QBE Insurance Group Limited

QBE.AX

Insurance - Property & Casualty · Financial Services

Price

A$22.40

+0.62 (+2.85%)

Market Cap

A$33.47B

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Exceptional

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

Dividends

Exceptional

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Share count rising — dilution

+2.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.48B (2021) → 1.52B (2025)

Winston Score History

The full picture

QBE Insurance Group is one of the largest insurance companies in the world. It sells property and casualty insurance, meaning it protects businesses and individuals from losses caused by things like fires, accidents, natural disasters, and lawsuits. Its main customers are businesses, not everyday consumers, and it operates across more than 25 countries.

QBE makes money by collecting insurance premiums from customers and investing that money until claims need to be paid. It is headquartered in Sydney, Australia, but earns a large share of its revenue from North America, Europe, and the Asia-Pacific region, making it a truly global insurer. Its scale and long track record in specialty commercial insurance give it a competitive edge, but the company faces ongoing risk from climate-related events — more frequent and severe natural disasters can drive up claims costs faster than premiums can adjust, which puts pressure on profitability.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+3.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$36.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

QBE Insurance Group Limited is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

21.2%

Thin — 21.2% gross margin

Profit after running costs

Operating Margin

11.0%

Modest — 11.0% operating margin

Return on the money invested

ROCE

18.3%

Strong — 18.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+12.7%

Fast-growing sales (+12.7% YoY)

Profit growth

EPS YoY

+16.0%

Earnings growing fast (+16.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

161%

Turns 161% of profit into real cash

Spare cash per sale

FCF Margin

13.7%

Converts sales into free cash efficiently (13.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.36

Conservative — low debt load (0.36)

Covers its interest

Interest Cover

10.40x

Comfortably covers interest (10.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

11.1x

Attractive valuation — P/E 11.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.0

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

4.64%

Healthy income — 4.64% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+95.8%

Dividend growing fast (95.8% YoY)

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