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QBE Insurance Group

DB:QBE
Snowflake Description

Average dividend payer with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
QBE
DB
A$16B
Market Cap
  1. Home
  2. DE
  3. Insurance
Company description

QBE Insurance Group Limited underwrites general insurance and reinsurance risks worldwide. The last earnings update was 147 days ago. More info.


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QBE Share Price and Events
7 Day Returns
-0.5%
DB:QBE
0.5%
DE Insurance
-0.7%
DE Market
1 Year Returns
18%
DB:QBE
21.2%
DE Insurance
-7.6%
DE Market
QBE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
QBE Insurance Group (QBE) -0.5% -0.6% -8.6% 18% -0.6% -11%
DE Insurance 0.5% 2% 2.1% 21.2% 63% 61.1%
DE Market -0.7% -0.5% -3.8% -7.6% 8.3% 11.1%
1 Year Return vs Industry and Market
  • QBE underperformed the Insurance industry which returned 21.2% over the past year.
  • QBE outperformed the Market in Germany which returned -7.6% over the past year.
Price Volatility
QBE
Industry
5yr Volatility vs Market

Value

 Is QBE Insurance Group undervalued based on future cash flows and its price relative to the stock market?

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for QBE Insurance Group.

DB:QBE Discounted Cash Flow Data Sources
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 5.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:QBE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
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)
= 0.23% + (0.883 * 5.96%)
5.49%

Discounted Cash Flow Calculation for DB: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.

DB:QBE Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (10.2% – 5.49%) * $6.65)
$0.31
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.31 / (5.49% - 0.23%)
$5.93
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $6.65 + $5.93
$12.58
DB:QBE Discount to Share Price
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)
= $12.58 x 1.419
A$17.85
Non-primary Listing Adjustment Factor 1 share in DB:QBE represents 0.61975x of ASX:QBE
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.61975x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (AUD) x Listing Adjustment Factor
= A$ 17.85 x 0.61975
€11.06
Value per share (EUR) From above. €11.06
Current discount Discount to share price of €7.31
= -1 x (€7.31 - €11.06) / €11.06
33.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price QBE Insurance Group is available for.
Intrinsic value
34%
Share price is €7.31 vs Future cash flow value of €11.06
Current Discount Checks
For QBE Insurance Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • QBE Insurance Group's share price is below the future cash flow value, and 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?
Raw Data
DB:QBE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.42
ASX:QBE Share Price ** ASX (2019-07-19) in AUD A$11.8
ASX:QBE Share Price converted to USD reporting currency Exchange rate (AUD/ USD) 0.705 $8.32
Germany Insurance Industry PE Ratio Median Figure of 6 Publicly-Listed Insurance Companies 13.38x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 19.75x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of QBE Insurance Group.

DB:QBE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= ASX:QBE Share Price ÷ EPS (both in USD)

= 8.32 ÷ 0.42

19.75x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • QBE Insurance Group is overvalued based on earnings compared to the DE Insurance industry average.
  • QBE Insurance Group is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does QBE Insurance Group's expected growth come at a high price?
Raw Data
DB:QBE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.75x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
15.9%per year
Germany Insurance Industry PEG Ratio Median Figure of 5 Publicly-Listed Insurance Companies 3.16x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

DB:QBE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 19.75x ÷ 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?
Raw Data
DB:QBE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $6.32
ASX:QBE Share Price * ASX (2019-07-19) in AUD A$11.8
ASX:QBE Share Price converted to USD reporting currency Exchange rate (AUD/ USD) 0.705 $8.32
Germany Insurance Industry PB Ratio Median Figure of 6 Publicly-Listed Insurance Companies 1.09x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.71x
DB:QBE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= ASX:QBE Share Price ÷ Book Value per Share (both in USD)

= 8.32 ÷ 6.32

1.32x

* 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 overvalued based on assets compared to the DE Insurance industry average.
X
Value checks
We assess QBE Insurance Group's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. QBE Insurance Group has a total score of 1/6, 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

 How is QBE Insurance Group expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

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!
Annual Growth Rate
15.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is QBE Insurance Group expected to grow at an attractive rate?
  • QBE Insurance Group's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • QBE Insurance Group's earnings growth is expected to exceed the Germany market average.
  • QBE Insurance Group's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:QBE Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:QBE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 15.9%
DB:QBE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 0.7%
Germany Insurance Industry Earnings Growth Rate Market Cap Weighted Average 4.6%
Germany Insurance Industry Revenue Growth Rate Market Cap Weighted Average 5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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
Raw Data
DB:QBE Analysts Growth Expectations Data Sources
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 numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:QBE Future Estimates Data
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
DB:QBE Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • QBE Insurance Group's earnings are expected to grow by 15.9% yearly, however this is not considered high growth (20% yearly).
  • QBE Insurance Group's revenue is expected to grow by 0.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:QBE 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.

