Analysts see more upside for sector giants after FY25’s stellar run

As investors navigated a turbulent 2025 financial year, two insurance giants climbed the wall of worry to deliver double-digit returns: IAG and QBE.

IAG, behind the NRMA Insurance brand, delivered 33 per cent total return, while QBE, which operates in 27 countries, gained 44 per cent. Both outperformed the S&P/ASX 200’s 15 per cent return.

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