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QBE insurance profit rises in H1 2026 as combined ratio holds
QBE reported H1 2026 gross written premiums of $15.14 billion and kept its combined operating ratio at 92.8%, while ex-catastrophe claims inflation lifted the ex-catastrophe claims ratio to 61.8%.
Australia-headquartered insurer QBE said its insurance profit increased to $1.206 billion for the first half of 2026, up from $1.157 billion in H1 2025, as underwriting performance stayed resilient despite higher underlying claims costs and rising expenses.
QBE’s insurance operating result rose to $691 million from $639 million, supported by higher gross written premiums of $15.14 billion versus $13.82 billion a year earlier. The company reported ex-rate GWP growth of 6%, or 4% excluding Crop and exited portfolios, with International up 11% and North America up 4%, while Australia Pacific GWP declined 1%.
Even with the premium growth, QBE kept its combined operating ratio at 92.8%, unchanged from the prior-year period. The ex-catastrophe claims ratio edged up to 61.8% from 61.5%, reflecting claims inflation in Accident and Health and larger individual events, while the catastrophe claims ratio improved to 4.7% from 5.4%, taking QBE’s net cost of catastrophe claims to $445 million.
The insurer also said reinsurance income rose to $1.77 billion from $1.52 billion, and reinsurance expenses increased to $2.41 billion from $2.06 billion. Overall net profit after tax was $1.033 billion, compared with $1.022 billion a year earlier, and QBE’s CEO said the company is on track for its full-year outlook, citing disciplined underwriting and portfolio optimization.