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QBE syndicate 386 forecasts update
QBE has advised us as follows:-
| Year of account | Previous forecast | |
|---|---|---|
| 2010 | +21.4% to +26.4% | +23.3% to +28.3% |
| 2011 | +16.6% to +21.6% | +14.7% to +19.7% |
QBE comments on each year as follows:
"All year forecasts have been impacted following a review and subsequent reduction in anticipated investment returns.
The 2010 underwriting year forecast has increased slightly to a mid-range profit of 25.8% of capacity relative to 23.9% previous as continued improvements in both the pure and prior years outweigh the negative impact from reduced investment returns.
The 2011 pure year underwriting continues to perform in line with plan, however the future impact from reduced investment return is more material on the younger year, resulting in a mid-range profit of 17.2% relative to 19.1% previous."