QBE Insurance Group
QBE Insurance Group Limited underwrites general insurance and reinsurance risks worldwide. The last earnings update was 148 days ago. More info.
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QBE Share Price and Events
7 Day Returns
1 Year Returns
QBE Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| QBE Insurance Group (QBE) | -0.6% | -3.4% | -9.1% | 18.8% | 5.4% | -1.3% |
| AU Insurance | 0.4% | 0.6% | 4.4% | 6.7% | 19.4% | 14.4% |
| AU Market | 0.6% | 0.8% | 5.9% | 5.7% | 19.4% | 12.3% |
1 Year Return vs Industry and Market
- QBE outperformed the Insurance industry which returned 6.7% over the past year.
- QBE outperformed the Market in Australia which returned 5.7% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
QBE Insurance Group
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for QBE Insurance Group.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | Excess Returns Model | |
| Stable EPS |
Weighted future Return on Equity estimates from 9 analysts.
= Stable Book Value * Return on Equity = $6.65 * 10.2% |
$0.68 |
| Book Value of Equity per Share | Weighted future Book Value estimates from 5 analysts. | $6.65 |
| Discount Rate (Cost of Equity) | See below | 7.6% |
| Perpetual Growth Rate | 10-Year AU Government Bond Rate | 2.3% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year AU Govt Bond Rate | 2.3% |
| Equity Risk Premium | S&P Global | 6% |
| Insurance Unlevered Beta | Simply Wall St/ S&P Global | 0.69 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.685 (1 + (1- 30%) (29.19%)) |
0.883 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.88 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.31% + (0.883 * 5.96%) |
7.57% |
Discounted Cash Flow Calculation for ASX:QBE using Excess Returns Model Model
The calculations below outline how an intrinsic value for QBE Insurance Group is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.
In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.
The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.
Note the calculations below are per share.
See our documentation to learn about this calculation.
| Calculation | Result | |
|---|---|---|
| Excess Returns |
= (Stable Return on equity – Cost of equity) (Book Value of
Equity per share)
= (10.2% – 7.57%) * $6.65) |
$0.17 |
| Terminal Value of Excess Returns |
= Excess Returns / (Cost of Equity -
Expected Growth Rate)
= $0.17 / (7.57% - 2.31%) |
$3.29 |
| Value of Equity |
= Book Value per share + Terminal Value of
Excess Returns
= $6.65 + $3.29 |
$9.95 |
| Calculation | Result | |
|---|---|---|
| Exchange Rate | USD/AUD
(Reporting currency to currency of ASX:QBE) |
1.419 |
| Value per Share (AUD) |
= Value per Share in USD x Exchange Rate (USD/AUD)
= $9.95 x 1.419 |
A$14.11 |
| Value per share (AUD) | From above. | A$14.11 |
| Current discount | Discount to share price of
A$11.73
= -1 x (A$11.73 - A$14.11) / A$14.11 |
16.9% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- QBE Insurance Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- QBE Insurance Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for QBE Insurance Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
QBE Insurance Group's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in USD | $0.42 |
| ASX:QBE Share Price ** | ASX (2019-07-22) in AUD | A$11.73 |
| ASX:QBE Share Price converted to USD reporting currency | Exchange rate (AUD/ USD) 0.705 | $8.27 |
| Australia Insurance Industry PE Ratio | Median Figure of 10 Publicly-Listed Insurance Companies | 22.94x |
| Australia Market PE Ratio | Median Figure of 546 Publicly-Listed Companies | 16.1x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of QBE Insurance Group.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ASX:QBE Share Price ÷ EPS (both in USD) = 8.27 ÷ 0.42 |
19.64x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- QBE Insurance Group is good value based on earnings compared to the AU Insurance industry average.
- QBE Insurance Group is overvalued based on earnings compared to the Australia market.
Price based on expected Growth
Does
QBE Insurance Group's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 19.64x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts |
15.9%per year |
| Australia Insurance Industry PEG Ratio | Median Figure of 9 Publicly-Listed Insurance Companies | 1.77x |
| Australia Market PEG Ratio | Median Figure of 360 Publicly-Listed Companies | 1.38x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 19.64x ÷ 15.9% |
1.24x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- QBE Insurance Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
QBE Insurance Group's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in USD | $6.32 |
| ASX:QBE Share Price * | ASX (2019-07-22) in AUD | A$11.73 |
| ASX:QBE Share Price converted to USD reporting currency | Exchange rate (AUD/ USD) 0.705 | $8.27 |
| Australia Insurance Industry PB Ratio | Median Figure of 10 Publicly-Listed Insurance Companies | 3.09x |
| Australia Market PB Ratio | Median Figure of 1,693 Publicly-Listed Companies | 1.7x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ASX:QBE Share Price ÷ Book Value per Share (both in USD) = 8.27 ÷ 6.32 |
1.31x |
* Primary Listing of QBE Insurance Group.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- QBE Insurance Group is good value based on assets compared to the AU Insurance industry average.
