Key points
- The QBE share price is surging 8% this week
- The company has joined the UN-convened Net-Zero Insurance Alliance this week
- Brokers at Morgans named it one of the best financial shares to buy in February
The QBE Insurance Group Ltd (ASX: QBE) share price is rocketing ahead this week.
The company's shares have soared 8% since market close on 28 January. In today's trading, the QBE share price is up by 2.56% to $12.03. In contrast, the S&P/ASX 200 Index (ASX: XJO) is falling 0.39% today.
QBE Insurance was established in 1886 in Queensland but has now expanded to employ 11,000 workers in more than 25 countries worldwide.
Let's take a look at what might be impacting the company this week.
What's happening at QBE?
The QBE share price is not only up this week — it's surged 43% in the past year. This week, QBE was named by Morgans as one of the best financial shares to buy in February.
The broker has given QBE an "add" rating with a $14.32 price target on its share. That's 19% more than the current share price.
In other news this week, the company has become a member of the United Nations-convened Net Zero Insurance Alliance.
QBE has committed to transitioning its investment portfolio to net-zero by 2050.
In a news update from the company, QBE said:
As part of the UN-convened net zero insurance alliance, we'll work with the insurance industry to help define the methodology needed to assess the carbon intensity of underwriting portfolios and setting science-based intermediate targets.
We commit to the gradual transition of our underwriting portfolio to net zero greenhouse gas emissions by 2050, as we continue to also support our customers' transition to a net-zero economy.
Broker JP Morgan recently named QBE as part of a "Super 7" list, suggesting it could deliver returns of up to 30% this year.
Finally, QBE's European operations have recently launched a sustainable energies unit. Its European operations are part of the wider QBE Insurance Group.
The new unit will help QBE's customers transition to lower-carbon energy.
QBE share price snap shot
The QBE share price has climbed nearly 6% this year to date. In the last week alone, it's gained around 9%.
In contrast, the broader ASX 200 has returned just over 3% in the past 52 weeks.
QBE has a market capitalisation of $17.7 billion based on its current share price.
