QBE Insurance Group Limited (ASX: QBE) has released its Investor Report for the half year ended 30 June 2026, announcing solid financial performance. The global insurer and reinsurer, headquartered in Sydney, Australia, provides a comprehensive range of insurance products and services to businesses and individuals worldwide. For the first half of 2026, QBE reported an adjusted net profit after tax of US$1,033 million, representing a 4% increase over the prior corresponding period. Shareholders will receive an interim dividend of 33 Australian cents per share, an uplift of 6%, alongside adjusted diluted earnings per share of 97 Australian cents.
Underwriting performance was strong, with the Group achieving a combined operating ratio (COR) of 92.8%, consistent with its full-year outlook of approximately 92.5%. Gross written premium (GWP) increased by 6% on a constant currency basis, aligning with the company’s mid-single-digit growth target and supported by a breadth of opportunities. The net claims ratio improved to 62.3%, primarily driven by catastrophe costs remaining comfortably below allowance for the period and favourable prior accident year claims development. The company’s capital position remains robust, evidenced by an APRA Prescribed Capital Amount (PCA) multiple of 1.82x, following the completion of an A$450 million on-market share buyback in April.
QBE delivered an adjusted return on equity (ROE) of 17.7%, surpassing its medium-term outlook of 15%+. Investment performance contributed positively, benefiting from a supportive interest rate environment. The company continues its strategic focus on portfolio optimisation and efficiency, with initiatives underway including the progression of AI-enabled algorithmic underwriting capabilities. Further capital efficiency initiatives are slated for the second half of 2026, notably the announced sale of its Trade Credit business alongside a loss portfolio transfer. QBE remains on track to deliver its full-year outlook, with disciplined underwriting and favourable rate adequacy supporting continued profitable growth.
