The threat of war between Russia and Ukraine has escalated. In a recent statement reported by Reuters, US President Joe Biden noted an indication that Moscow planned to attack Ukraine, while Russia accused Washington of stoking tensions.
According to Reuters on Friday, as of 0016 GMT, the S&P/ASX 200 index (.AXJO) was down 0.9% at 7,224.30 points, although it was set for a third straight weekly gain. The benchmark closed 0.2% higher on Thursday.
Despite having a solid financial performance for the 12 months to December 31, 2021 (FY21), QBE (QBE.AX) became the “top loser” on the benchmark, with a nearly 11% plunge after its full-year profit missed estimates.
Technology stocks (.AXIJ) dived to the lowest levels since late January, tracking losses in their growth-oriented US peers, with shares of Computershare (CPU.AX) having fallen by 1.6%.
Read more: QBE back in black in 2021 financials
Despite the recent drop in shares, QBE recently announced a net profit after tax of US$750 million during FY21, a dramatic leap from the US$1.52 billion net loss after tax suffered in the same 12-month span in 2020.
Its underwriting profit hit US$1.14 billion, also a recovery from the previous financial year’s US$869 million underwriting loss. Meanwhile, its gross written premium (GWP) during the same period saw a 22% increase to US$18.46 billion.
Commenting on the FY21 numbers, QBE group chief executive Andrew Horton said: “The strong result was achieved despite the heightened level of catastrophes during the year, which remain a major issue for the industry.”
QBE will continue to target premium growth this year and “remain vigilant in pricing adequately for an appropriate risk-adjusted return on capital, with claims inflation, catastrophe costs, and overall portfolio volatility key areas of ongoing focus.”
