Cash flow QBE Insurance Group Limited

Equities

QBE

AU000000QBE9

Property & Casualty Insurance

Market Closed - Australian S.E. Other stock markets 07:10:05 08/05/2026 BST			5-day change	1st Jan Change
22.30 ^AUD	-1.55%		-0.76%	+12.12%

05-08	Australian Shares End Lower; Macquarie Group Posts Higher Fiscal Year 2026 Earnings, Revenue	MT
05-08	QBE Insurance Group Premium Rate Increases Reflect Mixed Competitive Dynamics Across Multiple Classes, Jefferies Says	MT

629e57cf5a9ee0aeadc71b.ddkjEAWqxb6SUkf-KY03z2Pt2TfibRBkNnyc3MyMlnw.EKobfDTujY3AGnasXNsDuTCyq3uwXnRQbjLJup3Ip1EDnkdndev2iudqCg

Published financial data: QBE INSURANCE GROUP LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Premiums and Annuity Revenues	13.41B	14.33B	20.83B	21.78B	17.7B
Total Interest And Dividend Income	122M	-776M	790M	851M	922M
Gain (Loss) on Sale of Investments, Total (Rev)	-	-	-	-	-
Other Revenues, Total	-	-	62M	78M	85M
Total Revenues	13.53B	13.55B	21.68B	22.71B	18.71B
Policy Benefits	8.51B	8.33B	19.32B	19.77B	15.31B
Policy Acquisition / Underwriting Costs, Total	3.86B	3.91B	-	-	-
Amortization of Goodwill and Intangible Assets - (IS)	19M	16M	11M	4M	-
Stock-Based Compensation (IS)	36M	44M	-	-	-
Other Operating Expenses	-	-	250M	311M	301M
Total Operating Expenses	12.43B	12.3B	19.58B	20.09B	15.61B
Operating Income	1.1B	1.25B	2.09B	2.62B	3.1B
Interest Expense, Total	-177M	-166M	-169M	-162M	-181M
Income (Loss) on Equity Invest.	-7M	-7M	-2M	-6M	-5M
Currency Exchange Gains (Loss)	-	-	-	-	-
Other Non Operating Income (Expenses)	-70M	-79M	-63M	-64M	-73M
EBT, Excl. Unusual Items	844M	998M	1.86B	2.39B	2.84B
Restructuring Charges	-72M	-106M	-	-85M	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	38M	2M	2M	18M
Asset Writedown	-2M	-11M	-25M	-14M	-14M
Other Unusual Items	143M	-	-	-	-
EBT, Incl. Unusual Items	913M	919M	1.84B	2.29B	2.84B
Income Tax Expense	156M	141M	473M	504M	680M
Earnings From Continuing Operations	757M	778M	1.36B	1.79B	2.16B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	757M	778M	1.36B	1.79B	2.16B
Minority Interest	-7M	-8M	-9M	-8M	-8M
Net Income - (IS)	750M	770M	1.36B	1.78B	2.16B
Preferred Dividend and Other Adjustments	50M	50M	50M	50M	25M
Net Income to Common Incl Extra Items	700M	720M	1.3B	1.73B	2.13B
Net Income to Common Excl. Extra Items	700M	720M	1.3B	1.73B	2.13B
Per Share Items
Net EPS - Basic	0.47	0.49	0.88	1.15	1.41
Basic EPS - Continuing Operations	0.47	0.49	0.88	1.15	1.41
Basic Weighted Average Shares Outstanding	1.47B	1.48B	1.49B	1.5B	1.51B
Net EPS - Diluted	0.47	0.48	0.87	1.14	1.4
Diluted EPS - Continuing Operations	0.47	0.48	0.87	1.14	1.4
