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 | 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

$21.93

27 Aug
2026

0.130

OPEN

$22.01

0.60%

HIGH

$22.01

4,403,112

LOW

$21.81

TARGET
$25.33 15.5% upside
Franking for last dividend paid out: 30%
OTHER COMPANIES IN THE SAME SECTOR
AUB . FCL . GDG . HLI . IAG . MPL . NHF . NOL . SDF . SUN . TWR .
FNARENA'S MARKET CONSENSUS FORECASTS
QBE: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 224.3 xxx
DPS (cps) 98.7 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 9.8 xxx
Dividend Yield 4.5% xxx
Div Pay Ratio(%) 44.0% 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: 7.28%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.97

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: 24/08 - ex-div 33.00c (franking 30%)

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

0.4

No. Of Recommendations

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

Macquarie

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

3

xxxxxxx

$xx.xx

xx.xx%

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UBS

17/08/2026

3

Neutral

$25.70

17.19%

QBE Insurance Group's 1H26 cash profit was -4% below UBS though 1% ahead of consensus despite stronger investment income.

The result revealed strong gross written premium momentum of 9.5% though only 4% excluding Crop, FX and exits with little progress on underlying combined operating ratio (COR) improvement, UBS notes.

Achieving QBE's target COR of 92.5% looks increasingly difficult, the broker suggests, without assuming consistent reserve releases and catastrophe budget beats.

While QBE seems well positioned on the latter given portfolio mix improvements and consistent CAT budget beats over 2H23-1H26, CORs still appear headed north in FY27. As a result, with insurance profit growth set to stagnate, UBS retains a Neutral rating.

Target falls to $25.70 from $27.30.

FORECAST
UBS forecasts a full year FY26 dividend of 98.00 cents and EPS of 199.16 cents.
UBS forecasts a full year FY27 dividend of 102.00 cents and EPS of 200.61 cents.

Ord Minnett

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

xx/xx/xxxx

1

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

18/08/2026

4

Downgrade to Underweight from Neutral

$20.30

-7.43%

Jarden downgrades to an Underweight rating for QBE Insurance with its target price decreased to $20.30 from $21.30 amid concerns regarding earnings sustainability and underlying margin pressures.

The 1H26 reported combined operating ratio of 92.8% masked an underlying ratio of 94.6%, leaving the bridge to achieving unchanged FY26 guidance of 92.5% reliant on benign catastrophe activity, substantial cost reductions, reserve releases, and avoiding further Middle East losses.

Investors face growing divergence between premium rates and claims inflation against a backdrop of record industry capital.

While management points to portfolio optimisation, the analyst views this strategy as increasingly challenging to execute as competing insurers similarly reallocate capital towards casualty and specialty product lines.

The broker's estimates reflect execution risks surrounding underwriting margins despite the insurer delivering strong performance across recent periods.
Access Extra Coverage Research History >

QBE STOCK CHART

FNArena News on QBE

1
In Case You Missed It – BC Extra Upgrades & Downgrades – 21-08-26

Aug 21 2026 - Weekly Reports
2
FNArena Corporate Results Monitor – 18-08-2026

Aug 18 2026 - Australia
3
Australian Broker Call *Extra* Edition – Aug 18, 2026

Aug 18 2026 - Daily Market Reports
4
The Surge of Chinese EVs in Australia

Aug 03 2026 - Australia
5
Weekly Ratings, Targets, Forecast Changes – 24-07-26

Jul 27 2026 - Weekly Reports

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