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QBE Insurance Group Ltd QBE

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Morningstar’s Analysis

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QBE Knocks First-Half Result Out of the Park but Crops Can’t Take the Heat

Nathan Zaia Equity Analyst

Analyst Note

| Nathan Zaia |

QBE’s first-half 2021 cash NPAT of USD 463 million was much stronger than we expected, a welcome change after a disappointing 2020. On strong premium growth and much-lower-than-expected claims, we almost double our 2021 cash NPAT forecast to USD 664 million. In the first half, stronger-than-expected premium growth and the release of reserves (bucking a trend of recent reserve increases) finally offset persistent increases in claims inflation and large natural hazard events. Gross written premium growth of 20% on last year benefited from continued price increases across all regions. Net earned premium was up 10% on last year, with reinsurance taken out for growth in crop premiums.

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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.

Contact
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