Value checks
We assess QBE Insurance Group's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check) QBE Insurance Group has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- QBE Insurance Group's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
- QBE Insurance Group's earnings growth is expected to exceed the Australia market average.
- QBE Insurance Group's revenue growth is positive but not above the Australia market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ASX:QBE Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts | 15.9% |
| ASX:QBE Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts | 0.7% |
| Australia Insurance Industry Earnings Growth Rate | Market Cap Weighted Average | 13.5% |
| Australia Insurance Industry Revenue Growth Rate | Market Cap Weighted Average | 0.2% |
| Australia Market Earnings Growth Rate | Market Cap Weighted Average | 7.6% |
| Australia Market Revenue Growth Rate | Market Cap Weighted Average | 3.5% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (6 months ago) | See Below |
| Future Estimates | Average of up to 10 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 12,421 | 950 | 8 | |
| 2020-12-31 | 12,122 | 845 | 9 | |
| 2019-12-31 | 11,928 | 775 | 9 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 12,198 | -443 | 567 |
| 2018-06-30 | 12,670 | -600 | -1,234 |
| 2018-03-31 | 12,778 | -214 | -1,242 |
| 2017-12-31 | 12,127 | 172 | -1,212 |
| 2017-09-30 | 12,153 | 57 | -153 |
| 2017-06-30 | 11,809 | -59 | 934 |
| 2017-03-31 | 11,748 | 250 | 889 |
| 2016-12-31 | 11,687 | 559 | 844 |
| 2016-09-30 | 12,046 | 450 | 654 |
| 2016-06-30 | 12,404 | 341 | 464 |
| 2016-03-31 | 12,702 | 163 | 576 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (6 months ago) | See Below |
| Future Estimates | Average of up to 10 Analyst Estimates (S&P Global) | See Below |
All data from QBE Insurance Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 0.70 | 0.87 | 0.51 | 5.00 |
| 2020-12-31 | 0.64 | 0.76 | 0.49 | 7.00 |
| 2019-12-31 | 0.58 | 0.62 | 0.47 | 7.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2018-12-31 | 0.42 |
| 2018-06-30 | -0.91 |
| 2018-03-31 | -0.91 |
| 2017-12-31 | -0.89 |
| 2017-09-30 | -0.11 |
| 2017-06-30 | 0.68 |
| 2017-03-31 | 0.65 |
| 2016-12-31 | 0.62 |
| 2016-09-30 | 0.48 |
| 2016-06-30 | 0.34 |
| 2016-03-31 | 0.42 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess QBE Insurance Group's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Australia market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Australia market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
QBE Insurance Group has a total score of 2/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has QBE Insurance Group performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- QBE Insurance Group's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
- QBE Insurance Group has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
- QBE Insurance Group has become profitable in the last year making it difficult to compare the AU Insurance industry average.
