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Australian (ASX) Insurance Industry Analysis

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies10
  • 7D1.9%
  • 3M1.2%
  • 1Y-3.9%
  • YTD-1.1%

Over the last 7 days, the Insurance industry has risen 2.4%, driven by gains from every company within the industry. In contrast, the industry has lost 3.7% in the last 12 months. Looking forward, earnings are forecast to grow by 7.1% annually.

Industry Valuation and Performance

Has the Australian Insurance Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026AU$95.6bAU$76.5bAU$6.2b17.6x15.3x1.2x
Thu, 19 Mar 2026AU$89.2bAU$76.7bAU$6.3b16.3x14.3x1.2x
Sat, 14 Feb 2026AU$88.1bAU$82.7bAU$6.7b16.8x13.2x1.1x
Mon, 12 Jan 2026AU$97.1bAU$83.5bAU$7.1b18.8x13.7x1.2x
Wed, 10 Dec 2025AU$94.1bAU$83.8bAU$7.1b17.4x13.2x1.1x
Fri, 07 Nov 2025AU$100.1bAU$84.5bAU$7.2b18.9x13.9x1.2x
Sun, 05 Oct 2025AU$103.8bAU$84.0bAU$7.1b19.7x14.5x1.2x
Tue, 02 Sep 2025AU$107.5bAU$84.2bAU$7.2b19.7x15x1.3x
Thu, 31 Jul 2025AU$108.9bAU$82.0bAU$6.4b20.5x17.1x1.3x
Sat, 28 Jun 2025AU$109.3bAU$81.8bAU$6.3b19.3x17.2x1.3x
Mon, 26 May 2025AU$107.2bAU$82.0bAU$6.4b21x16.9x1.3x
Wed, 23 Apr 2025AU$99.7bAU$82.5bAU$6.4b19.8x15.6x1.2x
Fri, 21 Mar 2025AU$99.1bAU$83.1bAU$6.4b19.4x15.4x1.2x
Sun, 16 Feb 2025AU$99.4bAU$81.2bAU$6.3b20.6x15.7x1.2x
Tue, 14 Jan 2025AU$97.1bAU$80.8bAU$5.2b25.6x18.7x1.2x
Thu, 12 Dec 2024AU$97.2bAU$79.6bAU$5.1b25.9x19x1.2x
Sat, 09 Nov 2024AU$94.3bAU$78.1bAU$5.0b26.4x18.9x1.2x
Mon, 07 Oct 2024AU$89.1bAU$77.3bAU$4.9b25.2x18.1x1.2x
Wed, 04 Sep 2024AU$93.7bAU$78.0bAU$5.0b27x18.7x1.2x
Fri, 02 Aug 2024AU$96.1bAU$77.8bAU$5.2b23.4x18.3x1.2x
Sun, 30 Jun 2024AU$92.8bAU$77.1bAU$5.2b22.4x17.8x1.2x
Tue, 28 May 2024AU$88.5bAU$77.2bAU$5.2b20.3x17x1.1x
Thu, 25 Apr 2024AU$88.7bAU$78.0bAU$5.3b20.6x16.9x1.1x
Sat, 23 Mar 2024AU$88.8bAU$84.0bAU$5.2b20.1x16.9x1.1x
Mon, 19 Feb 2024AU$83.5bAU$81.0bAU$4.9b19.7x16.9x1x
Wed, 17 Jan 2024AU$79.4bAU$64.4bAU$4.7b19.9x17.1x1.2x
Fri, 15 Dec 2023AU$78.1bAU$64.0bAU$4.6b19.2x16.9x1.2x
Sun, 12 Nov 2023AU$78.3bAU$65.3bAU$4.7b18.6x16.6x1.2x
Tue, 10 Oct 2023AU$78.1bAU$65.3bAU$4.7b18.7x16.5x1.2x
Thu, 07 Sep 2023AU$79.2bAU$65.2bAU$4.7b19.4x16.8x1.2x
Sat, 05 Aug 2023AU$81.2bAU$57.0bAU$3.4b31.6x23.9x1.4x
Mon, 03 Jul 2023AU$79.9bAU$56.6bAU$3.4b32.1x23.6x1.4x
Wed, 31 May 2023AU$76.9bAU$57.0bAU$3.4b31.3x22.6x1.3x
Fri, 28 Apr 2023AU$74.6bAU$56.7bAU$3.4b34.9x22.1x1.3x
Price to Earnings Ratio

22.1x


Total Market Cap: AU$74.6bTotal Earnings: AU$3.4bTotal Revenue: AU$56.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Insurance Industry Price to Earnings3Y Average 17.1x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Insurance industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 15.4x which is lower than its 3-year average PE of 17.1x.
  • The industry is trading close to its 3-year average PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Insurance industry have grown 23% per year over the last three years.
  • Revenues for these companies have grown 10% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Australian Financials industry?

