I am a lot more positive than you about this result, Mkr. Today's divvy is not the only measure.
In particular, from the announcement:
* Continued gross written premium growth of 9%, or 13% in constant currency
* FY22 net investment return of 2.0% ex RFR. 4.1% fixed income running yield at 31 December 2022, up from 0.7% at 31 December 2021
Major premium rises last year and year prior have been accepted with minimal attrition.
Insurers are big bladders of cash and acutely sensitive to interest rates. The industry has just endured four years for hell with zero interest rates. The team running QBE's bond ladder moved swiftly to capture returns in this new environment.
The market is always forward looking. if QBE simply matches that 4.1% running yield for the next six months it will produce very satisfactory results.
We shall see.
Ash
QBE Price at posting:
$13.40 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)