31 stories mentioning ASX:QBEUpdated 12d ago
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QBE Insurance Group (ASX:QBE) completed the divestment of its Global Trade Credit and Surety operations to Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group, according to a Tuesday statement.The company's shares rose 1% in recent Tuesday trade.
The Australian Securities and Investments Commission (ASIC) warned home insurers who offer cash settlements to make sure that their assessments reflect the true cost of repairs and do not short-change homeowners, the regulator said in a Monday statement.The ASIC's review of practices at five insurers, including Insurance Australia Group (ASX:IAG) and QBE Insurance Group (ASX:QBE), found that full or partial cash settlements, where insurers repair or rebuild some of the damage, were used in at least 63% of reviewed claims.More than half of the cash settlement offers were based on a single quote, with insurers frequently depending on quotes from preferred suppliers that may not reflect the price consumers face if they arrange repairs themselves, the regulator said.The ASIC said it discovered "concerning gaps" in how insurers support vulnerable consumers during the claims process, and also found that settlement amounts can rise significantly after a consumer lodges a complaint, which raises questions about the fairness of initial offers made by insurers."While cash settlements can offer flexibility and faster resolution, consumers must be given enough information to understand what the settlement will cover, so they can make an informed choice," said ASIC Commissioner Alan Kirkland."If homeowners are taking on more work, more risk and potentially more costs, home insurers need to take this into account when offering to settle with cash," Kirkland added.The Insurance Council of Australia did not immediately respond to a request for comment from.QBE Insurance Group's shares added 1% in recent Monday trade.
The Insurance Council of New Zealand (ICNZ) on Friday encouraged insurers to consider the findings of a Financial Markets Authority review as they work to achieve fair customer outcomes.The review of add-on insurance and extended warranties, published Thursday, found that that stronger oversight of sales and distribution channels is required to support fair outcomes.ICNZ said it "supports initiatives that help ensure consumers receive clear information, can make informed decisions, and have confidence that insurance products meet their needs."The review examined how insurers design, distribute and oversee a range of products and found a recurring gap between the policies and controls insurers described and how they operated in practice.In recent Friday trade in Australia, shares of QBE Insurance Group (ASX:QBE), Insurance Australia Group (ASX:IAG), and Suncorp Group (ASX:SUN) all rose past 1%, while Tower (ASX:TWR, NZE:TWR) shed over 1%.
New Zealand's Financial Markets Authority (FMA) said it has published a review of add-on insurance and extended warranties, finding that stronger oversight of sales and distribution channels is needed to support fair consumer outcomes, according to a Thursday statement.The review examined how insurers design, distribute and oversee products such as mechanical breakdown insurance, guaranteed asset protection (GAP) insurance, payment protection insurance and extended warranties, finding a recurring gap between the policies and controls insurers described and how they operated in practice, per the statement.FMA director Michael Hewes said insurers cannot outsource responsibility for fair consumer outcomes, with distribution oversight identified as the area where the most improvement is needed, as the review found limited evidence of monitoring proportional to the risks associated with commission-based and intermediated sales models.The FMA has provided targeted feedback to participating insurers and expects the wider sector to consider the findings and consider whether similar issues exist in their own operations.In recent Thursday trade on the Australian bourse, QBE Insurance (ASX:QBE) fell 4%, Insurance Australia Group (ASX:IAG) fell almost 3%, and Suncorp (ASX:SUN) fell almost 3%, while Tower (ASX:TWR, NZE:TWR) rose 1%.