AU Market0.77%
Financials-1.72%
Insurance1.89%
Insurance Brokers4.14%
Life and Health Insurance3.38%
Property and Casualty Insurance1.24%
Industry PE
  • Investors are most optimistic about the Life and Health Insurance industry, which is trading close to its 3-year average PE ratio of 29.3x.
    • Analysts are expecting annual earnings growth of 15.1%, which is higher than its past year's earnings decline of 35.0% per year.
  • Investors are most pessimistic about the Property and Casualty Insurance industry, which is trading close to its 3-year average of 15.0x.
Forecasted Growth
  • Analysts are most optimistic on the Life and Health Insurance industry, expecting annual earnings growth of 15% over the next 5 years.
  • This is better than its past earnings decline of 35% per year.
  • In contrast, the Property and Casualty Insurance industry is expected to see its earnings grow by 4.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
IAG Insurance Australia GroupAU$7.462.9%
+AU$492.3m		-5.7%PE16.1x
MPL Medibank PrivateAU$4.663.1%
+AU$385.6m		3.8%PE27.7x
SUN Suncorp GroupAU$16.581.6%
+AU$277.2m		-14.0%PE17.9x
SDF Steadfast GroupAU$4.383.8%
+AU$177.5m		-23.2%PE13.7x
GDG Generation Development GroupAU$4.559.9%
+AU$164.0m		-7.9%PS3.4x

Latest News

NHF
AU$6.70
nib holdings
7D
1.4%
1Y
-2.0%

NHF: Refined Profitability And Lower Future P/E Will Support Upside

Analysts have made a small adjustment to their price target for nib holdings, trimming fair value from A$7.61 to A$7.59 as they fine tune assumptions around long term profitability and valuation multiples. Valuation Changes Fair Value decreased from A$7.61 to A$7.59, a small downward adjustment reflecting refined long term assumptions.
GDG
AU$4.55
Generation Development Group
7D
9.9%
1Y
-7.9%

GDG: Higher Margin Forecast And Steady Discount Rate Will Support Future Upside

Analysts have reaffirmed their A$8.47 price target for Generation Development Group, pointing to only small tweaks to revenue growth, profit margin and future P/E assumptions, rather than any major shift in their overall view. Valuation Changes Fair Value: A$8.47 is unchanged, so the analyst target level remains the same as before.
SUN
AU$16.58
Suncorp Group
7D
1.6%
1Y
-14.0%

SUN: Future Returns Will Rely On Earnings Delivery And Dividend Stability

Analysts have nudged their price target for Suncorp Group slightly higher from about A$18.18 to around A$18.29, citing updated assumptions on revenue, profit margins and future P/E as the key drivers of this small adjustment. What's in the News CEO Steve Johnston is taking a short period of temporary leave to recuperate from a medical procedure, with current CFO Jeremy Robson stepping in as Acting CEO during this time (Key Developments).
AUB
AU$25.39
AUB Group
7D
4.7%
1Y
-18.7%

AUB: Capital Return And Equity Raising Will Support Future Upside

Analysts have trimmed their AUB Group price target slightly to A$34.68 from A$34.86, reflecting updated views on fair value, expected growth and margins, while keeping broader sector drivers in mind. Analyst Commentary Recent research activity around comparable financial groups points to a mix of optimism on growth drivers and some caution on valuation risk, which investors can apply as a lens when thinking about AUB Group.
IAG
AU$7.46
Insurance Australia Group
7D
2.9%
1Y
-5.7%

IAG: Share Buyback And Margin Resilience Will Support Future Upside Potential

Analysts have slightly reduced their price target for Insurance Australia Group to A$8.05, reflecting updated views of somewhat weaker revenue growth and a modestly higher profit margin outlook. Together, these factors also contribute to a marginally lower forward P/E assumption.
QBE
AU$22.64
QBE Insurance Group
7D
0.2%
1Y
6.2%

QBE: Dividend And Governance Changes Will Shape A Balanced Return Outlook

Analysts have nudged their price target on QBE Insurance Group slightly higher to around A$23.25 from about A$23.09, reflecting updated views that pair a lower assumed revenue growth rate with a modestly stronger profit margin and a broadly similar future P/E outlook. What's in the News Shareholders have requisitioned resolutions for the 2026 Annual General Meeting in Sydney, focused on changes to QBE Insurance Group's constitution regarding how shareholder resolutions can express opinions, request information, or make advisory requests to the board about the exercise of directors’ powers, subject to relevance and legal limits (Key Developments).
SDF
AU$4.38
Steadfast Group
7D
3.8%
1Y
-23.2%

SDF: Dividend And New CFO Appointment Will Support Future Share Upside

Analysts have trimmed their price target for Steadfast Group slightly, with the updated fair value moving from A$5.96 to A$5.94. This reflects more cautious assumptions on profit margins and future P/E, even as long term revenue growth expectations remain steady.
MPL
AU$4.66
Medibank Private
7D
3.1%
1Y
3.8%