October 2026
Largest Insurance Carriers Public Companies in Australia
Benchmark revenue and EBITDA valuation multiples for public comps like
QBE Insurance, Suncorp Group, Insurance Australia Group, Medibank and Challenger.
 | QBE Insurance is an international property and casualty insurance company. QBE Insurance offers a number of personal, commercial, and specialty lines, including property, auto insurance, agriculture, public/product liability, professional indemnity, workers compensation, marine, energy and aviation, and accident and health. | $17 | +31% | $25B | $27B | 1.1x | 8.4x | ||
| Suncorp Group Limited is an Australian general insurance group headquartered in Brisbane and listed on the ASX under the code SUN. It was formed in December 1996 by the merger of Suncorp, Metway Bank and the Queensland Industry Development Corporation, and for many years it ran a bank alongside its insurers. The group sold Suncorp Bank to ANZ in a deal completed on 31 July 2024 and is now a general insurer in Australia and New Zealand. Its brands include Suncorp Insurance, AAMI, GIO, Apia, Shannons, Vero, Bingle and AA Insurance, which sell home, motor and commercial cover to households and businesses. Suncorp also sold its Australian life insurance business to TAL in 2019 and has made corporate venture investments such as Trov and Car Next Door. The group reported revenue of about A$15 billion in 2022. | $13 | +3% | $14B | $15B | 1.4x | 18.0x | ||
| Insurance Australia Group is the largest general insurer in Australia and New Zealand, listed on the Australian Securities Exchange under the ticker IAG and a member of the S&P/ASX 50 index. It was formed as NRMA Insurance Group when NRMA Insurance demutualised in 2000 and took its current name on 15 January 2002. The group is headquartered at Darling Park in Sydney and employed more than 13,500 people when it reported 2017 revenue of A$11.8 billion. It sells insurance under brands including NRMA Insurance, CGU Insurance, SGIO, SGIC and Swann Insurance in Australia and NZI, AMI Insurance and Lumley Insurance in New Zealand. It has grown through acquisitions of SGIO and SGIC in 1998, CGU and Swann in 2003 and AMI in 2012, and has operated in Thailand and Malaysia. Berkshire Hathaway took a 3.7 per cent stake in 2015 through a quota share reinsurance partnership. | $6 | +9% | $13B | $13B | 1.0x | 8.6x | ||
| Previously owned by the Australian government, Medibank is the largest health insurer in Australia. Its two brands, Medibank Private and Ahm, cover around 5 million people. Medibank and Australia's fourth-largest health fund, NIB Holdings, are the only listed health insurers. In addition to private health insurance, the firm provides life, pet, and travel insurance, as well as health insurance for overseas students and temporary overseas workers. The Medibank Health division provides healthcare services to businesses, governments, and communities across Australia and New Zealand. | $3 | -1% | $8.8B | $8.5B | 1.3x | 13.6x | ||
| Challenger's core business is selling annuity products in the Australian retirement market and, since November 2016, selling Australian dollar-denominated annuities into Japan's large retirement market. The firm's annuity products provide investors guaranteed regular payments over an agreed term for an upfront lump sum investment, and are designed primarily to protect investors from the longevity risk of outliving their savings. Challenger also operates a funds management business, Challenger Investment Management, which primarily manages investments supporting its annuities business. In addition, Challenger holds a 45% minority stake in Channel Group, the merged entity of Fidante Partners and Channel Capital. | $7 | +12% | $4.6B | $5.3B | 2.5x | 10.7x | ||
| NIB Holdings is Australia's fourth-largest health fund. It is a national provider of private health insurance, life insurance, travel insurance, and related healthcare services, with a growing presence in New Zealand. Approximately 55% of the population is covered by private health insurance because of taxation benefits, shorter wait times, a choice of doctor and hospital, and cover of ancillary health services. | $5 | -8% | $2.2B | $2.2B | 0.9x | 10.3x | ||
| Helia listed on the Australian Securities Exchange in 2014 after its US-based parent, Genworth Financial (NYSE: GNW), sold down its stake. It has since exited. With a history spanning over 50 years, Helia is the largest provider of lenders' mortgage insurance, or LMI, in Australia. In Australia, LMI is predominantly purchased on loans with a loan/value ratio, or LVR, above 80%. LMI protects a lender against a potential loss (gap) between the outstanding loan amount and sale proceeds on a delinquent loan property. LMI does not protect the borrower; however, the premium is paid by the borrower. It’s regulated by the Australian Prudential Regulation Authority, which requires it to meet minimum regulatory capital requirements. | $4 | +2% | $983M | $929M | 3.3x | 3.5x | ||
| Nobleoak Life Ltd is involved in the manufacture and distribution of Life Insurance products (including death, total and permanent disability, trauma, income protection and business expenses insurance) through both its Direct and Strategic Partner (Advised) channels. The company's segments include Direct Business, Strategic Partnerships, and Genus. It generates maximum revenue from the Direct segment. | $1 | -3% | $86M | $33M | 0.1x | 3.2x | ||
| Median | $5 | +2% | $6.7B | $6.9B | 1.2x | 9.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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