Earnings and Revenue History
All data from QBE Insurance Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 12,198.00 | 567.00 | 34.00 | |
| 2018-06-30 | 12,670.00 | -1,234.00 | 39.00 | |
| 2018-03-31 | 12,778.00 | -1,241.50 | 39.00 | |
| 2017-12-31 | 12,127.00 | -1,212.00 | 39.00 | |
| 2017-09-30 | 12,152.50 | -152.50 | 48.50 | |
| 2017-06-30 | 11,809.00 | 934.00 | 58.00 | |
| 2017-03-31 | 11,748.00 | 889.00 | 58.00 | |
| 2016-12-31 | 11,687.00 | 844.00 | 58.00 | |
| 2016-09-30 | 12,045.50 | 654.00 | 58.50 | |
| 2016-06-30 | 12,404.00 | 464.00 | 59.00 | |
| 2016-03-31 | 12,701.50 | 575.50 | 59.00 | |
| 2015-12-31 | 12,999.00 | 687.00 | 59.00 | |
| 2015-09-30 | 13,568.50 | 762.50 | 56.50 | |
| 2015-06-30 | 14,138.00 | 838.00 | 54.00 | |
| 2015-03-31 | 14,518.50 | 790.00 | 54.00 | |
| 2014-12-31 | 14,899.00 | 742.00 | 54.00 | |
| 2014-09-30 | 15,377.00 | 201.50 | 46.50 | |
| 2014-06-30 | 15,855.00 | -339.00 | 39.00 | |
| 2014-03-31 | 16,013.00 | -307.50 | 39.00 | |
| 2013-12-31 | 16,171.00 | -276.00 | 39.00 | |
| 2013-09-30 | 16,422.00 | 90.00 | 19.50 | |
| 2013-06-30 | 16,673.00 | 456.00 | ||
| 2013-03-31 | 16,849.50 | 608.50 | ||
| 2012-12-31 | 17,026.00 | 761.00 | ||
| 2012-09-30 | 16,866.50 | 776.00 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- QBE Insurance Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- QBE Insurance Group used its assets less efficiently than the AU Insurance industry average last year based on Return on Assets.
- QBE Insurance Group's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess QBE Insurance Group's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
QBE Insurance Group has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is QBE Insurance Group's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up QBE Insurance Group's finances.
The net worth of a company is the difference between its assets and liabilities.
- QBE Insurance Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- QBE Insurance Group's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- Low level of unsold assets.
- Debt is covered by short term assets, assets are 3.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from QBE Insurance Group Company Filings, last reported 6 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 8,400.00 | 3,188.00 | 2,037.00 |
| 2018-06-30 | 8,725.00 | 3,205.00 | 3,036.00 |
| 2018-03-31 | 8,725.00 | 3,205.00 | 3,036.00 |
| 2017-12-31 | 8,901.00 | 3,616.00 | 3,867.00 |
| 2017-09-30 | 8,901.00 | 3,616.00 | 3,867.00 |
| 2017-06-30 | 10,716.00 | 3,499.00 | 4,938.00 |
| 2017-03-31 | 10,716.00 | 3,499.00 | 4,938.00 |
| 2016-12-31 | 10,334.00 | 3,474.00 | 4,531.00 |
| 2016-09-30 | 10,334.00 | 3,474.00 | 4,531.00 |
| 2016-06-30 | 10,384.00 | 3,486.00 | 5,287.00 |
| 2016-03-31 | 10,384.00 | 3,486.00 | 5,287.00 |
| 2015-12-31 | 10,560.00 | 3,529.00 | 5,845.00 |
| 2015-09-30 | 10,560.00 | 3,529.00 | 5,845.00 |
| 2015-06-30 | 11,005.00 | 3,591.00 | 6,291.00 |
| 2015-03-31 | 11,005.00 | 3,591.00 | 6,291.00 |
| 2014-12-31 | 11,082.00 | 3,581.00 | 8,042.00 |
| 2014-09-30 | 11,082.00 | 3,581.00 | 8,042.00 |
| 2014-06-30 | 11,277.00 | 4,306.00 | 9,544.00 |
| 2014-03-31 | 11,277.00 | 4,306.00 | 9,544.00 |
| 2013-12-31 | 10,403.00 | 4,571.00 | 7,294.00 |
| 2013-09-30 | 10,403.00 | 4,571.00 | 7,294.00 |
| 2013-06-30 | 11,210.00 | 4,762.00 | 9,627.00 |
| 2013-03-31 | 11,210.00 | 4,762.00 | 9,627.00 |
| 2012-12-31 | 11,417.00 | 4,932.00 | 8,992.00 |
| 2012-09-30 | 11,417.00 | 4,932.00 | 8,992.00 |
- QBE Insurance Group's level of debt (38%) compared to net worth is satisfactory (less than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (43.9% vs 38% today).
- Operating cash flow is negative therefore debt is not well covered.
- Interest payments on debt are well covered by earnings (EBIT is 3.6x coverage).
Financial health checks
We assess QBE Insurance Group's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) QBE Insurance Group has a total score of 3/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is QBE Insurance Group's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
A$2,000 of
QBE Insurance Group
shares you are expected to receive
A$93
in your first year as a dividend.
Dividend Amount
- QBE Insurance Group's pays a higher dividend yield than the bottom 25% of dividend payers in Australia (2.53%).
