Ann: Market Presentation on 2023 Half Year Results, page-15

I can't believe I'm about to say this but I first started buying QBE shares in 2009 after they dropped into the high teens from the mid 30s pre GFC. I'd just gotten really interested in insurance after discovering Warren Buffett and thought I'd found myself a great bargain and the SP weakness would be short term before the stock returned to it's previous status as a blue chip.

Instead what followed was an extraordinary run of CEO resignations, profit warnings, cut dividends and capital raisings to the point where one of the last things my late Father asked my mother before his passing was to not allow me to buy anymore QBE shares! I still laugh about that now and I think in the end I was just holding on out of stubbornness that they'd come good eventually.

Through participating in a view of those capital raisings my average price is $12 and it's almost jarring to see my shares trading at a modest profit now and for broker sentiment to be so overwhelmingly positive with many experts favouring these guys over the big 4 banks in terms of valuation.

Having followed the stock for such a long time I can't help but feel jaded and wonder if they are only benefiting from the macro environment finally improving while the underlying company still has a poor culture but I hope that's not the case.