QBE INSURANCE GROUP LIMITED (QBE)
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QBE

QBE - QBE INSURANCE GROUP LIMITED

FNArena Sector : Insurance
Year End: December
GICS Industry Group : Insurance
Debt/EBITDA: N/A
Index: ASX20 | ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

QBE Insurance Group is an Australian insurance company operating in North America, Europe, Australia & New Zealand and the Asia Pacific region. It was listed in 1973 following the merger of three companies whose names represent the letters of the combined company.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$19.17

10 Dec
2025

-0.080

OPEN

$19.10

-0.42%

HIGH

$19.28

3,606,766

LOW

$18.61

TARGET
$23.616 23.2% upside
Franking for last dividend paid out: 25%
OTHER COMPANIES IN THE SAME SECTOR
AUB . CVW . FCL . GDG . HLI . IAG . MPL . NHF . NOL . SDF . SUN . TWR .
FNARENA'S MARKET CONSENSUS FORECASTS
QBE: 1
Title FY25
Forecast		 FY26
Forecast
EPS (cps) 206.2 xxx
DPS (cps) 100.4 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 9.3 xxx
Dividend Yield 5.2% xxx
Div Pay Ratio(%) 48.7% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 6.72%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.54

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 16/08 - ex-div 24c (franking 20%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2025 FactSet UK Limited. All rights reserved
Title 201920202021202220232024
EPS Basic xxxxxxxxxxxxxxx174.6
DPS All xxxxxxxxxxxxxxx87.0
Sales/Revenue xxxxxxxxxxxxxxx34,596.8 M
Book Value Per Share xxxxxxxxxxxxxxx1,151.3
Net Operating Cash Flow xxxxxxxxxxxxxxx3,903.9 M
Net Profit Margin xxxxxxxxxxxxxxx7.80 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 201920202021202220232024
Return on Capital Employed xxxxxxxxxxxxxxx16.43 %
Return on Invested Capital xxxxxxxxxxxxxxx13.68 %
Return on Assets xxxxxxxxxxxxxxx3.99 %
Return on Equity xxxxxxxxxxxxxxx16.90 %
Return on Total Capital xxxxxxxxxxxxxxx19.50 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx2,841.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 201920202021202220232024
Short-Term Debt xxxxxxxxxxxxxxx570 M
Long Term Debt xxxxxxxxxxxxxxx4,106 M
Total Debt xxxxxxxxxxxxxxx4,676 M
Goodwill - Gross xxxxxxxxxxxxxxx2,374 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,646 M
Price To Book Value xxxxxxxxxxxxxxx1.67

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 201920202021202220232024
Capex xxxxxxxxxxxxxxx230.4 M
Capex % of Sales xxxxxxxxxxxxxxx0.67 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx2,213 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx47,252 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.8

No. Of Recommendations

7
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Morgan Stanley

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Bell Potter

xx/xx/xxxx

1

xxxxxxx xx xxx xxxx xxxx

$xx.xx

xx.xx%

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Macquarie

28/11/2025

1

Outperform

$23.90

24.67%

Macquarie asserts QBE Insurance is one of many insurance companies now emphasising volumes rather than price. When the premium rate cycle slows, changes in this metric are no longer considered appropriate to judge the performance of these businesses, in the broker's view.

QBE now risks investors putting it in the "cyclical bucket" until the macro environment improves, and Macquarie does not believe this is a constructive approach.

The broker points out current valuations are at a discount to global peers and the business is now exiting the North American catastrophe season. The newly announced $450m on-market buyback, to commence in December, underpins the broker's Outperform rating.

Target is raised to $23.90 from $23.50.

FORECAST
Macquarie forecasts a full year FY25 dividend of 95.00 cents and EPS of 214.72 cents.
Macquarie forecasts a full year FY26 dividend of 97.00 cents and EPS of 202.74 cents.

Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

2

xxxxxxxxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

27/11/2025

3

Neutral

$20.70

7.98%

QBE Insurance' 3Q2025 trading update retained combined operating ratio at 92.5% and showed robust constant currency gross written premium growth of 6% year-to-date on the prior year.

Jarden observes robust international growth of 11% and North America at 3%. Premium rate rose 1.5% for the 9 months ending September, which was lower than the 1H run rate of 2.1%, which suggests to the analyst the group rate was slightly negative for the quarter.

Management reconfirmed FY25 guidance of mid-single digits constant currency growth in gross written premium and offered FY26 guidance for the core operating ratio of 92.5%.

The broker lowers EPS forecasts by -9.4% for FY26 and -0.2% for FY27, with FY28 lifted by 18%. Neutral rated. Target is lifted to $20.70 from $20.20.

FORECAST
Jarden forecasts a full year FY25 dividend of 96.00 cents and EPS of 206.78 cents.
Jarden forecasts a full year FY26 dividend of 96.00 cents and EPS of 192.00 cents.
Access Extra Coverage Research History >

QBE STOCK CHART

FNArena News on QBE

1
Weekly Ratings, Targets, Forecast Changes – 05-12-25

Dec 08 2025 - Weekly Reports
2
Australian Broker Call *Extra* Edition – Dec 02, 2025

Dec 02 2025 - Daily Market Reports
3
Australian Broker Call *Extra* Edition – Nov 26, 2025

Nov 26 2025 - Daily Market Reports
4
Weekly Ratings, Targets, Forecast Changes – 14-11-25

Nov 17 2025 - Weekly Reports
5
Rudi’s View: Antipa, Computershare, IPH, Lynas, Macquarie, Rio Tinto & More

Nov 13 2025 - Rudi's View

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