It has been reported that QBE Insurance Group has declared that after the first three months, the group is on its way to meet its whole year’s insurance margin guidance.

The firm is certain about sustaining its bonus.

At the company's yearly conference in Sydney, Chairman John Cloney stated, "We have almost completed the first quarter of 2010 and I am pleased to report that we are on track to meet our targeted full-year insurance profit margin of 16 per cent to 18 per cent".

It is said that after serving for 29 years on the insurer's board, Mr. Cloney, would be retiring from his position as Chairperson in July.

Also, the position is said to be replaced by colleague, Director Belinda Hutchinson.

Cloney believes that this year is projected to be a "difficult year" for income and revenue development owing to the blow of a stronger Australian dollar on its offshore income.

According to Frank O'Halloran, Chief Executive, the firm carries a strong balance sheet, and small liabilities to equity relation.

He also said that, at present, the company is discussing several gaining’s and new distribution preparations to construct their industry.

O'Halloran also believes that a considerable bulk of products and industries worldwide are generating income over their 15 per cent least profits on equity requirements.