- QBE Insurance Group's dividend is below the markets top 25% of dividend payers in Australia (5.78%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 10 Analyst Estimates (S&P Global) | See Below |
| Australia Insurance Industry Average Dividend Yield | Market Cap Weighted Average of 9 Stocks | 4.1% |
| Australia Market Average Dividend Yield | Market Cap Weighted Average of 416 Stocks | 4% |
| Australia Minimum Threshold Dividend Yield | 10th Percentile | 1.4% |
| Australia Bottom 25% Dividend Yield | 25th Percentile | 2.5% |
| Australia Top 25% Dividend Yield | 75th Percentile | 5.8% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 0.50 | 10.00 |
| 2020-12-31 | 0.45 | 12.00 |
| 2019-12-31 | 0.40 | 12.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-25 | 0.384 | 4.561 |
| 2018-08-15 | 0.182 | 2.374 |
| 2018-02-26 | 0.188 | 2.634 |
| 2017-08-16 | 0.413 | 5.179 |
| 2017-02-27 | 0.463 | 5.020 |
| 2016-03-31 | 0.359 | 4.521 |
| 2015-02-23 | 0.254 | 2.910 |
| 2014-02-24 | 0.247 | 2.798 |
| 2013-02-25 | 0.435 | 3.575 |
| 2012-08-16 | 0.662 | 5.336 |
| 2012-02-29 | 0.841 | 6.573 |
| 2011-03-04 | 1.208 | 8.734 |
| 2010-02-26 | 1.044 | 6.966 |
| 2009-08-20 | 1.051 | 5.484 |
| 2009-02-26 | 0.796 | 6.432 |
| 2008-08-21 | 0.766 | 5.134 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
- Dividends per share have fallen over the past 10 years.
Income/ dividend checks
We assess QBE Insurance Group's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can QBE Insurance Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) QBE Insurance Group has a total score of 3/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $3,982,000 |
| AGE | 53 |
| TENURE AS CEO | 1.5 years |
CEO Bio
Mr. Patrick C. Regan, also known as Pat, BSc, FCA, has been Group Chief Executive Officer of QBE Insurance Group Limited since January 1, 2018. Mr. Regan served Chief Executive Officer of Australian & New Zealand Operations at QBE Insurance Group Limited from March 1, 2017 to January 1, 2018 and served as its Acting Group Chief Financial Officer from March 1, 2017 to September 2017. Mr. Regan served as Chief Executive Officer of Australia & New Zealand Operations at QBE Insurance (Australia) Limited since March 2017 and served as its Acting Group Chief Financial Officer since June 2014. Mr. Regan served as Interim Chief Executive Officer of Australia & New Zealand Operations at QBE Insurance (Australia) Limited from August 19, 2016 to March 2017. Mr. Regan served as Group Chief Financial Officer of QBE Insurance (Australia) Limited since June 2014 and served as its Executive Director since October 2014. He served as Group Chief Financial Officer of QBE Insurance Group Limited from June 2, 2014 to February 28, 2017. Mr. Regan served as the Group Chief Financial Officer at Aviva plc from February 22, 2010 to March 28, 2014 and also served as its Finance Director. He served as the Group Chief Operating Officer of Willis Towers Watson Public Limited Company (Willis Group Holdings Public Limited Company (also known as Willis Group Holdings Ltd)) from February 29, 2008 to February 19, 2010 and also its Chief Financial Officer from January 1, 2006 to February 19, 2010. He has 20 years of finance experience gained in both the United Kingdom and United States. He served as a Group Financial Controller of Willis for the last two years. He joined Wills from Royal & Sun Alliance and served as its Group Financial Controller. Prior to his tenure with Royal & Sun Alliance, Mr. Regan served as the Finance Director of its UK General Insurance Business at Axa Insurance. Before joining Axa, he served as Global Controller for the Consumer Finance Division of GE Capital in Stamford, CT. He served as the Chairman of the Board at Aviva Investors Global Services Limited. He has been a Director of Insurance Council of Australia since March 2017. He has been a Director of QBE Lenders' Mortgage Insurance Limited and QBE Insurance (Australia) Limited since August 17, 2016. He has been a Director of QBE Insurance Group Limited since September 4, 2017. He served as a Director of General Accident Plc from March 29, 2010 to March 27, 2014. He served as Executive Director of QBE Insurance (Australia) Limited since October 2014. He served as an Executive Director of QBE Insurance Group Limited from October 1, 2014 to September 2017. He served as an Executive Director of Aviva plc from February 22, 2010 to March 28, 2014. He served as a Director of Willis Investment UK Holdings Limited from September 22, 2008 to February 19, 2009. He served as Member of Supervisory Board at Delta Lloyd NV since May 27, 2010 to May 22, 2014. Mr. Regan is a Member of the Institute of Chartered Accountants of England and Wales. He earns Bachelor of Science in Mathematics from Leeds University.