Diluted Weighted Average Shares Outstanding	1.48B	1.49B	1.5B	1.51B	1.52B
Normalized Basic EPS	0.35	0.42	0.77	0.99	1.17
Normalized Diluted EPS	0.35	0.41	0.77	0.98	1.16
Dividend Per Share	0.22	0.27	0.42	0.54	0.73
Payout Ratio	21.6	45.06	35.79	37.89	37.41
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	1.15B	1.3B	2.14B	2.67B	3.13B
EBITA	1.12B	1.26B	2.1B	2.64B	3.1B
EBIT	1.1B	1.25B	2.09B	2.62B	3.1B
Effective Tax Rate - (Ratio)	17.09	15.34	25.75	22	23.9
Total Current Taxes	169M	91M	280M	339M	452M
Total Deferred Taxes	-13M	50M	193M	165M	228M
Normalized Net Income	520M	616M	1.15B	1.48B	1.77B
Interest on Long-Term Debt	180M	166M	169M	162M	181M
Non-Cash Pension Expense	2M	2M	1M	3M	4M
Supplemental Operating Expense Items
Stock-Based Comp., Other (Total)	36M	44M	42M	59M	64M
Total Stock-Based Compensation	36M	44M	42M	59M	64M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Investment In Debt Securities	21.83B	19.75B	19.78B	18.84B	27.02B
Investment In Equity and Preferred Securities, Total	113M	426M	513M	872M	930M
Trading Asset Securities, Total	13M	31M	27M	16M	6M
Real Estate Owned	37M	35M	28M	16M	11M
Total Other Investments	5.91B	6.37B	7.36B	8.52B	5.51B
Total investments	27.9B	26.61B	27.71B	28.27B	33.47B
Cash And Equivalents	620M	636M	1.09B	1.35B	1.59B
Reinsurance Recoverable - (IS)	8.88B	9.49B	8.03B	9.44B	8.64B
Other Receivables - (Insurance Template)	5B	5.52B	549M	556M	989M
Deferred Policy Acquisition Costs - (BS)	415M	425M	-	-	-
Net Property Plant And Equipment	483M	427M	383M	289M	283M
Goodwill	2.02B	1.58B	1.6B	1.47B	1.58B
Other Intangibles, Total	347M	364M	435M	414M	439M
Restricted Cash	199M	197M	273M	289M	280M
Other Current Assets, Total	466M	1.04B	1.29B	1.05B	657M
Deferred Tax Assets Long-Term (Collected)	521M	587M	625M	609M	470M
Deferred Charges Long-Term	2.37B	2.59B	81M	80M	86M
Other Long-Term Assets, Total	94M	48M	41M	34M	55M
Total Assets	49.3B	49.5B	42.11B	43.85B	48.54B
Liabilities
Accounts Payable, Total	2.12B	2.62B	-	-	-
Insurance And Annuity Liabilities	-	-	27.57B	28.74B	31.26B
Unpaid Claims	24.28B	24.04B	-	-	-
Unearned Premiums	8.64B	9.08B	-	-	-
Current Portion of Long-Term Debt	442M	406M	699M	300M	857M
Current Portion of Leases	56M	49M	59M	53M	57M
Short-Term Borrowings	-	-	-	-	-
Long-Term Debt	2.83B	2.34B	2.1B	2.36B	2.84B
Long-Term Leases	298M	252M	230M	178M	173M
Current Income Taxes Payable	24M	39M	127M	46M	103M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	967M	968M	772M	742M	763M
Pension & Other Post Retirement Benefits	29M	26M	23M	21M	21M
Deferred Tax Liability Non-Current	31M	147M	366M	506M	625M
Other Non Current Liabilities	706M	545M	213M	170M	161M
