QBE -1.71%: full-year numbers for the insurer were released today, a slight miss despite being supported by better-than-expected catastrophe claims. Profit more than doubled to $US1.36b, though this was a ~2.5% miss to expectations on a lower contribution from investment income and tax rate, though the insurance operating result was in line. Gross Written premium (GWP) growth was slightly below expectations, offset by lower-than-expected catastrophe claims. Guidance was largely in line with the market, once again supported by lower-than-expected claims.
- A lower quality result from QBE and with the headwind of falling rates likely in 2024, we are an avoid.
MM is neutral/bearish QBE
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