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AUB Group Ltd ASX:AUB

General Insurance Recurring Revenue Free Cash Flow M&A

8 opened or increased9 held1 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 18 managers in total.

Position history by manager Showing 3 of 18 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

15 more managers have commented on AUBPro shows the full position history for all 18 managers.

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20252026

4 Feb 2025 to today

Commentary Showing 2 of 37

DateManagerActionSummary

6 Oct 2026Auscap Asset ManagementHeldAuscap Asset Management continues to hold AUB Group (ASX: AUB), viewing the insurance broker as another company the market perceives as a potential AI loser when AI may in fact benefit it. Auscap believes AI can automate back-office processes at AUB, freeing brokers to spend more time generating new business. The manager notes that AUB's earnings have continued to grow even as its share price has weakened, a divergence Auscap sees as consistent with its broader thesis that the gap between earnings and share prices will eventually close.

Article, price recorded $26.82

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9 Sep 2026Pendal GroupHeldPendal Group continues to hold its position in AUB Group because portfolio manager Edgley regards the insurance broking business as an obvious future M&A candidate given the strategic nature of its assets and significant valuation upside. AUB Group is now the sole listed insurance broking business remaining on the ASX following the takeovers of Steadfast and PSC Insurance, which Pendal views as narrowing the pool of comparable targets and potentially increasing its strategic appeal. Importantly, Edgley stresses that the investment case does not depend on a takeover occurring, treating any potential deal as upside optionality layered on top of the core investment thesis.

Article, price recorded $27.89

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35 more comments on AUBPro shows every comment, with a link to each source document.

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First mention by manager

Price recorded at each manager's first comment

Price at first mentionThe share price recorded when each of 18 managers first commented on AUB.

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Articles

About AUB Group Ltd

Financials, Insurance

AUB Group (ASX:AUB), an insurance broking network, is seen by fund managers as undervalued and a potential takeover target. In September 2026, Pendal Group flagged AUB as an obvious M&A candidate given its strategic assets and valuation upside, noting it is now the only listed insurance broker on the ASX. Bell Asset Management said AUB is significantly undervalued after a heavy de-rating linked to softening insurance premiums, and Auscap lists it among its preferred mid-caps. Asymmetric noted AUB rose almost 10% after peer Steadfast received a takeover approach, recalling AUB's own approach in October 2025. AUB Group operates in the Financials sector within the Insurance industry, and Thesis Tracker has captured 35 comments from 18 fund managers, including Pendal Group, Bell, Auscap, First Sentier and Asymmetric. Founded in 1985 and headquartered in North Sydney, AUB operates insurance broking and underwriting agencies in Australia, New Zealand and the UK, including Tysers.

Market cap: $3.7b
Price to earnings: 38.9x
Return on equity: 6.3%
Dividend yield: 3.3%
Price to book: 2.11x
Net margin: 7.8%
52-week range: $22.08 to $40.28

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in AUB Group Ltd (ASX:AUB)?

Fund managers including Asymmetric Asset Management, Yarra Capital Management, Pendal Group, Perennial Partners, Prime Value Asset Management, Totus Capital, SG Hiscock & Company, Pengana Capital Group, Regal Funds Management, LSN Capital Partners, Auscap Asset Management, Ellerston Capital, Oracle Advisory Group, Bell Asset Management, First Sentier Investors, Quest Asset Partners, Antares Capital and Provenance Value Partnership have invested in AUB Group Ltd (ASX:AUB).

What opportunities or catalysts do fund managers highlight for AUB Group Ltd?

Managers highlight strategic value as the sole remaining listed insurance broker, potential takeover interest, stable earnings, strong return on equity and an undervalued share price after de-rating, according to Pendal, Bell and First Sentier.

What are the key risks to the AUB Group Ltd investment thesis, according to fund managers?

Bell notes AUB has de-rated due to softening insurance premium rates, which reduce broker commission income, and an earlier takeover approach did not proceed.

What does AUB Group Ltd (ASX:AUB) do?

AUB Group Ltd. is an equity-based insurance broker network headquartered in North Sydney, Australia. Founded in 1985, the company operates through five core segments: Australian Broking, Agencies, New Zealand Broking, International, and Support Services. The Australian and New Zealand Broking segments provide advisory services to SME clients. The International segment manages wholesale and retail broking and Managing General Agents. The Support Services segment offers operational support to all internal divisions, including Tysers, and external clients. AUB Group delivers comprehensive insurance solutions through its integrated network of brokers and service providers.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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