Morningstar

Morningstar, Inc.

Equity Bottom-Up

No-moat-rated QBE Insurance’s restructuring and rebuilding continues with 2019 earnings guidance reiterated at the global insurer’s AGM. Despite lower global interest rates and slowing economic conditions, the firm’s underlying fundamentals are improving. Insurance premium rate increases continue to feature, and first-quarter investment returns rebounded from a disappointing end to 2018. The heavily weighted fixed interest investment portfolio benefited from positive revaluations as global bond…

A change of government in May 2019 could see the Australian Labor Party running the country. The implementation of Labor’s proposal to ban the refund of surplus franking credits could reduce the income of hundreds of thousands of individual self-funded retirees and self-managed super funds, or SMSFs, in pension phase, if current investment asset allocations are not altered
What could low tax paying individuals and/or trustees of pension phase SMSFs do to reduce the impact of the potential…

No-moat QBE Insurance’s 2018 cash profit was modestly below our forecast due to softer investment returns, but the strong underlying performance impressed. Earnings quality sets the foundation for good growth expected in 2019 and 2020. Management is applying the basics of running an insurance company--consistently good decision-making on underwriting, pricing, and claims. The insurance result was in line with guidance with combined operating ratio, or COR, of 95.7% within the 95-97% target…

No-moat QBE Insurance’s 2018 cash profit was modestly below our forecast due to softer investment returns, but the strong underlying performance impressed. Earnings quality sets the foundation for good growth expected in 2019 and 2020. Management is applying the basics of running an insurance company--consistently good decision-making on underwriting, pricing, and claims. The insurance result was in line with guidance with combined operating ratio, or COR, of 95.7% within the 95-97% target…

No-moat-rated QBE Insurance Group continues the slow and painful simplification and derisking journey. The global business model continues to shrink with announced sales of underperforming businesses in Puerto Rico, Indonesia, and the Philippines added to the growing list. In addition to derisking the business, simplification allows an operational efficiency program, with the firm targeting net cost savings of USD 130 million by 2021.
Analyst: David Ellis

Australia

QBE Insurance Group Limited is an insurance company which underwrites most forms of commercial and industrial insurance policies, as well as individual policies. QBE also manages Lloyds syndicates and provides investment management services. The Company provides its services both domestically and internationally.

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