Several US-listed insurance brokers have recently released their 4Q25 results, with outlooks into 2026 appearing resilient. While the market typically focuses on pricing, organic revenue growth is more closely correlated with GDP, which again looks solid into 2026. QBE is growing revenue steadily, while its FY25 result saw a +27% lift in profitability. After correcting over 20%, we see good value emerging in QBE, which MM has patiently held in its Hitlist for months – a forecast 5.2% part-franked yield also supports the investment case.
- We like the risk/reward towards QBE following its retreat under $20, where it has gained support even during periods of market volatility.
MM is bullish towards QBE around $19.50
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