QBE is increasing its exposure to growth assets in a bid to build on its investment performance as it reported a profit of $742m, up $1bn on its $254m loss in 2013.
The Australian insurer said that over the course of 2014 growth assets went from 1.9% of its investment portfolio to 8.9%, and that it intends to increase this to 15% during 2015.
Equities climbed from 0.9% in 2013 to 2.9% in 2014, property trusts and investment properties from 1.1% to 3.3%, emerging market debt from 0% to 0.9%, emerging market equity from 0% to 0.9% and high yield debt from 0% to 1%.
The company said that even at this increased level of exposure, QBE's portfolio remained conservative relative to its global peers, adding that it was satisfied that it could pursue further yield enhancement as opportunities allow.
At the same time QBE decreased its holdings in corporate bonds from 47.2% in 2013 to 42.9% in 2014, whilst it also decreased its government bond holdings from 24.6% to 16.8%.