After this week's market update by global insurer QBE Insurance (ASX: QBE) on its strategy to improve operations, the fallen market darling appears to be regaining favour with investors.
After crashing all the way to $10 in December 2012, the company has bounced back and is once again flirting with its 52-week high of $16.39. There have been a number of company specific issues for QBE (as opposed to industry wide issues) which has lead peers, with the exception of AMP (ASX: AMP), to perform relatively better over the past year.
As the chart below shows, Insurance Australia Group (ASX: IAG) has had a stellar run, outperforming the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) by nearly 40%, while Suncorp (ASX: SUN) has outperformed the index by over 25%.
Source: Google Finance
With QBE set to benefiting from the declining Australian dollar, a significant cost saving program and with a trailing dividend yield of 3%, the stock has the potential to rally further.
In the market for high-yielding ASX shares? Get "3 Stocks for the Great Dividend Boom" in our special FREE report. Click here now to find out the names, stock symbols, and full research for our three favourite income ideas, all completely free!
More reading
Motley Fool contributor Tim McArthur owns shares in QBE Insurance.