Total Liabilities	40.42B	40.51B	32.16B	33.12B	36.86B
Common Stock, Total	8.89B	8.36B	8.5B	7.82B	8.42B
Retained Earnings	714M	1.11B	1.84B	2.94B	4.17B
Treasury Stock	-2M	-1M	-3M	-2M	-16M
Comprehensive Income and Other	-722M	-479M	-387M	-39M	-906M
Total Common Equity	8.88B	8.99B	9.95B	10.73B	11.67B
Minority Interest	1M	2M	3M	3M	2M
Total Equity	8.88B	8.99B	9.95B	10.73B	11.67B
Total Liabilities And Equity	49.3B	49.5B	42.11B	43.85B	48.54B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.48B	1.48B	1.49B	1.51B	1.51B
ECS Total Common Shares Outstanding	1.48B	1.48B	1.49B	1.51B	1.51B
Book Value / Share	6.01	6.05	6.66	7.13	7.75
Tangible Book Value	6.52B	7.05B	7.92B	8.84B	9.65B
Tangible Book Value Per Share	4.41	4.75	5.3	5.87	6.41
Tangible Book Value Per Share (As Reported)	4.36	4.7	5.25	5.83	6.35
Total Debt	3.62B	3.04B	3.09B	2.9B	3.93B
Net Debt	3B	2.41B	1.99B	1.55B	2.34B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-74M	-29M	-24M	-19M	-20M
Minority Interest, Total (Incl. Fin. Div)	1M	2M	3M	3M	2M
Equity Method Investments, Total	28M	32M	49M	55M	74M
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	11.16K	12.48K	13.48K	13.28K	13.2K
Part Time Employees	494	-	-	-	-

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	750M	770M	1.36B	1.78B	2.16B
Depreciation, Depletion & Amortization	97M	92M	92M	88M	85M
Amortization of Goodwill and Intangible Assets - (CF)	18M	15M	11M	17M	3M
Total Depreciation, Depletion & Amortization	115M	107M	103M	105M	88M
Amortization of Deferred Charges, Total	51M	64M	65M	81M	93M
(Gain) Loss On Sale of Asset - (CF)	-	-38M	-2M	-2M	-18M
(Gain) Loss on Sale of Investments - (CF)	409M	1.3B	-631M	-412M	-616M
Total Asset Writedown	2M	11M	25M	-	14M
Deferred Policy Acquisition Costs - (CF)	-474M	-378M	-	-	-
(Income) Loss On Equity Investments - (CF)	7M	7M	2M	6M	5M
Stock-Based Compensation (CF)	32M	39M	42M	59M	64M
Change in Accounts Receivable	-1.92B	-2.61B	-	-	-
Reinsurance Recoverable - (CF)	-	-	-818M	-1.55B	905M
Change in Accounts Payable	1.76B	1.8B	-	-	-
Change in Unearned Revenues	1.42B	934M	-	-	-
Change In Deferred Taxes	68M	67M	335M	155M	282M
Change in insurance Reserves / Liabilities	753M	900M	1.09B	2.36B	1.34B
Change in Other Net Operating Assets (Collected)	-227M	-164M	-78M	-41M	-71M
Net Cash From Discontinued Operations	-	-	-	-	-
Other Operating Activities	11M	-6M	18M	32M	-16M
Cash from Operations	2.75B	2.79B	1.5B	2.58B	4.22B
Capital Expenditure	-29M	-33M	-23M	-27M	-22M
Sale of Property, Plant, and Equipment	-	-	-	-	9M
Cash Acquisitions	-	-	-	-	-
Divestitures	-	361M	9M	3M	-
Purchase / Sale of Intangible Assets	-91M	-132M	-145M	-125M	-113M
