QBE (ASX: QBE) has reported its full-year results for FY19. We take a look at the company's headline figures, key commentary and guidance outlook, plus review the share market's reaction across the trading day.

Headline result

QBE has reported a statutory net profit after tax of $550m for FY19. This is 41% higher than the previous year ($390m).In addition, the company's adjusted net cash profit after tax increased 6% year-on-year, reaching $733m.A final dividend of $0.27 per share, franked at 30%, has been declared. The ex-dividend date will be 5th March, 2020, followed by the record date being the 6th March, 2020.Investors responded positively to the company's results throughout the trading session, with gains accelerating at a steady pace. By the end of the day, QBE shares were 4.3% higher, finishing on $14.76.

Key commentary

Among other key metrics reported by management, QBE recorded an increase in adjusted cash profit return on equity, up 90 basis points from 8% in FY18 to 8.9% in FY19. Furthermore, there was also strong growth in renewal rates across the group, with the number leaping from an average of 5% in FY18 to an average of 6.3% last year. There was particular momentum in the second-half of the year, with the company citing strength from its international segments.In terms of the group's combined operating ratio, this was impacted by "adverse weather conditions" that hampered QBE's US crop insurance division, where there were weaker harvest yields that pushed the segment's combined operating ratio as high as 107.5%. Meanwhile, local bushfire claims also weighed on the result, leading the company to report a group combined operating ratio of 97.5%, missing its FY19 target range of 94.5%-96.5%. Attritional improvements were also under pressure from weather events in the US.The insurance firm also noted "challenging industry-wide inflationary trends" relating to accident claims reserves, however, reference has been made to positive reserve developments across the broader company.QBE's operational efficiency program is starting to show signs of cost improvements, with its expense ratio improving from 15.2% to 14.6%. Management have also spoken favourably about the company's current capital position, notwithstanding weather-related challenges and a final dividend of $0.27 that is slightly lower than that of FY18 ($0.28).

Guidance outlook

QBE's full-year outlook for 2020 is a target combined operating ratio of between 93.5%-95.5%, and a net investment return of between 2.5%-3%.