QBE Insurance Group (QBE) H1 2026 earnings summary

Executive summary

• Adjusted net profit after tax rose to $1,033 million, up 4% year-over-year, with adjusted EPS up 4% in USD and interim DPS up 6% in AUD.

• Gross written premium (GWP) grew 6% on a constant currency basis to $15.1 billion, supported by broad-based opportunities.

• Combined operating ratio (COR) remained stable at 92.8%, reflecting disciplined underwriting and favorable catastrophe experience.

• Return on equity reached 17.7%, exceeding the medium-term target of 15%+.

• Interim dividend per share increased 6% in AUD to 33 Australian cents, with a payout ratio of 33%.

Financial highlights

• GWP reached $15.1 billion, up 10% headline and 6% constant currency year-over-year; net insurance revenue rose to $11,953 million.

• Net profit after tax was $1,033 million, up from $1,022 million in the prior period.

• Net investment income totaled $828 million, with a 2.3% return, supported by strong fixed income and risk asset performance.

• Expense ratio increased to 12.4%, impacted by transformation investment, FX movements, and lower TEPL credits.

• APRA PCA multiple at 1.82x, reflecting a strong capital position.

Outlook and guidance

• Full-year 2026 guidance targets a combined operating ratio of ~92.5% and mid-single-digit constant currency GWP growth.

• Medium-term outlook maintains adjusted ROE of 15%+ and investment returns above 3%.

• 2H26 expected to benefit from reversal of onerous contract provision and improved performance in several portfolios.

• Focus on driving lower expense ratio and improvement in underwriting in H2.