No matter how they call it, the settlement indicates another mistake/misjudgement by the directors. The $132m should be paid from the personal accounts, at lease from the bonus of those in charge.
"The settlement will not have a material impact on ..."
Just to remind that 'Cash profit after tax' was $374m in 1H17; $287m in 1H16. How could they say $132m is not 'material'? It does sound incompetent to me.
Positives:
Happy to say that today is the last day for JO in charge of QBE, wish the chair goes with him as well. One uncertainty gone. Rates are going up and hope we will have 4-5% return on the $25b in 12 months.
Normally such news would trigger a big selloff, but not today. So I added some - hope the 2H earnings will make $132m immaterial. Otherwise, I will not be happy.
QBE Price at posting:
$10.69 Sentiment: Buy Disclosure: Held
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