BUZZ-Macquarie raises PT, FY24 earnings outlook for Australia's QBE Insurance; stock falls

Reuters
01-10
BUZZ-<a href="https://laohu8.com/S/MQG.AU">Macquarie</a> raises PT, FY24 earnings outlook for Australia's QBE Insurance; stock falls

** QBE Insurance QBE.AX falls 0.2% to A$19.595, in line with banking sub-index .AXFJ, which is down 0.8%

** Macquarie raises PT to A$21.5 from A$21.3

** Upgrades 2024 earnings estimate by 8.3% on expectations of ~A$90 mln ($55.7 mln) catastrophe beat

** Sees FY24 gross written premium (GWP) growth of 2.8% $(CC)$ compared with co's forecast of ~3%

** Expects FY25 GWP growth forecast to be set at "low single-digit"

** Stock rated "buy" on avg; median PT is A$21.25 – LSEG

($1 = A$1.6152)

(Reporting by Sneha Kumar in Bengaluru)

((Sneha.Kumar@thomsonreuters.com;))

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