I thought the result was excellent all considered. You can't just look at the headline numbers, as there is not a Sydney hailstorm every year. Expense ratio has stayed down even with all the work after the hailstorm. Underlying insurance profit margin guidance unchanged. Looks like GWP guidance will be beaten. The other side of highly publicised disasters is that customers accept price rises more easily. Also those with car insurance that are effected by the hail would have to be impressed by the service centres they go to to fix the hail damage. Might be more sticky customers afterwards learning that it is not just about price, but convenience as well.
One known downside is that interest rates aren't rising as fast as expected any more - if they start reducing that will pressure investment earnings on the float.
Lots of moving parts - I could have easily missed something. Keen to know if I have.
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