BUZZ-Macquarie upgrades Australia's QBE on lower catastrophe loss, valuation discount to peers
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Macquarie upgrades QBE Insurance (QBE.AX) to “outperform” from “neutral”, citing improved conditions as industry exits North American catastrophe seasonFinds co valued at discount to global peersSees Q3 FY25 premium rates holding steady in Europe, North America vs Q2, with Australia’s trajectory the weakestExpects QBE to report FY25 catastrophe experience in line with co’s A$1,160 mln ($753.8 mln) allowance in Q3 updateSees running yield rising to ~3.9% in Q3 from ~3.8% in H1QBE up 1.8% to A$20.255, taking YTD gains to 5.5% ($1 = A$1.5389)
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