Well, the broker analysts liked the result. Looks like Macquarie...

Well, the broker analysts liked the result. Looks like Macquarie wants to buy more at the old price:

QBE Target Price Raised 7.0% to A$12.07/Share by Morgans >QBE.AU14/08/2020 9:42AM No story, headline only

QBE Target Price Raised 12% to A$11.90/Share by Bell Potter >QBE.AU14/08/2020 9:25AM No story, headline only

QBE Insurance Price Target Cut 2.4% to A$8.00/Share by Macquarie14/08/2020 9:12AM No story, headline only

QBE Target Price Cut 7.0% to A$12.30/Share by UBS >QBE.AU14/08/2020 8:51AM No story, headline only

S&P affirmed QBE's rating.

MELBOURNE (S&P Global Ratings) Aug. 13, 2020--QBE Insurance Group Ltd.'s (QBE; A-/Stable/--; core operating entities rated A+/Stable/--) active management of its risk profile and balance sheet structure materially offset its weaker first-half performance to June 30, 2020, S&P Global Ratings said today.

The US$712 million operating loss after tax for the first half of 2020 was weaker than we expected in June but absorbable within a recently strengthened balance sheet structure. The impact of COVID-19, including business interruption provisions, as well as the future estimated impact were larger than we expected. The group raised more than US$800 million through an equity placement in May and issued a US$500 million hybrid security in July. COVID-19 related provisions for expected claims and costs, larger catastrophe claims, and prior year reserve strengthening in North America materially affected the group's underwriting result.

We see green shoots emerging across underlying operations such as from a continued lowering of attritional claims, strong pricing momentum and strengthening top-line premium growth, as well as lower large risk claims (excluding catastrophe claims). Swift repositioning, as well as subsequent
market rebounds, moderated the earnings impact of market volatility on the group's investment portfolio. We expect QBE's strong balance sheet and capital management to provide flexibility to respond to further market challenges or opportunities.

This report does not constitute a rating action.

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Ash here.

I expect QBE to go higher. It has plenty of dry gunpowder for M&A or to simply underwrite more business and reinsurance. Premiums are rising strongly.

Ash