Executives dismissed concerns over Beijing's tax treatment of offshore policies, pointing to wealth diversification rather than tax as the draw for mainland Chinese buyers.
Lower volumes in key non-life classes weighed on premiums, while stronger claims performance and lower reserve provisioning boosted the reinsurer's underwriting profit.
The insurer’s premium income declined in Q1, but higher investment returns and growth in overseas operations drove a 33.7% increase in net operating profit.
Premium pressure in Australia Pacific contrasted with double-digit growth in QBE's International division, although lower catastrophe losses helped keep underwriting margins stable.
