** Analysts at Citi note increased market uncertainty post-reporting season in Australia but see favourable conditions in general insurance persisting longer than in previous cycles

** Brokerage rates QBE Insurance QBE.AX and Insurance Australia IAG.AX as "buy" and Suncorp SUN.AX as "neutral"

** Citi flags QBE as the sector's top pick, with potential to outperform 92.5% forecast in FY25, if key improvements materialize; says share buy-back is also possible

** Prefers IAG over SUN, citing margin strength and valuation premium justification; both expected to deliver margins at the top end of FY projected ranges in 2H25

** Rates Medibank MPL.AX "neutral" despite a strong profitability forecast over the next 18 months, citing cautious stance on government policy impact; sees rate rises above claims and inflation supporting margins

** Adds NIB Holdings NHF.AX is projected to meet the 3% to 4% policyholder growth projection for FY25 despite margin uncertainty beyond 2H

** QBE, IAG, MPL and NHF are all positioned for solid near-term performance, but regulatory risks remain a watchpoint - brokerage

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))