QBE Insurance Shares Dip Despite Macquarie Upgrade and Positive Outlook

1 min read | January 10, 2025 12:10 PM AEDT | By Team Kalkine Media

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QBE Insurance Shares Dip Despite Macquarie Upgrade and Positive Outlook — Image source: Shutterstock

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Highlights

QBE Insurance shares fall 0.2% to A$19.595, aligning with a 0.8% dip in the banking sub-index.

Macquarie raises price target to A$21.50 and upgrades 2024 earnings estimate by 8.3%.

Analysts maintain a "buy" rating on QBE, with a median price target of A$21.25.

QBE Insurance Group (ASX:QBE) shares edged down 0.2% to A$19.595 on Friday, mirroring weakness in the broader banking sub-index, which declined by 0.8%.

The drop in share price comes despite an optimistic outlook from Macquarie, which raised its price target for QBE to A$21.50 from A$21.30 and upgraded its 2024 earnings estimate by 8.3%. The earnings revision is based on expectations of an approximate A$90 million ($55.7 million) beat in catastrophe-related costs.

Gross Written Premium (GWP) Growth
Macquarie forecasts 2.8% constant currency (CC) growth in FY24 gross written premium (GWP), slightly below the company's estimate of approximately 3%. Looking ahead, FY25 GWP growth is expected to be set at a "low single-digit" rate.

Analyst Sentiment
QBE Insurance maintains an average "buy" rating among analysts, with a median price target of A$21.25, according to data from LSEG. The favorable ratings reflect confidence in the company’s ability to navigate market challenges while delivering steady growth.

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