Sale (Purchase) of Real Estate Properties (Collected)	4M	-	-	-	5M
Investment in Marketable and Equity Securities, Total	-2.64B	-2.02B	-246M	-1.22B	-2.7B
Other Investing Activities, Total	-20M	-186M	-23M	-109M	-46M
Cash from Investing	-2.77B	-2.01B	-428M	-1.48B	-2.87B
Long-Term Debt Issued, Total	550M	-	405M	687M	1.18B
Total Debt Issued	550M	-	405M	687M	1.18B
Long-Term Debt Repaid, Total	-287M	-474M	-461M	-757M	-355M
Total Debt Repaid	-287M	-474M	-461M	-757M	-355M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-1M	-1M	-1M	-1.1B
Common Dividends Paid	-162M	-347M	-485M	-674M	-807M
Common & Preferred Stock Dividends Paid	-162M	-347M	-485M	-674M	-807M
Other Financing Activities, Total	-	32M	44M	-	-
Cash from Financing	101M	-790M	-498M	-745M	-1.08B
Foreign Exchange Rate Adjustments	-31M	19M	-44M	-82M	-48M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	53M	14M	533M	272M	231M
Supplemental Items
Cash Interest Paid	238M	246M	240M	232M	240M
Cash Income Tax Paid (Refund)	88M	74M	138M	341M	399M
Net Debt Issued / Repaid	263M	-474M	-56M	-70M	827M
Levered Free Cash Flow	539M	-526M	-831M	-768M	3.67B
Unlevered Free Cash Flow	649M	-423M	-725M	-666M	3.79B
Change In Net Working Capital	119M	1.25B	2.08B	2.4B	-1.74B

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.43	1.58	3.22	3.81	4.19
Return on Total Capital	5.63	6.37	10.49	12.25	13.26
Return On Equity %	8.71	8.71	14.5	17.21	19.33
Return on Common Equity	8.06	8.06	13.88	16.66	19.04
Margin Analysis
Gross Profit Margin %	8.52	9.67	10.86	12.93	18.18
EBITDA Margin %	8.52	9.56	9.87	11.76	16.74
EBITA Margin %	8.25	9.34	9.71	11.61	16.58
EBIT Margin %	8.12	9.22	9.66	11.54	16.57
Income From Continuing Operations Margin %	5.59	5.74	6.29	7.87	11.57
Net Income Margin %	5.54	5.68	6.25	7.83	11.53
Net Avail. For Common Margin %	5.17	5.31	6.02	7.61	11.39
Normalized Net Income Margin	3.85	4.54	5.32	6.54	9.45
Levered Free Cash Flow Margin	3.98	-3.89	-3.83	-3.38	19.63
Unlevered Free Cash Flow Margin	4.8	-3.12	-3.35	-2.94	20.24
Asset Turnover
Asset Turnover	0.28	0.27	0.53	0.53	0.41
Fixed Assets Turnover	26.2	29.78	53.53	67.58	65.42
Receivables Turnover (Average Receivables)	3.4	2.99	-	-	-
Short Term Liquidity
Current Ratio	0.73	0.81	10.22	17.06	8.48
Quick Ratio	0.47	0.46	4.42	7.62	3.1
Operating Cash Flow to Current Liabilities	0.13	0.12	0.91	2.26	2.37
Days Sales Outstanding (Average Receivables)	107.3	121.99	-	-	-
Average Days Payable Outstanding	334.26	384.55	-	-	-
Long Term Solvency
Total Debt/Equity	40.78	33.86	31.02	26.98	33.67
Total Debt / Total Capital	28.97	25.3	23.67	21.25	25.19
LT Debt/Equity	35.17	28.8	23.4	23.69	25.84
