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QBE Insurance Group Ltd QBE

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Morningstar’s Analysis

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QBE’s Earnings Recovery Priced in, but Wild Weather Could Provide a Buying Opportunity

Nathan Zaia Senior Equity Analyst

Analyst Note

| Nathan Zaia |

QBE Insurance shares have fallen around 8% since reporting first-half results in August, with shares now at a modest 5% premium to our AUD 11 fair value estimate. Still, it’s the best performing insurer in our coverage year to date. QBE shares have risen 33%, while Australia-focused Suncorp is up 9% and Insurance Australia Group down 11%. Insurers face similar challenges globally, such as more costly large peril events, claims inflation, and suppressed returns on investment income. But the hit to short-term earnings from such events has not been even across these names given business mix and different reinsurance programs. In November, we lowered our Suncorp fiscal 2022 earnings by 9% and Insurance Australia Group by 22% due to large hazard events in Australia.

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Company Profile

Business Description

QBE Insurance is an international property and casualty insurance company. It writes about 30% of its annual gross written premiums in its home region of Australia and New Zealand, which accounts for more than half of the groups underwriting profit. Other key regions include North America and Europe. QBE Insurance offers a number of personal, commercial, and specialty lines, including property, auto insurance, agriculture, public/product liability, professional indemnity, workers compensation, marine, energy and aviation, and accident and health.

8 Chifley Square, Level 27
Sydney, NSW, 2000, Australia
T +61 293754444
Sector Financial Services
Industry Insurance - Property & Casualty
Most Recent Earnings
Fiscal Year End Dec 31, 2020
Stock Type
Employees 11,697