QBE Insurance Group

Despite the fact that lower interest rates in Australia will produce lower investment returns and an increase in provisions for claims, QBE’s share price has increased 10% since QBE still mopping up from 6 Sep 12 (Buy – $12.31). Our view of the company hasn’t changed. If chief executive John Neal can exit poor performing businesses and redirect capital to more profitable insurance lines, keep increasing premiums rather than loosening underwriting standards and if short-term pressures such as the US drought recede, then we expect QBE’s share price will produce attractive capital gains. Mr Market has lost confidence in...

Despite the fact that lower interest rates in Australia will produce lower investment returns and an increase in provisions for claims, QBE’s share price has increased 10% since QBE still mopping up from 6 Sep 12 (Buy – $12.31). Our view of the company hasn’t changed. If chief executive John Neal can exit poor performing businesses and redirect capital to more profitable insurance lines, keep increasing premiums rather than loosening underwriting standards and if short-term pressures such as the US drought recede, then we expect QBE’s share price will produce attractive capital gains.

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