Australian shares fell on Friday despite overnight gains on Wall Street.The S&P/ASX 200 Index fell 0.8%, or 73.3 points, to close at 9,115.20.Overnight on Wall Street, the S&P 500 reached another record high, up 0.7%, while the Nasdaq Composite and the Dow Jones Industrial Average rose 0.8% and 0.1%, respectively.Brent crude futures held to around $87 per barrel, after the US threatened to extend a naval blockade on Iran.On the domestic front, Australia's mid-sized housing markets enjoy a substantial buffer against the ongoing downturn in home values, while Melbourne has the smallest buffer of any major capital city, according to a Cotality analysis.The number of total loan commitments for dwellings in Australia fell 5.4% to 134,225 in the June Quarter, data from the Australian Bureau of Statistics showed.Australia's annual wage growth increased to 3.2% in July, up from 3.1% in June, with employment increasing by around 21,000 jobs, where it had remained for seven consecutive months, Commonwealth Bank of Australia said.In company news, QBE Insurance Group (ASX:QBE) logged $0.683 in adjusted earnings per share for the first half, compared with $0.655 a year ago. For the six months ended June 30, gross written premium was $15.14 billion versus $13.82 billion previously.Storage King Group (ASX:SKG) logged AU$0.0624 in funds from operations per security for fiscal 2026, compared with AU$0.0647 a year ago. For the 12 months ended June 30, total revenue and other income was AU$328.3 million versus AU$460.6 million previously.Baby Bunting Group (ASX:BBN) logged AU$0.079 in earnings per share for fiscal 2026, compared with AU$0.067 a year ago. For the 12 months ended June 28, sales were AU$556 million versus AU$521.9 million previously.
Operating conditions are gradually becoming less favorable for QBE Insurance Group (ASX:QBE) despite reserve releases and benign CAT experience helping support earnings, Jefferies said in a Friday note.The insurer delivered a solid fiscal 2026 first-half result and reaffirmed fiscal 2026 guidance. However, underlying claims experience was slightly weaker, ex-cat claims ratios increased modestly, reflecting higher large claims activity, and social inflation is still an issue.The investment firm assigned a hold rating on QBE with a price target of AU$27.50 per share.
(Updates to add stock movement in the headline and the last paragraph)QBE Insurance Group (ASX:QBE) logged $0.683 in adjusted earnings per share for the first half, compared with $0.655 a year ago, a Friday filing showed.Analysts polled by FactSet expected earnings of AU$0.69.For the six months ended June 30, gross written premium was $15.14 billion versus $13.82 billion previously, the Australia-listed insurance company added. Analysts surveyed by FactSet expected AU$15.08 billion.The board declared an interim dividend of AU$0.33 per share, up from AU$0.31 a year earlier, payable Oct. 2 to shareholders on record as of Aug. 25.The company expects a combined operating ratio of around 93% and constant-currency gross written premium growth in the mid-single digits in 2026.The company's shares fell around 5% in recent Friday trade.
Australian shares are poised to fall on Friday as oil prices declined more than 2% overnight on signs of weakening global demand and a sharp rise in US crude inventories, despite lingering concerns over Middle East supply disruptions.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 0.7%, 0.8%, and 0.1%, respectively.In the macroeconomy, Australia's mid-sized housing markets enjoy a substantial buffer against the ongoing downturn in home values, while Melbourne has the smallest buffer of any major capital city, according to a Cotality analysis published Friday.In corporate news, QBE Insurance Group (ASX:QBE) reported Friday first-half adjusted earnings of $0.683 per share on gross written premium of $15.14 billion, compared with adjusted earnings of $0.655 on gross written premium of $13.82 billion a year earlier.IPD Group (ASX:IPG) reported Friday fiscal 2026 underlying earnings of AU$0.297 per share on revenue of AU$414.3 million, compared with underlying earnings of AU$0.253 on revenue of AU$354.7 million a year earlier.Australia's benchmark index fell 0.2%, or 20.9 points, to close at 9,188.50 on Thursday.
QBE Insurance Group (ASX:QBE) logged $0.683 in adjusted earnings per share for the first half, compared with $0.655 a year ago, a Friday filing showed.Analysts polled by FactSet expected earnings of AU$0.69.For the six months ended June 30, gross written premium was $15.14 billion versus $13.82 billion previously, the Australia-listed insurance company added. Analysts surveyed by FactSet expected AU$15.08 billion.The board declared an interim dividend of AU$0.33 per share, up from AU$0.31 a year earlier, payable Oct. 2 to shareholders on record as of Aug. 25.The company expects a combined operating ratio of around 93% and constant-currency gross written premium growth in the mid-single digits in 2026.
