QBE Insurance Group Ltd

QBE: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	A$82.00	Zdx	Jgbjsvzty

QBE Insurance Earnings: Profits Soar, but Competition Expected to Intensify

Nathan Zaia

Feb 16, 2024

We increase our QBE Insurance fair value estimate by 4% to AUD 14 per share due to the time value of money. Group 2023 pretax profit jumped 2.7 times to USD 1.84 billion, and we don’t dwell on a 3% miss against our forecast. The massive turnaround on last year comes courtesy of double-digit premium growth, an improved claims ratio, natural hazard costs within allowances, and investment income on policyholder and shareholder funds doubling.

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