CEO Compensation
- Pat's compensation has increased in line with QBE Insurance Group recently becoming profitable.
- Pat's remuneration is about average for companies of similar size in Australia.
Management Team Tenure
Average tenure and age of the QBE Insurance Group management team in years:
- The average tenure for the QBE Insurance Group management team is less than 2 years, this suggests a new team.
Management Team
Pat Regan
Group CEO & Executive Director
$4M
53
1.5 yrs
Inder Singh
Group Chief Financial Officer
$1M
1.3 yrs
Margaret Murphy
Group Executive of People & Change
$1M
46
2.8 yrs
Jason Brown
Group Chief Underwriting Officer
$1M
49
0.5 yrs
Peter Grewal
Group Chief Risk Officer
$1M
1 yrs
Richard Pryce
Chief Executive Officer of International
$3M
59
5.8 yrs
Russ Johnston
Chief Executive Officer of North America
$2M
53
3.2 yrs
Vivek Bhatia
Chief Executive Officer of Australia Pacific
$3M
1.4 yrs
Matt Mansour
Global Chief Information Officer
1.3 yrs
Tony Jackson
Group Head of Investor Relations
Board of Directors Tenure
Average tenure and age of the QBE Insurance Group board of directors in years:
- The tenure for the QBE Insurance Group board of directors is about average.
Board of Directors
Marty Becker
Chairman of the Board
$595K
66
5.3 yrs
Pat Regan
Group CEO & Executive Director
$4M
53
4.8 yrs
John Green
Deputy Chairman
$339K
66
4.5 yrs
Brian Pomeroy
Independent Non-Executive Director
$290K
74
5.1 yrs
Stephen Fitzgerald
Independent Non-Executive Director
$302K
55
4.8 yrs
Rolf Albert Tolle
Independent Non-Executive Director
$290K
71
3.3 yrs
Kathy Lisson
Non-Executive Director
$268K
67
2.8 yrs
Jann Skinner
Independent Non-Executive Director
$286K
61
4.8 yrs
Mike Wilkins
Independent Non-Executive Director
$271K
62
2.7 yrs
Fred Eppinger
Independent Non-Executive Director
60
0.5 yrs
Who owns this company?
Recent Insider Trading
- More shares have been bought than sold by QBE Insurance Group individual insiders in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (A$) | Value (A$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10. Jun 19 | Sell | BlackRock, Inc. | Company | 04. May 17 | 06. Jun 19 | -23,047,648 | A$13.59 | A$0 | ||
| 10. Jun 19 | Buy | BlackRock, Inc. | Company | 04. May 17 | 06. Jun 19 | 30,198,384 | A$14.43 | A$107,275 | ||
| 13. Jun 19 | Buy | Brian Pomeroy | Individual | 07. Jun 19 | 07. Jun 19 | 1,324 | A$11.66 | A$15,438 | ||
| 13. Jun 19 | Buy | Rolf Albert Tolle | Individual | 07. Jun 19 | 07. Jun 19 | 1,416 | A$11.66 | A$16,511 | ||
| 13. Jun 19 | Buy | Kathryn Lisson | Individual | 07. Jun 19 | 07. Jun 19 | 1,308 | A$11.66 | A$15,251 | ||
| 13. Jun 19 | Buy | Stephen Fitzgerald | Individual | 07. Jun 19 | 07. Jun 19 | 1,508 | A$11.66 | A$17,583 | ||
| 13. Jun 19 | Buy | Michael Wilkins | Individual | 07. Jun 19 | 07. Jun 19 | 892 | A$11.66 | A$10,401 | ||
| 13. Jun 19 | Buy | Frederick Eppinger | Individual | 07. Jun 19 | 07. Jun 19 | 1,217 | A$11.66 | A$14,190 | ||
| 13. Jun 19 | Buy | William Becker | Individual | 07. Jun 19 | 07. Jun 19 | 2,902 | A$11.66 | A$33,837 | ||
| 26. May 19 | Sell | The Vanguard Group, Inc. | Company | 22. Jun 18 | 16. May 19 | -4,272,987 | A$13.04 | A$-55,544,044 | ||
| 26. May 19 | Buy | The Vanguard Group, Inc. | Company | 26. Jun 18 | 16. May 19 | 10,072,963 | A$13.08 | A$131,707,058 | ||
| 13. Mar 19 | Buy | Brian Pomeroy | Individual | 08. Mar 19 | 08. Mar 19 | 2,671 | A$12.36 | A$33,014 | ||