Australia's Federal Court dismissed an application that sought approval for Dynamic Insurance Services Managing Director Cynthia Yap to represent the company in place of a lawyer in a case it filed against Steadfast Group (ASX:SDF), QBE Insurance (ASX:QBE), and Allianz Australia Insurance, according to a Wednesday judgement.Dynamic Insurance has alleged that Steadfast, QBE, and Allianz misused their market power and engaged in anti-competitive practices."As a non-lawyer, it is inevitable that Ms Yap will encounter difficulties pleading and articulating sustainable causes of action that, irrespective of the underlying merits of the claims, is likely to lead to delay, increased cost and inefficiency in the conduct of the proceeding," the court said.It also pointed to "a significant risk" that Yap will not be able to maintain objectivity to conduct the proceedings on behalf of Dynamic Insurance.QBE Insurance shares fell 3% in recent Wednesday trade, while Steadfast was marginally lower.
QBE Insurance Group (ASX:QBE) said that it will fully redeem its AU$500 million floating rate subordinated notes due 2036 on Aug. 25, according to a Monday Australian bourse filing.Noteholders will receive repayment of the principal amount together with any accrued and unpaid interest, per the filing.The company said that the redemption has been approved by the Australian Prudential Regulation Authority, while emphasizing that the move does not indicate plans to redeem its other outstanding regulatory capital instruments, the filing added.
The outlook for the Australian general insurers will remain driven by moderating premium growth, while share prices will likely reflect the sector's defensive characteristics, Jefferies said in a Wednesday note.Premium growth moderated in fiscal 2026 due to increased competition, affordability issues, and lower reinsurance costs. Commercial lines remain in a rate-reduction phase due to increased capacity, while domestic personal lines should remain positive due to persistent weather-related vulnerability.The sector's shares have performed well, with QBE Insurance Group (ASX:QBE) up 28% year-to-date, followed by Suncorp Group (ASX:SUN) at 6.5%, and Insurance Australia Group (ASX:IAG) 2.8%. Jefferies attributed the performance to the sector's defensive characteristics and earnings resilience.The investment firm retained the buy rating on Insurance Australia Group and raised the price target to AU$9.45 from AU$8.75. It downgraded QBE Insurance to hold from buy and raised the price target to AU$27.50 from AU$26.25. It retained the hold rating on Suncorp and raised the price target to AU$19.75 from AU$18.40.
QBE Insurance Group (ASX:QBE) launched interactive risk management self-assessments for businesses, designed to help them identify potential risks and understand their most significant exposures, according to a Thursday statement.The initial focus includes property, liability, motor fleet, as well as environmental, social, and governance.The assessment includes a series of questions relevant to businesses' operations and provides a detailed report with recommendations, risk mitigation tips, and supporting resources.
QBE Insurance Group (ASX:QBE) has acquired full control of Indian carrier Raheja QBE General Insurance following 18 years of joint ownership with Prism Johnson, the company said Thursday.Sole ownership of the Indian entity will allow QBE to explore new opportunities for product and operational innovation, the company said.As part of the deal, Raheja QBE is being renamed as just QBE.Shares of QBE Insurance gained 1% in recent Thursday trade.