DB:QBE Future Estimates Data
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
DB:QBE Past Financials Data
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.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • QBE Insurance Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess QBE Insurance Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
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
Below we compare QBE Insurance Group's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 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 DE Insurance industry average.
Earnings and Revenue History
QBE Insurance Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from QBE Insurance Group Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:QBE Past Revenue, Cash Flow and Net Income Data
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 more efficiently than the DE 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).
X
Past performance checks
We assess QBE Insurance Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
QBE Insurance Group has a total score of 1/6, 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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of QBE Insurance Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • 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.
Raw Data

All data from QBE Insurance Group Company Filings, last reported 6 months ago.

DB:QBE Past Debt and Equity Data
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).
X
Financial health checks
We assess QBE Insurance Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. QBE Insurance Group has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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
Dividend payments
4.62%
Current annual income from QBE Insurance Group dividends. Estimated to be 5.36% next year.
If you bought €2,000 of QBE Insurance Group shares you are expected to receive €92 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • QBE Insurance Group's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.48%).
  • QBE Insurance Group's dividend is above the markets top 25% of dividend payers in Germany (3.92%).
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.
Raw Data
DB:QBE Annualized Past and Future Dividends
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
Germany Insurance Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:QBE Future Dividends Estimate Data
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
DB:QBE Past Annualized Dividends Data
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.
Current Payout to shareholders
What portion of QBE Insurance Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess QBE Insurance Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. QBE Insurance Group has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of QBE Insurance Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Pat Regan
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 Germany.
Management Team Tenure

Average tenure and age of the QBE Insurance Group management team in years:

1.4
Average Tenure
53
Average Age
  • The average tenure for the QBE Insurance Group management team is less than 2 years, this suggests a new team.
Management Team

Pat Regan

TITLE
Group CEO & Executive Director
COMPENSATION
$4M
AGE
53
TENURE
1.5 yrs

Inder Singh

TITLE
Group Chief Financial Officer
COMPENSATION
$1M
TENURE
1.3 yrs

Margaret Murphy

TITLE
Group Executive of People & Change
COMPENSATION
$1M
AGE
46
TENURE
2.8 yrs

Jason Brown

TITLE
Group Chief Underwriting Officer
COMPENSATION
$1M
AGE
49
TENURE
0.5 yrs

Peter Grewal

TITLE
Group Chief Risk Officer
COMPENSATION
$1M
TENURE
1 yrs

Richard Pryce

TITLE
Chief Executive Officer of International
COMPENSATION
$3M
AGE
59
TENURE
5.8 yrs

Russ Johnston

TITLE
Chief Executive Officer of North America
COMPENSATION
$2M
AGE
53
TENURE
3.2 yrs

Vivek Bhatia

TITLE
Chief Executive Officer of Australia Pacific
COMPENSATION
$3M
TENURE
1.4 yrs

Matt Mansour

TITLE
Global Chief Information Officer
TENURE
1.3 yrs

Tony Jackson

TITLE
Group Head of Investor Relations
Board of Directors Tenure

Average tenure and age of the QBE Insurance Group board of directors in years:

4.6
Average Tenure
64
Average Age
  • The tenure for the QBE Insurance Group board of directors is about average.
Board of Directors

Marty Becker

TITLE
Chairman of the Board
COMPENSATION
$595K
AGE
66
TENURE
5.3 yrs

Pat Regan

TITLE
Group CEO & Executive Director
COMPENSATION
$4M
AGE
53
TENURE
4.8 yrs

John Green

TITLE
Deputy Chairman
COMPENSATION
$339K
AGE
66
TENURE
4.5 yrs

Brian Pomeroy

TITLE
Independent Non-Executive Director
COMPENSATION
$290K
AGE
74
TENURE
5.1 yrs

