Forecasts & Results

QBE Syndicate 386 2021 Year of Account Result & Updated 2022 Forecast

Posted 28/02/2024 – Forecasts & Results

QBE has announced its result for the 2021 Year and has also released an update for the 2022 year of account

Syndicate 386

The 2021 year has closed with a profit of +16.7%. This compares with the previous forecast of a profit in the range +4.7% and +9.7%, midpoint +7.2%.

The 2022 forecast has improved to a profit in the range +13.0% to +20.5%, midpoint +16.8%. This compares with the previous forecast range of between +9.2% and +14.2% of capacity, midpoint +11.7%.

Alpha comment

Having been disappointed with late deterioration in the results in recent closures, it is very pleasing to see a large uplift in the final quarter for the 2021 year of account. We are advised that the profit has benefitted from a strong investment contribution in the final quarter of 2023. The prior years reported another shortfall of £42m which was included in the previous forecast.

The improvement in the 2022 forecast is also due to increased forecast investment return. The forecast range has, however, been widened from 5 points to 7.5 points to reflect the potential volatility on the ultimate outcome of their investment returns.

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