Inflation, natural disasters, and government taxes are driving up the cost of home insurance in Australia, resulting in insurers being accused of gouging, Jefferies said in a Wednesday note.Roughly 1.6 million households experience home insurance affordability stress, up 50% in just two years, spending 9.6 weeks of gross income to pay for home insurance, which is seven times higher than the non-stressed average.Government taxation is the second-largest component of Australian home insurance premiums, ranking just below natural disaster risk, with state and territory governments collecting about AU$8.90 billion in insurance taxes during fiscal year 2024-2025. The amount represents AU$1.6 billion more than the entire home insurance industry made in net profit after taxes in the same year, Jefferies said.With premium spikes in high-flood zones exceeding AU$7,000 to AU$30,000 a year, 70% of high-risk households with below-median incomes are impacted, resulting in 80% of high-risk properties completely uninsured for flood compared with a 60% insurance rate nationwide.Jefferies reaffirmed its buy rating and AU$8.75 price target on Insurance Australia Group (ASX:IAG), and also maintained its buy rating AU$26.25 price target on QBE Insurance Group (ASX:QBE).The firm has a hold rating on Suncorp Group (ASX:SUN) and an AU$18.40 price target.QBE Insurance Group shares rose 1% in morning trade on Thursday.
The Australian Prudential Regulation Authority (APRA) plans to write to banks, insurers, and superannuation trustees in order to ensure these entities better integrate geopolitical risk into governance, risk management, and crisis preparedness practices, according to a speech on Wednesday by the regulator's chair, John Lonsdale.The letter will set out the regulator's minimum expectations for how boards and senior management strengthen readiness for geopolitical shocks. Entities are expected to manage geopolitical risk through APRA's existing prudential framework, including prudential standards on governance, risk management, operational risk, resolution and recovery, and exit planning.The regulator also plans to write to a "selected group of larger entities with heightened exposure to geopolitical shocks," asking them to undertake targeted readiness assessments.It identified six key focus areas for entities to uplift their monitoring and response capabilities regarding geopolitical risk. APRA said it wants to see evidence of scenario analysis, capital and liquidity planning, as well as to see operational resilience embedded in risk management practices to support continuity of critical operations across a range of geopolitical scenarios.The regulator also highlighted the risk of insider threats and foreign interference, as well as political risks, including the need for financial institutions to rapidly implement sanctions.
QBE Insurance Group (ASX:QBE) is set to issue 500 million euros of subordinated notes on Wednesday under its $5.5 billion debt issuance program, according to a same-day filing with the Australian bourse.The notes are intended to qualify as Tier 2 capital, and are convertible into ordinary shares of QBE under certain conditions.The company said the issuance will not have a material impact on its financial position.
QBE Insurance's (ASX:QBE) 500 million euros in tier 2 subordinated securities have been assigned a "BBB+" rating by Fitch Ratings, according to a Tuesday note by the ratings agency.Fitch said the subordinated notes are rated two notches below QBE's Issuer Default Rating (IDR), comprising two notches for poor baseline recoveries and zero for minimal non-performance risk, with QBE's ratings reflecting the non-life insurance group's very strong capitalization and leverage, favorable company profile and very strong financial performance and earnings.The securities have been issued through QBE's note issuance program and are its direct, unsecured, and subordinated obligations, maturing on June 17, 2037, and carrying a fixed annual coupon rate of 4.293% paid in arrears up to June 17, 2032.
Australian general insurers are structurally positioned to outperform during a broad market sell-off, supported by stable demand, sturdy cash flows, and mandatory insurance requirements, Jefferies said in a note on Monday.The sector, known for its defensive characteristics and low volatility, is moderating from a period of rapid premium rate increases and rising US and Australian bond yields.Jefferies remains optimistic on the sector, banking on the defensive nature of domestic retail books, reinsurance protections, and higher bond yields.QBE Insurance Group (ASX:QBE) is seen as having the most leverage to rising interest rates, with a 1% increase in underlying yields significantly boosting earnings, as a large portion of its profits comes from investing insurance funds.Jefferies has a buy rating on QBE and raised its price target to AU$26.25 from AU$25.55.The investment firm further maintained the buy rating for Iinsurance Australia Group (ASX:IAG) with a raised price target of AU$8.75 from AU$8.50, and kept its hold rating on Suncorp (ASX:SUN) with a higher price target of AU$18.40 from AU$17.70.
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