Highlights

• Adjusted net profit after tax climbed to US$1.03 billion, up from US$997 million in the previous period.
• Gross written premiums grew 6% on a constant-currency basis, while the combined operating ratio remained unchanged at 92.8%.
• An AU$33 cents per share interim dividend was declared, alongside a strong capital position and completed AU$450 million share buyback.

Strong Half-Year Results

QBE Insurance Group (ASX: QBE) posted a resilient first-half result, supported by steady underwriting performance and stronger earnings. In its 14 August 2026 half-year release, the insurer reported adjusted net profit after tax of US$1.033 billion, compared with US$997 million in the previous period. The insurer also delivered an adjusted return on equity of 17.7%, staying well ahead of its medium-term goal of above 15%.

Premium Growth Supports Performance

Gross written premiums reached US$15.137 billion, representing 6% growth on a constant-currency basis. QBE said growth was supported by continued momentum across several Northern Hemisphere portfolios, while opportunities remained broad across its diversified operations. The insurer recorded a 92.8% combined operating ratio, unchanged from the previous period, keeping it aligned with its FY26 target of around 92.5%. Its underwriting performance benefited from disciplined risk selection, adequate premium rates and favourable prior-year claims development.

Investment Income Adds Further Support

Investment performance also remained positive during the period. QBE generated US$828 million in total investment income, equivalent to a 2.3% return. The result was broadly stable against US$788 million in the previous period, with both fixed-income and risk-asset portfolios contributing.

Dividend and Capital Position

Shareholders are set to receive an AU$0.33 per share interim dividend, representing a 33% payout ratio. The company also completed its AU$450 million on-market share buyback in April, while maintaining a strong capital position with an APRA PCA multiple of 1.82x.Looking ahead, QBE continues to target a combined operating ratio of around 92.5% for FY26 and mid-single-digit constant-currency GWP growth. Its medium-term objective remains an adjusted return on equity above 15%, signalling continued focus on profitable growth and capital efficiency.

Conclusion

QBE Insurance Group’s half-year performance reflects a stable operating environment, supported by premium growth, resilient underwriting and solid investment returns. The company’s 17.7% adjusted return on equity remained above its medium-term target, while adjusted net profit after tax increased to US$1.033 billion. With the combined operating ratio holding at 92.8%, QBE remains positioned toward its FY26 target of approximately 92.5%. The AU$0.33 per share interim dividend and completed AU$450 million share buyback also highlight its focus on returning capital to shareholders. Looking ahead, continued premium growth, disciplined risk management and further capital-efficiency initiatives are expected to remain important to the insurer’s strategy. Note- All data presented is based on information available at the time of writing.Disclaimer for Kapitales ResearchThe materials provided by Kapitales Research, including articles, news, data, reports, opinions, images, charts, and videos ("Content"), are intended for personal, non-commercial use only. The primary goal of this Content is to educate and inform readers. This Content is not meant to offer financial advice, nor does it include any recommendation or opinion that should be relied upon for making financial decisions. Certain Content on this platform may be sponsored or unsponsored, but it does not serve as a solicitation or endorsement to buy, sell, or hold any securities, nor does it encourage any specific investment activities. Kapitales Research is not authorized to provide investment advice, and we strongly advise users to seek guidance from a qualified financial professional, such as a financial advisor or stockbroker, before making any investment choices. Kapitales Research disclaims all liability for any direct, indirect, incidental, or consequential damages arising from the use of the Content, which is provided without any warranties. The opinions expressed by contributors or guests are their own and do not necessarily reflect the views of Kapitales Research. Media such as images or music used on this platform are either owned by Kapitales Research, sourced through paid subscriptions, or believed to be in the public domain. We have made reasonable efforts to credit sources where appropriate. Kapitales Research does not claim ownership of any third-party media unless explicitly stated otherwise. 

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