| 13. Mar 19 | Buy | Rolf Albert Tolle | Individual | 08. Mar 19 | 08. Mar 19 | 2,671 | A$12.36 | A$33,014 | ||
| 13. Mar 19 | Buy | Kathryn Lisson | Individual | 08. Mar 19 | 08. Mar 19 | 2,468 | A$12.36 | A$30,504 | ||
| 13. Mar 19 | Buy | Stephen Fitzgerald | Individual | 08. Mar 19 | 08. Mar 19 | 2,845 | A$12.36 | A$35,164 | ||
| 13. Mar 19 | Buy | Michael Wilkins | Individual | 08. Mar 19 | 08. Mar 19 | 1,683 | A$12.36 | A$20,802 | ||
| 13. Mar 19 | Buy | Frederick Eppinger | Individual | 08. Mar 19 | 08. Mar 19 | 764 | A$12.36 | A$9,443 | ||
| 13. Mar 19 | Buy | William Becker | Individual | 08. Mar 19 | 08. Mar 19 | 5,474 | A$12.36 | A$67,659 | ||
| 12. Sep 18 | Buy | Brian Pomeroy | Individual | 11. Sep 18 | 11. Sep 18 | 1,509 | A$10.94 | A$16,508 | ||
| 12. Sep 18 | Buy | Rolf Albert Tolle | Individual | 11. Sep 18 | 11. Sep 18 | 1,509 | A$10.94 | A$16,508 | ||
| 12. Sep 18 | Buy | Kathryn Lisson | Individual | 11. Sep 18 | 11. Sep 18 | 1,394 | A$10.94 | A$15,250 | ||
| 12. Sep 18 | Buy | Stephen Fitzgerald | Individual | 11. Sep 18 | 11. Sep 18 | 1,606 | A$10.94 | A$17,570 | ||
| 12. Sep 18 | Buy | Michael Wilkins | Individual | 11. Sep 18 | 11. Sep 18 | 951 | A$10.94 | A$10,404 | ||
| 12. Sep 18 | Buy | William Becker | Individual | 11. Sep 18 | 11. Sep 18 | 3,093 | A$10.94 | A$33,837 | ||
Management checks
We assess QBE Insurance Group's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) QBE Insurance Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
Are Dividend Investors Getting More Than They Bargained For With QBE Insurance Group Limited's (ASX:QBE) Dividend?
QBE Insurance Group has been paying dividends for a long time, but for the purpose of this analysis, we only examine the past 10 years of payments. … Conclusion To summarise, shareholders should always check that QBE Insurance Group's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend. … Earnings per share are down, and QBE Insurance Group's dividend has been cut at least once in the past, which is disappointing.
Simply Wall St - – Full articleQBE Insurance Group (ASX:QBE) Has A Somewhat Strained Balance Sheet
ASX:QBE Historical Debt, June 27th 2019 A Look At QBE Insurance Group's Liabilities We can see from the most recent balance sheet that QBE Insurance Group had liabilities of US$15.3b falling due within a year, and liabilities of US$15.9b due beyond that. … Because it carries more debt than cash, we think it's worth watching QBE Insurance Group's balance sheet over time. … Our View To be frank both QBE Insurance Group's conversion of EBIT to free cash flow and its track record of staying on top of its total liabilities make us rather uncomfortable with its debt levels.
Simply Wall St - – Full articleCan We See Significant Institutional Ownership On The QBE Insurance Group Limited (ASX:QBE) Share Register?
Check out our latest analysis for QBE Insurance Group ASX:QBE Ownership Summary, June 9th 2019 What Does The Institutional Ownership Tell Us About QBE Insurance Group? … We can see that QBE Insurance Group does have institutional investors; and they hold 26% of the stock. … General Public Ownership The general public -- mostly retail investors -- own 73% of QBE Insurance Group.
Simply Wall St - – Full articleQBE Insurance Group Limited (ASX:QBE): What Does The Future Look Like?
