BUZZ - After an upgrade by Citi, Australia's QBE Insurance may see its best week in four months

October 9 - ** QBE Insurance Group QBE.AX shares extended their gains, rising 1.8% to AUD 24.805, marking the highest level since August 5.

** The stock is up about 4.2% so far this week and is on track for its best performance since early June.

** Earlier this week, Citigroup noted in a report that the insurer's ability to deliver at least mid-single-digit, volume-driven growth in gross written premium (GWP) while maintaining underwriting margins distinguishes it from domestic peers.

** The broker upgraded the stock to “Buy” and raised its price target by 10.3% to AUD 26.70.

** The report also stated QBE has already achieved total premium income of USD 1.5 billion, with expectations it could rise to USD 2.5 billion in the medium term.

** Citigroup added it remains optimistic on the stock, citing increased earnings stability thanks to prudent reserving.

** QBE shares have gained about 25% so far this year.

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