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QBE Insurance Group Limited (QBE)

QBE Insurance Group Limited (QBE)

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General Information
Company Name: QBE Insurance Group Limited
Stock Code: QBE
Website: www.qbe.com
Market Cap ($M): 17,238
Equiv. Shares (M): 1,032
 Research Report Available

Report price : $16.50 (inc. GST)
Research by : Aegis Equities Research

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Current Price Data+
Current Price Open High Low Last Close Volume Price Movement
  $ 16.700 $ 16.480 $ 16.820 $ 16.330 $ 16.580 10,985,614 $ 0.120  0.724 %

Current Broker Consensus Recommendation more
Recommendation : Hold
Recommendation Date : 28th Jul 2010
12 Month Target Price (average) : $21.054
Brokers Surveyed : 10

Market Statistics
% of Market: 1.5800
% of Sector: n/a
Sector: Financials
Industry Group: Insurance
Industry: Insurance

Company Overview
Company Overview
QBE is an Australian insurance and reinsurance group with a strong global presence. The company operates primarily in general insurance markets, with the majority of premium derived from outside of Australia, particularly in the US and Europe. The company has established a strong history of growth by acquisition.
Company History
In 1886, James Burns started the North Qld Insurance Co to protect his trading company's ships and cargo. This company developed locally and throughout Asia with the trading economies, opening a Hong Kong office in 1887. In 1973, the current QBE was formed through a merger of the Qld Bankers & Traders Insurance and Equitable Life & General. In 1991, the company sold its shareholdings in trading companies (most notably, Burns Philp) and became a pure insurance and reinsurance company.
Differentiating Factor
QBE has a conservative approach to risk and this is reflected in its high use of reinsurance and low exposure to equity markets. Management is strong with a focus on financials and earnings growth. QBE enjoys a strong brand name in the Asia Pacific region.
Major Customers & Competitors
QBE's major customers are its policyholders, the majority of whom hold corporate, motor, CTP and/or home and contents insurance policies. In many cases, QBE may deal directly with its policyholders, although corporate business is largely transacted through brokers and agents. QBE's major competitors are local Australian and international general insurance companies such as AIG, Chubb, the merged Suncorp/Promina (GIO & AAMI), IAG (NRMA & CGU) and Allianz.

Financial Summary
Year to Dec
NPAT
Rep $M
NPAT1
Adj $M
EPS
c
EPS chg
%
PER
x
PER rel
All Ords x
PER rel
Sector x
DPS
c
Yield
%
Franking
%
ROE
%
2007A n/a n/a 0.0 n/a n/a n/a 0.0 n/a
2008A n/a n/a 0.0 n/a n/a n/a 0.0 n/a
2009A 192.8 -6.2 8.7 0.8 1.0 128.0 7.7 20.0
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.

Peer Comparison
P/E (x) EPS Change (%) Dividend Yield (%)
Company Code Last Price Mkt Cap 07A 08F 07A 08F 07A 08F
QBE Insurance Group QBE $16.70 $17,238M 8.6626 10.4099 n/a -16.7844 7.6647 7.7844
Suncorp-Metway SUN $8.37 $10,905M 19.9591 14.5243 -50.9470 37.4189 4.7790 3.4648
Insurance Australia Group IAG $3.41 $7,110M 36.6667 21.9744 n/a 66.8610 2.9326 2.4927
Suncorp CPS SUNPB $97.82 $719M n/a n/a n/a n/a n/a n/a

Share Price Returns
3 Months (%) 6 Months (%) 12 Months (%)
QBE -21.2264 -27.1379 -15.7417
Sector -10.4109 -4.5369 11.7885
Market -6.7540 -1.9465 7.4232

Ratio Comparison
Year QBE Sector Market
P/E (x) FY07 0.0 n/a n/a
FY08 0.0 n/a n/a
Yield (%) FY07 0.0 n/a n/a
FY08 0.0 n/a n/a
EV/EBIT (x) FY07 0.0 n/a n/a
FY08 0.0 n/a n/a
EV/EBITDA (x) FY07 0.0 n/a n/a
FY08 0.0 n/a n/a

Directors
Name Position
J Cloney Chairman
F O`Halloran Managing Director & CEO
L Bleasel Director
D Boyle Director
I Hudson Director
B Hutchinson Director
C Irby Director
I Lee Director
J Green Director

Management
Name Position
F O`Halloran Managing Director & CEO
N Drabsch CFO
V McLenaghan Chief Operating Officer
S Burns Chief Executive Officer - European Operations
T Ibbotson Chief Executive Officer - Australian Operations
M Goodman CEO, Asia Pacific
D Ramsay Group General Counsel and Company Secretary
J Smith Group General Manager HR
B Nicholls Group Chief Actuarial Officer
D Fogarty President - Equator Re

Substantial Shareholders
Name % Holding
Credit Suisse Holding (Australia) Limite 5.6900
Barclays Global Investors 5.5600
Aberdeen Asset Management 5.0100

Calendar of Events
Date Event
19-Aug-2010 Reporting Date for Half Yearly Result
30-Mar-2010 Dividend Date Payable for Half Yearly Result (66c 20% franked)
10-Mar-2010 Dividend Record Date for Half Yearly Result (66c 20% franked)
03-Mar-2010 Dividend Ex-Dividend Date for Half Yearly Result (66c 20% franked)
26-Feb-2010 Reporting Date for Final Year Result


Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
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