Since QBE Insurance Group Limited (ASX:QBE) released its earnings in December 2018, it seems that analyst forecasts are fairly optimistic, as a 37% increase in profits is expected in the upcoming year, relative to the past 5-year average growth rate of -17%. … I've plotted out each year's earnings expectations and inserted a line of best fit to calculate an annual growth rate from the slope in order to understand the overall trajectory of QBE's earnings growth over these next few years. … ASX:QBE Past and Future Earnings, May 28th 2019 By 2022, QBE's earnings should reach US$940m, from current levels of US$567m, resulting in an annual growth rate of 16%.
Simply Wall St - – Full articleIs QBE Insurance Group Limited (ASX:QBE) Undervalued After Accounting For Its Future Growth?
View our latest analysis for QBE Insurance Group What can we expect from QBE Insurance Group in the future? … QBE Insurance Group is poised for significantly high earnings growth in the near future. … QBE Insurance Group is available at price-to-earnings ratio of 21.02x, showing us it is overvalued based on current earnings compared to the Insurance industry average of 20.27x , and overvalued compared to the AU market average ratio of 16.1x.
Simply Wall St - – Full articleQBE Insurance Group Limited (ASX:QBE): What's The Analyst Consensus Outlook?
The latest earnings announcement QBE Insurance Group Limited (ASX:QBE) released in December 2018
Simply Wall St - – Full articleIs Now The Time To Look At Buying QBE Insurance Group Limited (ASX:QBE)?
The company's stock. … saw a significant share price rise of over 20% in the past couple of months on the ASX. … As a large-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock
Simply Wall St - – Full articleRead This Before Judging QBE Insurance Group Limited's (ASX:QBE) ROE
QBE Insurance Group has a ROE of 6.6%, based on the last twelve months. … One way to conceptualize this, is that for each A$1 of shareholders' equity it has, the company made A$0.066 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleShould QBE Insurance Group Limited (ASX:QBE) Be Part Of Your Dividend Portfolio?
Dividends can be underrated but they form a large part of investment returns, playing an important role in compounding returns in the long run. … Historically, QBE Insurance Group Limited (ASX:QBE) has paid dividends to shareholders, and these days it yields 4.4%. … Let's take a look at QBE Insurance Group in more detail.
Simply Wall St - – Full articleThe QBE Insurance Group Share Price Has Gained 24% And Shareholders Are Hoping For More
To wit, the QBE Insurance Group Limited (ASX:QBE) share price is 24% higher than it was a year ago, much better than the market return of around 5.2% (not including dividends) in the same period. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … We note that the most recent dividend payment is higher than the payment a year ago, so that may have assisted the share price.
Simply Wall St - – Full articleCompany Info
Description
QBE Insurance Group Limited underwrites general insurance and reinsurance risks worldwide. It operates through North American Operations, European Operations, Australian & New Zealand Operations, Asia Pacific Operations, and Equator Re segments. The company offers personal, including home, motor, and compulsory third party motor insurance; health and accident, and renewable energy insurance; and commercial and specialist general insurance. It also manages Lloyd’s syndicates, as well as offers investment management services. The company was founded in 1886 and is headquartered in Sydney, Australia.
Details
| Name: | QBE Insurance Group Limited |
| QBE | |
| Exchange: | ASX |
| Founded: | 1886 |
| A$15,501,292,406 | |
| 1,313,668,848 | |
| Website: | http://www.qbe.com |
| Address: |
QBE Insurance Group Limited 8 Chifley Square, Level 27, Sydney, New South Wales, 2000, Australia |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| ASX | QBE | Ordinary Shares | Australian Securities Exchange | AU | AUD | 02. Jan 1992 | |
| OTCPK | QBEI.F | Ordinary Shares | Pink Sheets LLC | US | USD | 02. Jan 1992 | |
| DB | QBE | Ordinary Shares | Deutsche Boerse AG | DE | EUR | 02. Jan 1992 | |
| CHIA | QBE | Ordinary Shares | Chi-X Australia | AU | AUD | 02. Jan 1992 | |
| OTCPK | QBIE.Y | SPONSORED ADR | Pink Sheets LLC | US | USD | 16. Oct 2008 |
Number of employees
Current staff
Industry
| Property and Casualty Insurance | |
| Insurance |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/07/22 10:32 |
| End of day share price update: | 2019/07/22 00:00 |
| Last estimates confirmation: | 2019/07/19 |
| Last earnings filing: | 2019/02/24 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