Long-Term Debt / Total Capital	24.98	21.52	17.86	18.66	19.33
Total Liabilities / Total Assets	81.98	81.84	76.36	75.53	75.95
EBIT / Interest Expense	6.2	7.53	12.39	16.17	17.13
EBITDA / Interest Expense	6.85	8.17	13	16.82	17.61
(EBITDA - Capex) / Interest Expense	6.69	7.98	12.86	16.65	17.49
Total Debt / EBITDA	2.99	2.24	1.41	1.06	1.23
Net Debt / EBITDA	2.47	1.78	0.91	0.57	0.73
Total Debt / (EBITDA - Capex)	3.06	2.3	1.42	1.07	1.24
Net Debt / (EBITDA - Capex)	2.54	1.82	0.92	0.57	0.74
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	13.37	0.16	12.66	4.75	2.55
Gross Profit, 1 Yr. Growth %	-3.3K	13.62	79.91	24.63	15.88
EBITDA, 1 Yr. Growth %	-5.86K	12.4	103.13	24.82	17.92
EBITA, 1 Yr. Growth %	-1.96K	13.35	105.97	25.27	18.3
EBIT, 1 Yr. Growth %	-1.41K	13.84	107.94	25.12	18.32
Earnings From Cont. Operations, 1 Yr. Growth %	-150.1	2.77	129.24	31.01	21.15
Net Income, 1 Yr. Growth %	-149.44	2.67	130.83	31.29	21.25
Normalized Net Income, 1 Yr. Growth %	-337.54	18.3	148.67	28.7	19.07
Diluted EPS Before Extra, 1 Yr. Growth %	-143.5	2.12	141.67	31.26	22.59
Net Property, Plant and Equip., 1 Yr. Growth %	-12.18	-11.59	-10.3	-24.54	-2.08
Accounts Receivable, 1 Yr. Growth %	13.9	13.83	-	-	-
Total Assets, 1 Yr. Growth %	5.74	0.4	7.42	4.13	10.69
Common Equity, 1 Yr. Growth %	4.59	1.23	12.37	6.99	8.79
Tangible Book Value, 1 Yr. Growth %	7.84	8.13	14.55	10.61	9.15
Cash From Operations, 1 Yr. Growth %	123.18	1.38	-46.95	71.32	64
Capital Expenditures, 1 Yr. Growth %	-27.5	13.79	-30.3	17.39	-18.52
Levered Free Cash Flow, 1 Yr. Growth %	-136.92	-197.75	-95.44	-7.6	68.72
Unlevered Free Cash Flow, 1 Yr. Growth %	-148.4	-165.11	-95.99	-8.1	66.18
Dividend Per Share, 1 Yr. Growth %	606.87	21.52	59.44	27.39	35.04
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	3.44	6.56	26.58	8.63	-7.1
Gross Profit, 2 Yr. CAGR %	3.71	503.23	42.92	49.74	20.17
EBITDA, 2 Yr. CAGR %	3.76	704.98	36.2	59.24	21.01
EBITA, 2 Yr. CAGR %	3.89	359.17	37.34	60.63	21.41
EBIT, 2 Yr. CAGR %	5.9	285.76	38.1	61.3	21.67
Earnings From Cont. Operations, 2 Yr. CAGR %	15.44	-28.24	34.23	73.3	25.99
Net Income, 2 Yr. CAGR %	16.77	-28.76	34.41	74.09	26.17
Normalized Net Income, 2 Yr. CAGR %	7.27	67.63	48.87	78.89	23.79
Diluted EPS Before Extra, 2 Yr. CAGR %	4.65	-33.35	35.77	78.11	26.85
Net Property, Plant and Equip., 2 Yr. CAGR %	4.18	-11.89	-10.95	-17.73	-14.04
Accounts Receivable, 2 Yr. CAGR %	14.98	13.87	-	-	-
Total Assets, 2 Yr. CAGR %	10.8	3.04	-7.58	5.76	7.36
Common Equity, 2 Yr. CAGR %	4.37	2.9	5.85	10.07	7.89
Tangible Book Value, 2 Yr. CAGR %	9.4	7.99	10.22	13.11	9.87
Cash From Operations, 2 Yr. CAGR %	24.42	50.42	-26.12	-4.66	67.62
