Key highlights

  • QBE Insurance Group Ltd (ASX:QBE) shares touched a 52-week high during the 19 October 2026 session and closed at $25.95, up 0.93%.
  • The 14 August 2026 half-year release reports adjusted net profit after tax of US$1,033 million and a combined operating ratio of 92.8%.
  • An Interim Dividend of A$33 cents per share was declared, and the PCA multiple was 1.82x at 30 June 2026.

QBE Insurance Group Ltd (ASX:QBE) is a global insurer and reinsurer with operations in North America, International markets and Australia Pacific. The shares reached a 52-week high at one point in the 19 October 2026 session, finishing at $25.95, up 0.93%. In an ASX announcement dated 14 August 2026, QBE released its 2026 half-year result for the six months ended 30 June 2026, with figures in US dollars unless stated.

Half-year headline numbers

Gross Written Premium was $15,137 million, up 6% on a constant-currency basis, from $13,820 million. Net insurance Revenue was $9,546 million, compared with $8,814 million. The combined operating ratio was 92.8%, unchanged on the prior period, made up of a net claims ratio of 62.3%, a net commission ratio of 18.1% and an expense ratio of 12.4%.

Adjusted net profit after tax was $1,033 million, compared with $997 million. Adjusted Return on Equity was 17.7%, against 19.2% a year earlier and a medium-term outlook of 15% or more. Statutory Basic Earnings Per Share were 68.9 US cents, up from 66.1 US cents. The tax rate was 24.9%, compared with 23.1%.

Claims, Investment and capital

The catastrophe claims ratio was 4.7%, with a net cost of $445 million compared with $479 million, below the first-half allowance of $517 million. The ex-cat claims ratio rose to 61.8% from 61.5%, with the release citing industry claims Inflation in Accident & Health and large individual events. Prior accident year claims development was favourable by $403 million, including $108 million from the central estimate.

Total investment income was $828 million, a return of 2.3%, compared with $788 million and 2.4%. Funds under management were $36.6 billion. The APRA PCA multiple was 1.82x, down from 1.87x at 31 December 2025 and above the group’s 1.6 to 1.8x target range, with a pro forma 1.78x after the interim dividend. Debt to total Capital was 24.1%. The A$450 million on-market share repurchase was completed in April, and notice has been given to redeem a further A$500 million Tier 2 instrument in August 2026.

Dividend, regions and outlook

The interim dividend is A$33 cents per share, a 33% payout ratio, compared with A$31 cents. Ex-rate premium growth by region was 4% in North America and 11% in International, and fell 1% in Australia Pacific. QBE said additional capital efficiency initiatives would complete in the second half, including the sale of its Trade Credit Business and a loss portfolio transfer announced the same day.

For FY26, QBE expects a combined operating ratio of about 92.5% and constant-currency premium growth in the mid-single digits. The medium-term outlook is an adjusted return on equity of 15% or more with mid-single-digit premium growth.

Sector backdrop

Across the market on 19 October 2026, the S&P/ASX 200 (ASX: XJO) stood at 8,845.70 at 4:25 pm (GMT+11) on 19 October 2026, up 0.44%, or 39.00 points, for the day. On the sector map, Financials rose 0.85%. The sector map shows that Energy rose 2.16%, Industrials 0.93%, Financials 0.85%, Utilities 0.38% and Consumer Staples 0.25%, and that Information Technology fell 1.35%, A-REIT 0.34%, Consumer Discretionary 0.18%, Telecommunication Services 0.16% and Health Care 0.13%. One unlabelled segment added 0.11%.

QBE’s half-year release is dated 14 August 2026, more than two months before the 19 October session, and it does not address share price movements.

Risks shareholders should weigh

The result benefited from catastrophe costs below allowance and favourable prior-year claims development, both of which can vary from period to period. The release itself cites claims inflation in some portfolios, and premium growth in Australia Pacific was negative on an ex-rate basis.

QBE’s forward statements assume no material variation in catastrophe claims or premium rates, no major movement in exchange rates and no substantial change in regulation. Capital measures are indicative, total borrowings rose to $4.2 billion, and the investment result of 2.3% includes a $171 million loss from changes in risk-free rates in fixed income. Return on equity was lower than a year earlier.

What’s next

The release points to completing the Trade Credit sale and the loss portfolio transfer in the second half, redeeming the A$500 million Tier 2 instrument, and delivering a combined operating ratio of about 92.5% for FY26. QBE says improving capital efficiency will be a primary focus into the year ahead.