From the report on outlook and guidance 2023:Net claims incurred...

From the report on outlook and guidance 2023:

Net claims incurred for FY23 are expected to increase toward long term average levels in response to higher interest rates, falling dwelling values, and expected modest increases in unemployment.

But offset by:

Net interest and dividend income is expected to continue to benefit from higher reinvestment rates.

Thus the expectation of higher claims but only toward long term average levels. The PCA value of 1.93 after dividend and buyback is still well above the board's target range of 1.4-1.6 - allowing for more 'special dividends' and perhaps more buybacks down the track.

A 41c ff div meanwhile is probably a somewhat more than many expected but certainly welcome. Glad I bought some shares during the month, divvie payment just in time for some unwelcome upcoming inflation inflated bills.