Ann: 2022 Financial Calendar, page-2

UBSrates QBE asBuy(1) -

On balance UBS expects a supportive set of results for the Australian Insurance sector during the upcoming reporting season.

For QBE insurance Group, the analyst believes a favourable global insurance pricing cycle is a major tailwind for margins. An
upside earnings surprise alongside reserve strengthening is expected.

The Buy rating and $15 target price are unchanged.

Target price is$15.00Current Price is$12.03Difference:$2.97
IfQBEmeets the UBS target it will return approximately25%(excluding dividends, fees and charges).

Current consensus price target is$14.84, suggesting upside of21.7%(ex-dividends)

The company's fiscal year ends in December.

Forecast for FY21:

UBS forecasts a full yearFY21dividend of57.61cents and EPS of85.75cents. At the last closing share price the estimated dividend yield is4.79%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is14.03. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is83.2, implying annual growth ofN/A. Current consensus DPS estimate is61.4, implying a prospective dividend yield of5.0%. Current consensus EPS estimate suggests the PER is14.7.

Forecast for FY22:

UBS forecasts a full yearFY22dividend of81.73cents and EPS of104.50cents. At the last closing share price the estimated dividend yield is6.79%. At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is11.51. How do these forecasts compare to market consensus projections? Current consensus EPS estimate is104.3, implying annual growth of25.4%. Current consensus DPS estimate is86.7, implying a prospective dividend yield of7.1%. Current consensus EPS estimate suggests the PER is11.7.