QBE commented:

"The 2020 & prior year mid-range forecast loss of -4.2% of capacity is down on +2.7% previous, reflecting a £21.6m negative movement in the period, comprising:

• £10.1m investment forecast reduction due to continued adverse market movements on the syndicate’s Fixed Income assets.
• £14.9m adverse prior year large loss experience arising from both PI and International Liability accounts.
• £3.4m benefit from GWP and Non-technical account improvements

The 2021 pure year mid-range profit forecast is +15.2% of capacity vs +13.6% previous, reflecting positive year to date experience. Investment profit contribution has been maintained at zero and will remain subject to quarterly review."