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    QBE   AU000000QBE9

QBE INSURANCE GROUP LIMITED

(QBE)
  Report
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General Announcement::QBE Pricing - GBP400m Fixed Rate Resetting Subordinated Notes Due 2038

09/05/2021 | 09:42pm EST

QBE Insurance Group Limited ABN 28 008 485 014 Level 18, 388 George Street, SYDNEY NSW 2000 Australia GPO Box 82, Sydney NSW 2001

telephone + 612 9375 4444 • facsimile + 612 9231 6104

www.qbe.com

6 September 2021

The Manager

Market Announcements Office

ASX Limited

Level 4

Exchange Centre

20 Bridge Street

SYDNEY NSW 2000

Dear Sir/Madam,

QBE PRICING ANNOUNCEMENT IN RELATION TO GBP400,000,000 OF FIXED RATE RESETTING SUBORDINATED NOTES DUE 2038

Please see the attached market release.

This release has been authorised by the QBE Board of Directors.

Yours faithfully

Carolyn Scobie

Company Secretary

Attachment

MARKET RELEASE

6 September 2021

QBE PRICING ANNOUNCEMENT IN RELATION TO GBP400,000,000 OF FIXED RATE RESETTING SUBORDINATED NOTES DUE 2038

Further to our market release on 1 September 2021, QBE announces that it has priced the issue of GBP400,000,000 of Fixed Rate Resetting Subordinated Notes ("Subordinated Notes") under its USD4,000,000,000 Note Issuance Programme to wholesale investors.

The Subordinated Notes will be eligible as Tier 2 Capital of QBE under the Australian Prudential Regulation Authority's ("APRA") capital adequacy framework. Subordinated Notes are required to be converted into ordinary shares in QBE or written-off in whole or in part if APRA determines QBE is or would become non-viable.

The Subordinated Notes will have a term of 17 years (maturing 13 September 2038) and are scheduled to pay interest semi-annually in arrear.

Interest will initially be paid at a fixed rate of 2.5% per annum until 13 September 2028 (the first reset date). The interest rate will be reset on that date (and every 5 years after that date) to a rate equal to the then prevailing 5-Year Gilt Rate plus a spread of 2.061% per annum.

The Subordinated Notes are callable by QBE with APRA's prior written approval on any business day within the 6-month period up to and including the first reset date, and on each 5th anniversary of that date (and if certain tax or regulatory events occur).

Following settlement of the Subordinated Notes, QBE intends in due course to give a notice of redemption in respect of its outstanding GBP327,186,000 6.115% fixed rate subordinated notes due 2042 (ISIN: XS1419859142) ("2042 Subordinated Notes") in accordance with their terms and conditions.

For further information, please contact:

Debt Relations

Investor Relations

Group Treasurer

Group Head of Investor Relations

Sam Vilo

Tony Jackson

Tel: +61 (2) 9375 4720

Tel: +61 (2) 9375 4364

Email: sam.vilo@qbe.com

Email: investor.relations@qbe.com

Media Enquiries

QBE Insurance Group Limited

Natalie Kitchen

ABN 28 008 485 014

Tel: +61 432 419 533

Level 18, 388 George Street

Email: natalie.kitchen@qbe.com

Sydney NSW 2000

Australia

www.qbe.com

DISCLAIMER

This market release does not constitute an offer or invitation for the Subordinated Notes for issue or sale in Australia or any other jurisdiction. Subordinated Notes are only available for sale to persons in Australia in circumstances where disclosure is not required in accordance with Part 6D.2 or Chapter 7 of the Corporations Act 2001 (Cth).

This market release may not be distributed or released in the United States. This market release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States or any other jurisdiction in which such an offer would

be illegal. The securities referenced herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any state or other jurisdiction of the United States. The securities discussed in this market release may not be offered or sold, directly or indirectly, within the United States or to or for the account or benefit of U.S. persons (as defined in Rule 902(k) under the Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This market release does not, and is not intended to, constitute a notice of redemption in respect of the outstanding 2042 Subordinated Notes, including for the purposes of their terms and conditions.

2

Disclaimer

QBE Insurance Group Ltd. published this content on 06 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 September 2021 01:41:05 UTC.


ę Publicnow 2021
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Sales 2021 18 569 M 13 218 M 13 218 M
Net income 2021 1 139 M 811 M 811 M
Net Debt 2021 3 359 M 2 391 M 2 391 M
P/E ratio 2021 14,9x
Yield 2021 3,29%
Capitalization 17 585 M 12 512 M 12 517 M
EV / Sales 2021 1,13x
EV / Sales 2022 1,06x
Nbr of Employees 11 444
Free-Float 99,6%
Chart QBE INSURANCE GROUP LIMITED
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QBE Insurance Group Limited Technical Analysis Chart | QBE | AU000000QBE9 | MarketScreener
Technical analysis trends QBE INSURANCE GROUP LIMITED
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TrendsNeutralNeutralBullish
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Mean consensus BUY
Number of Analysts 11
Last Close Price 11,91 AUD
Average target price 14,10 AUD
Spread / Average Target 18,4%
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Managers and Directors
David Andrew Horton Group Chief Executive Officer & Director
Inder Singh Group Chief Financial Officer
Michael Wilkins Non-Executive Chairman
Matt Mansour Group Executive-Technology & & Operations
John M. Green Deputy Chairman
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