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.