Capital Expenditures, 2 Yr. CAGR %	-1.68	-9.17	-10.94	-9.55	-2.2
Levered Free Cash Flow, 2 Yr. CAGR %	-51.73	-39.93	24.2	-79.46	110.26
Unlevered Free Cash Flow, 2 Yr. CAGR %	-48.38	-43.86	5.69	-80.81	128.49
Dividend Per Share, 2 Yr. CAGR %	-22.73	193.08	39.19	42.52	31.16
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.55	2.33	22.01	18.84	-0.93
Gross Profit, 3 Yr. CAGR %	2.84	6.91	302.93	36.54	37.47
EBITDA, 3 Yr. CAGR %	2.52	6.56	374.67	32.3	43.81
EBITA, 3 Yr. CAGR %	2.84	6.95	227.37	33.19	44.8
EBIT, 3 Yr. CAGR %	4.04	8.49	192.12	33.63	45.47
Earnings From Cont. Operations, 3 Yr. CAGR %	10.9	11.06	-3.35	33.15	53.81
Net Income, 3 Yr. CAGR %	24.36	11.87	-3.69	33.36	54.31
Normalized Net Income, 3 Yr. CAGR %	6.56	10.82	73.96	41.81	56.19
Diluted EPS Before Extra, 3 Yr. CAGR %	4.22	3.8	-7.1	34.25	57.26
Net Property, Plant and Equip., 3 Yr. CAGR %	35.07	-1.37	-11.36	-15.73	-12.81
Accounts Receivable, 3 Yr. CAGR %	11.58	14.6	-	-	-
Total Assets, 3 Yr. CAGR %	7.59	7.22	-3.34	-3.83	7.38
Common Equity, 3 Yr. CAGR %	1.95	3.31	5.43	6.5	9.64
Tangible Book Value, 3 Yr. CAGR %	4.8	8.98	9.42	10.71	11.77
Cash From Operations, 3 Yr. CAGR %	83.87	16.21	6.79	-2.22	14.23
Capital Expenditures, 3 Yr. CAGR %	-1.12	3.23	-16.84	-2.35	-12.64
Levered Free Cash Flow, 3 Yr. CAGR %	5.61	-38.93	-17.11	12.54	-41.35
Unlevered Free Cash Flow, 3 Yr. CAGR %	31.33	-44.23	-18.54	0.88	-40.64
Dividend Per Share, 3 Yr. CAGR %	-14.78	-10.14	139.25	35.14	39.98
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	2.97	2.24	12.21	12.42	9.41
Gross Profit, 5 Yr. CAGR %	-3.06	23.83	17.31	22.32	148.35
EBITDA, 5 Yr. CAGR %	-2.99	23.13	14.86	20.05	174.76
EBITA, 5 Yr. CAGR %	-2.84	25.34	15.46	20.59	120.15
EBIT, 5 Yr. CAGR %	-2.51	27.5	16.52	21.76	105.79
Earnings From Cont. Operations, 5 Yr. CAGR %	-2.15	-8.54	19.7	25.76	7.46
Net Income, 5 Yr. CAGR %	-2.33	-9.22	28.28	26.46	7.29
Normalized Net Income, 5 Yr. CAGR %	-5.75	77.83	21.81	26.83	51.82
Diluted EPS Before Extra, 5 Yr. CAGR %	-4.94	-11.51	15.84	21.52	5.23
Net Property, Plant and Equip., 5 Yr. CAGR %	13.45	9.12	14.34	-8.27	-12.44
Accounts Receivable, 5 Yr. CAGR %	6.42	7.56	-	-	-
Total Assets, 5 Yr. CAGR %	3.46	2.45	1.24	1.77	0.81
Common Equity, 5 Yr. CAGR %	-2.89	0.29	3.49	5.64	6.57
Tangible Book Value, 5 Yr. CAGR %	-0.62	3.74	6.94	10.18	9.82
Cash From Operations, 5 Yr. CAGR %	37.57	74.61	27.68	7.68	27.9
Capital Expenditures, 5 Yr. CAGR %	-17.95	-13.46	-5.18	-2.09	-11.27
Levered Free Cash Flow, 5 Yr. CAGR %	-42.24	-18.64	12.69	-19.79	20.28
Unlevered Free Cash Flow, 5 Yr. CAGR %	-39.81	-23.65	20.4	-22.84	23.06
Dividend Per Share, 5 Yr. CAGR %	-10.99	5.47	3.7	8.07	88.12