QBE (ASX:QBE) is raining cash, with profits doubling in the six months ended in June and the insurer extending its interim dividend by more than 60%.
The company attributed the improvement to continued increases in premium renewal rates, lower crisis costs and increased investment capabilities for the half-year.
Profits for the half-year ended June rose to $802 million, up from $400 million a year earlier, while profits rose 5% to $10. 44 billion.
Directors declared an interim dividend of 24 Australian cents, up to 14 cents in the first part of 2023.
“We have had a positive start to the year, highlighted by further improvement in underwriting functionality and a strong recovery in capital,” CEO Andrew Horton said in a statement to the ASX on Friday morning.
QBE’s combined operating ratio, a key measure of underwriting profitability, rose to 93. 8%, rising to 98. 8% in the June 2023 half, when typhoon and flood claims were high, particularly in Australia and the North Island of New Zealand.
Gross written premiums rose 2% to $13. 05 billion, and insurance earnings rose to $8. 51 billion, from $7. 98 billion a year earlier.
The company’s net investment revenue stream increased 105% to $733 million from $662 million a year earlier.
QBE reaffirmed its full-year guidance of a combined operating ratio of approximately 93. 5%. However, it adjusted its full-year corporate currency GDP expansion forecast to around 3%, with an earlier forecast of mid-single-digit expansion.
The company’s budget management, or insurance “floating” (similar to Warren Buffett’s Berkshire Hathaway), rose 1% to $30. 1 billion at the end of June.
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Overall increases for Deep Leads resources: quality, tonnage and target area ABx Group has reported a 30% increase in its mineral resource estimate (MRE) at the rare Deep Leads ion adsorption clay (IAC) earth deposit Leads in northern Tasmania. The accumulation at MRE comes from 36 assayed extension wells, representing significant northward extension to the existing Deep Leads prospect.
Lake Resources (LKE. ASX) – LKE has signed two non-binding MoUs in the 10-day area. Ford Company (Ford) signed a memorandum of understanding for around 25,000 t/year and last week, Hanwa, a Japanese raw materials trader, signed a memorandum of understanding for up to 25,000 t/year. Subject to execution, this is a feat as Ford and Hanwa are set to engage in longer-term strategic partnerships with LKE. Commercial negotiations are still ongoing but should, if Ford and Hanwa inject new capital into LKE, further de-risk the project financing and thus ensure that LKE and Kachi are fully funded.
Two recent gravity studies have particularly exceeded expectations and revealed prospects for extension of the existing MRE at Throssell Lake, as well as a significant expansion opportunity at Yeo Lake. This reinforces the prospect of a multi-decade SOP Tier 1 production center around Lake Throssell.
TMG is currently completing work for the PFS planned in early 2023, adding the start of drilling in the third quarter of 2022, evaporation testing and authorization activities. The effects of those systems will affect the PFS and any long-term resource updates.
SOP reference prices have increased to around $940/t due to recent geopolitical developments. The October 2021 scoping study assumed an SOP value of $550/t and contained a sensitivity study showing that each 10% accrual in value effects amounted to $144 million accrued to the NPV of the $364 million allocation. The accrual of around 70% compared to the scoping study implies an NPV of the allocation of approximately $1. 4 billion.
Despite the fall in oil and fuel prices, which fell by 5. 4% and 19. 7% respectively in August, Calima managed to show an improvement in its main indicators.
WT Financial Group Limited (WTL) is a fast-growing diversified monetary company, founded in 2010 and indexed to the Australia Securities Exchange (ASX) in 2015. Their recommendations and product offerings are primarily provided through an organization of independent money advisors acting as legal advisors. Representatives. WTL in connection with its broker organization activities Wealth Today Pty Ltd (Wealth Today) and Sentry Group Pty Ltd (Sentry Group). He has approximately 275 advisers at over two hundred money advisory firms across Australia. It also operates a direct-to-consumer operation under its Spring Financial Group brand.
In May 2021, Corporate Connect analyst Marc Sinatra published a full study report on ASX-listed biotech Immutep Ltd (ASX: IMM). It was so inspired by IMM that Corporate Connect found it imperative to publish a follow-up report valuing the company, as the market did not see the great prospects of eftilagimod alfa (efti).
This follow-up report is published today. Using comparables, after adding a monetary rebate to its EV estimate and dividing by the total number of percentages issued, Corporate Connect now puts the fair price of a percentage of Immutep at AU$2. 20.