Last year was an eventful one for the QBE Insurance Group Ltd (ASX: QBE) share price as it rebounded from a disappointing 2020 to finish up 33%.
In late trading today, the QBE share price is down 0.25% at $11.97.
Let's take a look at the year that was for the insurer…
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2021 off to a rocky start
After falling around 34% in 2020, the QBE share price got off to a rocky start in January 2021, before finding its stride in February.
The lower share price coincided with QBE announcing the renewal of its 2021 reinsurance program — arming itself with the help of other insurers in the protection of larger claims made.
The company increased its main retention to $3.4 billion — up by $1 million from its 2020 plan.
Its North America plan was cut in half, down to $200 million, due to COVID-19.
The QBE share price shifted slightly in mid-February after the insurer released its FY 2020 results.
In the presentation, the company reported a net cash loss (after tax) of US$863 million. This compared to an adjusted net profit (after tax) totalling US$733 million the year before.
QBE also did not declare a dividend for FY 2020.
QBE share price overcoming internal struggle
From 27 April to 6 May, shares in the insurer jumped by 17%. However, the company was expected to endure a pushback from shareholders at its AGM on 5 May.
The memo on the shareholders' agenda? QBE's remuneration report and its overall financial performance.
QBE chair Michael Wilkins AO cited COVID-19 and "heightened catastrophe activity" as reasons for the losses, though acknowledged the "unacceptable level of prior year reserve deterioration".
However, Wilkins remained firm that QBE would make a comeback — and in the days following the AGM, QBE became one of the best performing ASX 200 shares.
The QBE share price continued to rise through August, before hitting its 52-week-high mid-month.
Strong prices to end the year
In the remainder of the year, the insurer's shares dropped by 10% to end the year trading for $11.35 apiece.
The QBE share price saw a small rise after Melbourne's 5.9 magnitude earthquake on 22 September.
It also saw a small drop following a Federal Court decision that businesses could not be compensated for losses due to government lockdowns.
So what's on the 2022 agenda for the Australian insurer? Well, we spoke to a number of advisors who have their own predictions — you can read it here.
The company has a market capitalisation of more than $17.7 billion and almost 1.5 billion shares issued.
