-- QBE Insurance Group's (ASX:QBE) group premium rate increases of 2% reflect mixed competitive dynamics across multiple classes during the first quarter, Jefferies said in a note on Friday.
The firm operates a diversified commercial portfolio across regions and commercial lines, supporting a growth focus as the market transitions. Its commercial property and Lloyds businesses remain highly competitive. Its quarterly gross written premium growth is supportive of the full-year guidance.
Early indications suggest a favorable crop year, with yield and production set to improve and pricing remaining favorable. Crop insurance at the gross level increased 4%.
The investment firm assigned it a buy rating on QBE Insurance and raised the price target to AU$25.55 per share from AU$23 per share.