Forecasts & Results

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

Posted 28/02/2024 – Quick takes

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.

Subscribe to receive our regular news, updates and insights straight to your inbox

Please wait...
All done!
Oops! Please try again.