May 2026
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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 | +1% | $25B | $27B | 1.4x | 10.5x | ||
| Suncorp provides general insurance through a number of different brands. The core businesses include personal insurance such as home and motor, and commercial insurance. Suncorp and competitors IAG Insurance and QBE Insurance dominate the Australian and New Zealand insurance markets. It sold its banking business to ANZ Bank in July 2024. | $12 | -15% | $13B | $14B | 1.3x | 11.8x | ||
| Insurance Australia Group is the biggest domestic general insurer by gross written premium operating in Australia and New Zealand. The key general insurance markets in which the company operates are home and contents, motor vehicle and compulsory third party, and short-tail commercial. Insurance Australia Group sells insurance under several brands, including NRMA, CGU, SGIO, SGIC, WFI, and Swann in Australia and NZI, State, AMI, and Lumley in New Zealand. | $6 | -10% | $13B | $15B | 1.3x | 10.0x | ||
| 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 | +2% | $10B | $9B | 1.5x | 19.3x | ||
| 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 is designed primarily to protect investors from the longevity risk of outliving their savings. Challenger also operates a funds management business, Fidante Partners, which has minority stakes in several boutique global investment managers, and Challenger Investment Management, which primarily manages investments supporting its annuities business. | $7 | +24% | $5B | ($2B) | (0.9x) | (2.0x) | ||
| 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 | +3% | $2B | $2B | 1.0x | 15.2x | ||
| 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 | -5% | $965M | $936M | 2.7x | 3.4x | ||
| 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 | -11% | $82M | $38M | 0.1x | 2.2x | ||
| Median | $5 | -2% | $7B | $6B | 1.3x | 10.2x |
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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