Stock Spotlight: QBE Insurance Group Limited (ASX:QBE)
This week's Stock Spotlight is ASX-listed QBE Insurance Group Limited.
About QBE Insurance Group Limited.
QBE Insurance Group Limited engages in underwriting general insurance and reinsurance risks in the Australia Pacific, North America, and internationally. It offers range of commercial, personal, and specialty products, such as commercial and domestic property, agriculture, public/product liability, motor and motor casualty, professional indemnity, workers' compensation, accident, health, financial and credit, and other insurance products, as well as marine, energy and aviation insurance products, and risk management solutions. The company also manages Lloyd's syndicates, as well as provides investment management services. QBE Insurance Group Limited was founded in 1886 and is headquartered in Sydney, Australia.

Source: Yahoo Finance
Key Stats
Key Stats
Source: Yahoo Finance, ASX. Data as of 14/08/24.
Price Performance
Growth Potential
- QBE is trading on a 12-mth blended forward PE-multiple of 9.7x versus 10-yr average 13.6x. It’s not our argument QBE should trade back to its 10-yr average however the current discount is overly pessimistic in our view.
- Attractive dividend yield
- Higher for lower bond yields equates to attractive returns on the Company’s investment portfolio.
- Solid FY24 guidance.
- Improving quality of the overall business (e.g. improving performance of the North America business – the parts QBE is expected to retain).
- As a global insurer, QBE’s operations are much more diversified than domestic peers which means insurance risk is more spread out.
- Solid global reinsurance program should insulate earnings from catastrophe claims.
- Undertook a simplification process and sold non-core operations.
Key Risks
- Prolonged period of pricing pressures.
- Adverse CAT claims.
- Ongoing prolonged period low interest rates and volatility in credit spreads which affects QBE’s predominately defensive portfolio.
- As a global insurer, QBE’s operations are much more diversified than domestic peers which means insurance risk is more spread out. However, at the same time, as it underwrites across the globe, the business it is more difficult to forecast and analyse claims and pricing environment as well as reinsurance.
- Undesirable investment returns below management guidance.
- Prolonged poor performances in Asia.
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Disclaimer: This article does not constitute financial advice nor a recommendation to invest in the securities listed. The information presented is intended to be of a factual nature only. Past performance is not a reliable indicator of future performance. As always, do your own research and consider seeking financial, legal and taxation advice before investing.
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