Stephen Fitzgerald

TITLE
Independent Non-Executive Director
COMPENSATION
$302K
AGE
55
TENURE
4.8 yrs

Rolf Albert Tolle

TITLE
Independent Non-Executive Director
COMPENSATION
$290K
AGE
71
TENURE
3.3 yrs

Kathy Lisson

TITLE
Non-Executive Director
COMPENSATION
$268K
AGE
67
TENURE
2.8 yrs

Jann Skinner

TITLE
Independent Non-Executive Director
COMPENSATION
$286K
AGE
61
TENURE
4.8 yrs

Mike Wilkins

TITLE
Independent Non-Executive Director
COMPENSATION
$271K
AGE
62
TENURE
2.7 yrs

Fred Eppinger

TITLE
Independent Non-Executive Director
AGE
60
TENURE
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 (€) Value (€)
10. Jun 19 Sell BlackRock, Inc. Company 04. May 17 06. Jun 19 -23,047,648 €8.41 €0
10. Jun 19 Buy BlackRock, Inc. Company 04. May 17 06. Jun 19 30,198,384 €8.93 €66,372
13. Jun 19 Buy Brian Pomeroy Individual 07. Jun 19 07. Jun 19 1,324 €7.21 €9,544
13. Jun 19 Buy Rolf Albert Tolle Individual 07. Jun 19 07. Jun 19 1,416 €7.21 €10,208
13. Jun 19 Buy Kathryn Lisson Individual 07. Jun 19 07. Jun 19 1,308 €7.21 €9,429
13. Jun 19 Buy Stephen Fitzgerald Individual 07. Jun 19 07. Jun 19 1,508 €7.21 €10,871
13. Jun 19 Buy Michael Wilkins Individual 07. Jun 19 07. Jun 19 892 €7.21 €6,430
13. Jun 19 Buy Frederick Eppinger Individual 07. Jun 19 07. Jun 19 1,217 €7.21 €8,773
13. Jun 19 Buy William Becker Individual 07. Jun 19 07. Jun 19 2,902 €7.21 €20,920
26. May 19 Sell The Vanguard Group, Inc. Company 22. Jun 18 16. May 19 -4,272,987 €8.06 €-34,316,654
26. May 19 Buy The Vanguard Group, Inc. Company 26. Jun 18 16. May 19 10,072,963 €8.08 €81,372,282
13. Mar 19 Buy Brian Pomeroy Individual 08. Mar 19 08. Mar 19 2,671 €7.75 €20,705
13. Mar 19 Buy Rolf Albert Tolle Individual 08. Mar 19 08. Mar 19 2,671 €7.75 €20,705
13. Mar 19 Buy Kathryn Lisson Individual 08. Mar 19 08. Mar 19 2,468 €7.75 €19,132
13. Mar 19 Buy Stephen Fitzgerald Individual 08. Mar 19 08. Mar 19 2,845 €7.75 €22,054
13. Mar 19 Buy Michael Wilkins Individual 08. Mar 19 08. Mar 19 1,683 €7.75 €13,046
13. Mar 19 Buy Frederick Eppinger Individual 08. Mar 19 08. Mar 19 764 €7.75 €5,922
13. Mar 19 Buy William Becker Individual 08. Mar 19 08. Mar 19 5,474 €7.75 €42,434
12. Sep 18 Buy Brian Pomeroy Individual 11. Sep 18 11. Sep 18 1,509 €6.70 €10,112
12. Sep 18 Buy Rolf Albert Tolle Individual 11. Sep 18 11. Sep 18 1,509 €6.70 €10,112
12. Sep 18 Buy Kathryn Lisson Individual 11. Sep 18 11. Sep 18 1,394 €6.70 €9,341
12. Sep 18 Buy Stephen Fitzgerald Individual 11. Sep 18 11. Sep 18 1,606 €6.70 €10,762
12. Sep 18 Buy Michael Wilkins Individual 11. Sep 18 11. Sep 18 951 €6.70 €6,372
12. Sep 18 Buy William Becker Individual 11. Sep 18 11. Sep 18 3,093 €6.70 €20,726
X
Management checks
We assess QBE Insurance Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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

Company 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: DB
Founded: 1886
A$9,734,868,432
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
Staff numbers
12,452
QBE Insurance Group employees.
Industry
Property and Casualty Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/21 22:47
End of day share price update: 2019/07/19 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.