Highlights

  • QBE Insurance recorded first half FY26 gross Written Premium of USD 15.137 billion, including 6% constant currency growth broadly overall.
  • Adjusted net profit after tax reached USD 1.033 billion, a 4% increase compared with the prior corresponding period broadly overall.
  • QBE reported a combined operating ratio of 92.8% in the half year, alongside growth across its insurance premium portfolio overall.
  • Net Investment income increased 5.1% to USD 828 million, while funds under management grew to USD 36 billion broadly overall.

QBE Insurance Group Limited (ASX:QBE) is an ASX-listed global insurance and Reinsurance group, headquartered in Sydney, Australia. QBE operates across three geographic divisions: North America; International (including QBE Re, Europe, the Middle East, and Asia); and Australia Pacific. The group writes a diverse range of commercial and specialty insurance lines, including property, liability, workers' compensation, marine, crop, and professional lines. QBE reports in US dollars. H1 FY26 (year ended 30 June 2026) results were released 14 August 2026.

Premium Growth and Underwriting Performance

QBE's H1 FY26 gross written premium of US$15,137 million grew 10% in reported terms (6% constant currency), driven by a broad range of opportunities across North America property, QBE Re, and Lloyd's portfolios. Excluding crop insurance and exited non-core lines, GWP growth was 3–4% constant currency, reflecting measured, disciplined underwriting rather than volume-chasing. The combined operating ratio (COR) of 92.8% — representing the total of claims, commissions, and expenses as a percentage of net Earned Premium — was unchanged from H1 FY25, and consistent with QBE's full-year guidance of approximately 92.5%. Catastrophe claims tracked below QBE's internal allowance despite a number of large individual events in H1 2026, contributing to the stable COR. The ex-cat claims ratio was 61.8%.

Investment Income and Capital Position

QBE's investment portfolio generated net investment income of US$828 million (2.3% return) in H1 FY26, up 5.1% on H1 FY25, as the portfolio benefited from the sustained higher Interest Rate environment across the US, UK, and Australian fixed income markets. Total funds under management grew to US$36.6 billion. The APRA Prescribed Capital Amount (PCA) multiple was 1.82x at 30 June 2026 — slightly above QBE's target range of 1.6–1.8x — reflecting the strong Earnings generation and capital efficiency initiatives. The adjusted Return on Equity of 17.7% exceeded QBE's medium-term target of 15%+, though it moderated from 19.2% in H1 FY25 as the ROE base normalised from prior-year highs.

Capital Efficiency and Outlook

QBE announced two capital efficiency initiatives for 2H26: (1) the sale of its Trade Credit insurance business, and (2) a loss portfolio transfer — both designed to free up capital and further simplify QBE's portfolio. Trade Credit is a specialty commercial insurance line covering supplier payment risks; divesting it sharpens QBE's focus on core property, casualty, and specialty lines. Looking to the second half of FY26 and full-year guidance, QBE targets: GWP growth in the mid-single digits (constant currency); a COR of approximately 92.5%; and adjusted ROE of 15%+. The Book Value per share of A$11.30 was up 1% in USD terms on FY25.

Stock Price Information

Shares in QBE Insurance Group Limited (ASX:QBE) fell approximately 5% on the H1 FY26 results day (14 August 2026), as the underlying insurance profit came in modestly below market expectations despite the strong GWP and ROE outcomes. The share price was approximately A$18–19 at the time of results. As of 6 November 2026, QBE shares were trading on the ASX. Investors should refer to ASX announcements at www.asx.com.au and Investor relations at www.qbe.com for the latest company disclosures.