Key highlights

  • QBE reported adjusted net profit after tax of US$1,033 million for the half year ended 30 June 2026, up from US$997 million.
  • The Interim Dividend is A$0.33 per share, a 33% payout ratio, and the A$450 million buy-back was completed in April.
  • The full-year outlook is a combined operating ratio of about 92.5% and mid-single-digit constant currency premium growth.

QBE Insurance Group Limited (ASX:QBE) released a market announcement on 14 August 2026 covering its results for the half year ended 30 June 2026. The document provided is a half-year result, not a full-year annual report. It covered earnings, premium growth, Underwriting performance, Investment income and capital.

About QBE

QBE is a global general insurer and reinsurer headquartered in Sydney. It writes Business across North America, International and Australia Pacific, and reports its results in US dollars.

Earnings and returns

Adjusted net profit after tax increased to $1,033 million from $997 million. Adjusted Return on Equity was 17.7%, above the medium-term outlook of 15% or more. Adjusted EPS grew 4% in US dollars. The interim dividend of A$0.33 per share represents a 33% payout ratio, with interim dividends per share growing 6% in Australian dollars.

Underwriting and premiums

Gross Written Premium grew 6% in constant currency, consistent with the company’s mid-single-digit outlook. The combined operating ratio was 92.8%, on track to meet the full-year outlook of about 92.5%, with favourable prior-year development and catastrophe costs below allowance. The expense ratio increased to 12.4% from 12.1%. The company said premium rate adequacy remains supportive across the vast majority of its portfolios.

Investments and capital

Total investment income was $828 million, equal to a return of 2.3%. The indicative PCA multiple was 1.82 times, compared with the group’s target range of 1.6 to 1.8 times. Debt to total Capital was 24.1%.

The A$450 million on-market buy-back was completed in April. The company said additional capital efficiency initiatives will complete in the second half, including the sale of its Trade Credit business and a loss portfolio transfer announced the same day, and that improving capital efficiency will be a primary focus in the year ahead.

Risks to consider

Insurance results depend on catastrophe experience, and the first-half catastrophe costs were below allowance, which may not repeat. Expense ratios rose slightly.

The capital multiple sits above the target range, and the company noted pro forma effects of transactions. Portfolio changes such as the Trade Credit sale and loss portfolio transfer carry execution risk, and premium rates, investment returns and currency movements affect reported results.

Catalysts to watch

Items to watch include the full-year combined operating ratio of about 92.5%, mid-single-digit premium growth, completion of the Trade Credit sale and the loss portfolio transfer, the PCA multiple relative to its target range, and further capital management.