QBE has withdrawn its guidance for financial targets this year due to the uncertainty caused by the coronavirus outbreak and has confirmed it will hold a “virtual” annual meeting in May.

The company last month flagged a combined operating ratio of 93.5-95.5% and an investment return of 2.5-3.0%.

“In light of the unprecedented COVID-19 pandemic and uncertain economic and investment market outlook, we consider it prudent to withdraw those previously advised targets,” the company said in a statement to the Australian Securities Exchange today.

QBE says premium rate momentum in the first quarter has continued in accordance with the strong trends in the second half of last year. The group’s capital position and liquidity are also strong.

The group is continuing to implement business continuity plans to ensure services remain available to business partners and customers.

QBE says it will provide a further update at its annual meeting on May 7, which will now be held virtually. Previously, shareholders were invited to attend the event at the Fullerton Hotel in Sydney.

“These are extraordinarily difficult times for all of our stakeholders: our customers, our broker partners, our staff, our shareholders and the community at large,” CEO Pat Regan said.

“Despite the obvious and extreme disruption to normal business practices, our priority is to maintain the health and wellbeing of our staff and continue to support our customers in this time of need.”