QBE Insurance has cemented its return to full-year profitability, after earnings suffered during the coronavirus pandemic, and boosted its dividend payout.
QBE reported a net profit of $US750 million ($A1 billion) for calendar 2021 on Friday, compared with a $US1.5 billion loss in the previous year.
"I am pleased with the strong premium growth and significant uplift in underwriting margin," group chief executive Andrew Horton, who took up the top job five months ago, said.
"The strong result was achieved despite the heightened level of catastrophes during the year."
Catastrophe claims for the year totalled $US905 million stemming from flooding and storm damage in Australia and storm and hurricane damage in the US.
But QBE's underwriting profit rose to $US1.1 billion, versus a $US869 million loss in 2020, as gross written premium increased by 26 per cent after premium rate hikes.
QBE will pay a final dividend of 19 Australian cents, taking the total for 2021 to 30 cents and up from four cents in 2020.
