QBE cracks top 10
Insurance giant QBE has reached the upper echelons of local business after breaking into the top 10 Australian companies by market capitalisation.
QBE entered the upper half of the ASX/S&P20 last week with a market capitalisation of just under $26 billion. This compares with rival Suncorp Metway at $12 billion – at least until its merger with Promina is complete.
News of QBE’s elevation into the top 10 comes after last month’s record after-tax operating profit of $1.48 billion for the year ended December 31 – an increase of 36%.
The company’s value also places it ahead of IAG on $10.2 billion and Promina with $7.6 billion.
Coming behind QBE on the S&P200 is Macquarie Bank ($20 billion) and retailer Coles ($18 billion), but the insurer is still well shy of banking giants Westpac ($47 billion) and the Commonwealth Bank ($64 billion).
QBE entered the upper half of the ASX/S&P20 last week with a market capitalisation of just under $26 billion. This compares with rival Suncorp Metway at $12 billion – at least until its merger with Promina is complete.
News of QBE’s elevation into the top 10 comes after last month’s record after-tax operating profit of $1.48 billion for the year ended December 31 – an increase of 36%.
The company’s value also places it ahead of IAG on $10.2 billion and Promina with $7.6 billion.
Coming behind QBE on the S&P200 is Macquarie Bank ($20 billion) and retailer Coles ($18 billion), but the insurer is still well shy of banking giants Westpac ($47 billion) and the Commonwealth Bank ($64 billion).