• ROE of 17.7% exceeds medium-term outlook of 15%+
• Adjusted net profit after tax increased to $1,033 million
• GWP grew 6% on a constant currency basis, in line with outlook

QBE Insurance Group Limited reported strong half-year results for the period ended 30 June 2026. The company achieved an adjusted return on equity (ROE) of 17.7%, comfortably above its medium-term outlook of 15%+. Adjusted net profit after tax increased to $1,033 million from $997 million in the prior period. The interim dividend of A$33c per share represents a 33% payout ratio. Gross written premium (GWP) grew 6% on a constant currency basis, consistent with the company's mid-single-digit outlook. The combined operating ratio (COR) remained stable at 92.8%, on track to achieve the full-year outlook of ~92.5%. The company's investment performance was robust, with total investment income of $828 million, equating to a return of 2.3%. The capital position remains strong with a pro forma PCA multiple of 1.78x after the payment of the 2026 interim dividend.

QBE expects FY26 adjusted ROE of 15%+, constant currency GWP growth in mid-single digits

QBE anticipates a combined operating ratio of ~92.5% and constant currency GWP growth in the mid-single digits for FY26.