So the FY22 PBT released was 919m, but with that error in reserving it was really 789, 14% lower. That $130 would put NA back into loss territory for the fourth year in a row (The NA segment made $4m PBT in 2019, but there was $290m of corporate costs to divvy up, so no chance the US was profitable). Does QBE really need to operate in NA? Maybe they do for scale, and to pick up on tech trends etc? There is no padding for the litigation risks of operating in the US. I just hope QBE's competitors aren't looking at the more lucrative markets QBE has elsewhere.
I suspect the market will gradually want to take back that gap up after the results release, but we will see I guess.
QBE Price at posting:
$14.61 Sentiment: Sell Disclosure: Held
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