Key highlights

  • QBE Insurance Group (ASX:QBE) shares were priced at $26.38 as at 4:10 pm GMT+11 on 22 October 2026, up 1.38% on the day and up 33.17% year to date.
  • Its 2026 half-year report showed gross Written Premium of US$15,137 million, up 6% in constant currency, and a combined operating ratio of 92.8%.
  • Adjusted Return on Equity was 17.7%, and the company said it was on track for its FY26 combined operating ratio outlook of about 92.5%.

QBE Insurance Group Ltd (ASX:QBE) shares were priced at $26.38 as at 4:10 pm GMT+11 on 22 October 2026, up 1.38% (up $0.36) on the day, and the share performance data shows the stock up 33.17% year to date. QBE is a global insurer and reinsurer headquartered in Sydney. Its 2026 half-year investor report described premium growth, a combined operating ratio of 92.8% and an adjusted return on equity of 17.7%.

About QBE Insurance Group Ltd: Business overview

QBE Insurance Group Limited underwrites commercial, personal and Reinsurance business in Australia Pacific, North America and international markets. It reports in US dollars, and its results are described through gross written premium, combined operating ratio, insurance operating result, Investment income and adjusted return on equity.

2026 half-year results

QBE’s investor report for the six months ended 30 June 2026 showed gross written premium of US$15,137 million, compared with US$13,820 million in the prior period, with growth of 6% on a constant currency basis, in line with its mid-single-digit outlook. The combined operating ratio was 92.8%, the same as a year earlier, and adjusted return on equity was 17.7% compared with 19.2%.

The report said return on equity remained above its medium-term outlook of 15% or more and that the combined operating ratio was on track to achieve its FY26 outlook of about 92.5%.

Capital and investment income

QBE reported adjusted net profit after tax of US$1,033 million for the half year and an Interim Dividend of A$0.33 per share. The company reported net investment income of US$828 million and a PCA multiple of 1.82 times, above its 1.6–1.8 times target range, and said it would complete further Capital efficiency initiatives in the second half of 2026, including the sale of its Trade Credit business and a loss portfolio transfer.

Related sector context

Insurers, lenders and fleet-leasing businesses are influenced by interest rates, claims or credit experience, funding costs, regulation and corporate activity. Their reports typically cover premiums or Loan books, profit measures, dividends and capital management, and strategic transactions such as schemes of arrangement are announced with conditions and timetables.

Risks to weigh in

Insurers are exposed to catastrophe and weather events, claims inflation, reserving outcomes and investment market movements. The combined operating ratio outlook of about 92.5% is a target that depends on claims experience in the second half, and transactions such as the Trade Credit sale depend on completion. Currency movements affect a US dollar reporter with Australian-dollar-denominated listing.

Catalysts on watch

QBE’s full-year 2026 result and its combined operating ratio against the outlook of about 92.5%.

Completion of the Trade Credit business sale and the loss portfolio transfer.

Premium growth and rate trends across its divisions.

Wrapping up

QBE’s share performance data shows a gain of more than 33% year to date, and its half-year report describes premium growth, a stable combined operating ratio and capital initiatives for the second half. The full-year result will show how those targets are met.