QBE’s FY18 Result a Little Softer than Expected but Still Impresses. FVE AUD 12.50 Unchanged
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. Inve...QBE Insurance Group engages in underwriting general insurance and reinsurance risks, management of Lloyd's syndicates and investment management. Co.'s segments are: North American Operations, which writes general insurance and reinsurance in the U.S.; European Operations, which writes general insurance in the U.K., Canada and mainland Europe; Australian and New Zealand Operations, which underwrites general insurance risks in Australia and New Zealand; Emerging Markets, which writes general insurance in North, Central and South America and provides personal, commercial and general insurance covers in the Asia Pacific region; and Equator Re, which provides reinsurance protection in Bermuda.
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