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QBE Insurance Group Limited (QBE) |
Print |
| Company Name: |
QBE Insurance Group Limited |
| Stock Code: |
QBE |
| Website: |
www.qbe.com |
| Market Cap ($M): |
24,567 |
| Equiv. Shares (M): |
894 |
|
|
 |
|
| Current Price |
Open |
High |
Low |
Last Close |
Volume |
Price Movement |
$ 26.660 |
$ 26.120 |
$ 26.660 |
$ 25.710 |
$ 26.000
|
2,173,517 |
$ 0.660 2.538 %
|
|
| Recommendation : |
Hold
|
| Recommendation Date : |
7th Jan 2009 |
| 12 Month Target Price (average) : |
$28.137 |
| Brokers Surveyed : |
10 |
|
| % of Market: |
3.1000 |
| % of Sector: |
6.4960 |
| Sector: |
Financials |
| Industry Group: |
Insurance |
| Industry: |
Insurance |
|
|
 |
|
| 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. |
|
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 % |
| 2005A |
1,091 |
1,094 |
133.9 |
24.4 |
19.9 |
1.3 |
1.5 |
71.0 |
2.7 |
50 |
24.2 |
| 2006A |
1,483 |
1,493 |
174.5 |
30.3 |
15.3 |
1.2 |
1.3 |
95.0 |
3.6 |
60 |
26.5 |
| 2007A |
1,925 |
1,946 |
218.8 |
25.4 |
12.2 |
1.0 |
1.1 |
122.0 |
4.6 |
55 |
25.8 |
|
1NPAT is normalised by removing non-recurring items and goodwill. All the above statistics are derived from normalised earnings.
|
| QBE |
-4.8664 |
15.6584 |
-19.1291 |
| Sector |
-24.3546 |
-22.3798 |
-44.7211 |
| Market |
-19.7627 |
-27.5434 |
-40.8814 |
|
| P/E (x) |
FY07 |
12.2 |
11.3 |
11.9 |
|
FY08 |
13.3 |
11.6 |
11.3 |
| Yield (%) |
FY07 |
4.6 |
9.4 |
5.9 |
|
FY08 |
4.6 |
9.0 |
6.1 |
| EV/EBIT (x) |
FY07 |
10.1 |
5.3 |
7.9 |
|
FY08 |
11.2 |
5.4 |
7.3 |
| EV/EBITDA (x) |
FY07 |
10.0 |
5.2 |
6.7 |
|
FY08 |
11.1 |
5.3 |
6.1 |
|
| 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 |
|
| F O`Halloran |
Managing Director & CEO |
| V McLenaghan |
Chief Operating Officer |
| N Drabsch |
CFO |
| T Kenny |
President, the Americas |
| S Burns |
CEO, Europe |
| M Goodman |
CEO, Asia Pacific |
| T Ibbotson |
CEO, Australia |
| J Smith |
Group General Manager HR |
| B Nicholls |
Group Chief Actuarial Officer |
|
| 27-Feb-2009 |
Reporting Date for Final Year Result |
| 17-Sep-2008 |
Dividend Date Payable for Half Yearly Result
(61c 20% franked)
|
| 01-Sep-2008 |
Dividend Record Date for Half Yearly Result
(61c 20% franked)
|
| 26-Aug-2008 |
Dividend Ex-Dividend Date for Half Yearly Result
(61c 20% franked)
|
| 21-Aug-2008 |
Reporting Date for Half Yearly Result |
|
|
Data supplied by Aegis Equities Research Pty Limited (ACN 085 293 910).
|
|
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