Limited’s financial condition is available for inspection at our
    office in Suva.
    Copies of QBE Insurance (Fiji) Limited’s disclosure statement are available at all branches and offices and at our
    website; www.qbepacific.com

    Extract from Audited Financial Returns


    We QBE Insurance (Fiji) Limited confirm that the Disclosure Statement has been completed in accordance with the
    Notice and that the information contained has been properly taken where applicable, from the information
    contained in the audited financial returns pursuant to Section 60 of the Act.

    …………………….. ………………………...
    Director Principal Officer

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