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

$20.58

20 Mar
2026

-0.230

OPEN

$20.99

-1.11%

HIGH

$21.15

8,913,345

LOW

$20.54

TARGET
$24.51 19.1% upside
Franking for last dividend paid out: 30%
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 FY26
Forecast		 FY27
Forecast
EPS (cps) 203.4 xxx
DPS (cps) 98.0 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 10.2 xxx
Dividend Yield 4.7% xxx
Div Pay Ratio(%) 48.2% 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: 7.77%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 5.24

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: 19/08 - ex-div 31.00c (franking 25%)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx219.1
DPS All xxxxxxxxxxxxxxx109.0
Sales/Revenue xxxxxxxxxxxxxxx37,399.9 M
Book Value Per Share xxxxxxxxxxxxxxx1,162.1
Net Operating Cash Flow xxxxxxxxxxxxxxx6,549.2 M
Net Profit Margin xxxxxxxxxxxxxxx8.94 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx18.99 %
Return on Invested Capital xxxxxxxxxxxxxxx15.40 %
Return on Assets xxxxxxxxxxxxxxx4.58 %
Return on Equity xxxxxxxxxxxxxxx19.21 %
Return on Total Capital xxxxxxxxxxxxxxx20.92 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx5,263.5 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 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx1,371 M
Long Term Debt xxxxxxxxxxxxxxx4,523 M
Total Debt xxxxxxxxxxxxxxx5,893 M
Goodwill - Gross xxxxxxxxxxxxxxx2,368 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,803 M
Price To Book Value xxxxxxxxxxxxxxx1.71

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx209.4 M
Capex % of Sales xxxxxxxxxxxxxxx0.56 %
Cost of Goods Sold xxxxxxxxxxxxxxx-
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx2,756 M
Research & Development xxxxxxxxxxxxxxx-
Investments - Total xxxxxxxxxxxxxxx51,062 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

1.0

No. Of Recommendations

5
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

24/02/2026

1

Overweight

$24.60

19.53%

QBE Insurance posted a 2025 result that Morgan Stanley asserts investors have awaited for 20 years, including better underwriting, better dividend, reduced risk exposures and a new 15% or more medium-term ROE target.

The combined operating ratio of 91.9% beat estimates because of better catastrophe costs, despite an elevated large loss experience and a modest US$50m in reserve top up in the second half. Morgan Stanley forecasts a 92.3% COR in FY26.

The broker believes the business can continue to deliver, with the next steps coming from better topline growth, recognition of reserve strength and improvement in North America.

Morgan Stanley forecasts an additional US$300m buyback in FY27. Target rises to $24.60 from $22.80. Overweight retained. Industry View: In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 dividend of 98.00 cents and EPS of 208.64 cents.
Morgan Stanley forecasts a full year FY27 dividend of 106.00 cents and EPS of 224.39 cents.

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$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

03/03/2026

3

Neutral

$22.00

6.90%

Jarden highlights QBE Insurance's 2025 adj net profit after tax was a beat, 6.5% above forecast and 3.6% ahead of consensus, supported by a core operating ratio (COR) of 91.9%, 20bps better than expected.

Gross written premium was 7% better than anticipated, but premium rates slowed to up 1%, implying a 4Q25 exit rate of -0.5% against low-to-mid single digit inflation.

Management guided to a FY26 COR of around 92.5%, with improvement expected from reinsurance and CAT budget, expenses and ex-CAT underwriting, though Jarden forecasts 92.8% and sees sustaining sub-93% beyond FY26 as challenging amid softening global rates.

EPS forecasts are lifted by 1.9% for FY26 and 5.5% for FY27. Neutral retained, with the target price increased to $22.00 from $21.30.

FORECAST
Jarden forecasts a full year FY26 dividend of 108.00 cents and EPS of 176.21 cents.
Jarden forecasts a full year FY27 dividend of 110.00 cents and EPS of 184.24 cents.
Access Extra Coverage Research History >

QBE STOCK CHART

FNArena News on QBE

1
Australian Broker Call *Extra* Edition – Mar 03, 2026

Mar 03 2026 - Daily Market Reports
2
Weekly Ratings, Targets, Forecast Changes – 27-02-26

Mar 02 2026 - Weekly Reports
3
FNArena Corporate Results Monitor – 23-02-2026

Feb 23 2026 - Australia
4
Rudi’s View: Key Picks & Sector Favourites

Jan 22 2026 - Rudi's View
5
ASIC Watch: Ai Governance Tax Hits Insurers

Dec 22 2025 - Australia

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