Australia's QBE Insurance hits 2-month high as Citi hikes TP, upgrades to 'buy'

QBE Insurance

08/10/2026 24:56

Updates
** Shares of QBE Insurance Group Ltd QBE.AX gain as much as 2.7% to A$24.68, their highest since August 5
** Stock set for third consecutive session of gains, if current trends hold
** Analysts at Citi upgrade their rating for QBE to "Buy", increase TP by 10.3% to A$26.70
** Brokerage says QBE's ability to post mid-single-digit volume-driven growth in gross written premiums (GWP), along with maintaining margins, helps the insurer stand out amongst domestic competitors
** Citi considers QBE Portfolio Solutions (QPS), the insurer's vehicle for data-driven underwriting models, vital to the company's growth, saying it presents an opportunity for substantial GWP growth
** Citi expects QBE to generate up to $2.5 billion in GWP over the medium term, given it is already generating $1.5 billion
** Five of nine analysts rate the stock "buy" or higher, three "hold" and one "sell" or lower; their median PT is A$25.28 – data compiled from LSEG 
** Stock up 20.9% this year, as of last close

(Reporting by Rudrannsh Mehra in Bengaluru)
((Rudrannsh.Mehra@thomsonreuters.com;))