EarningsQ2 2026 Earnings Report

QBE Insurance Group Limited (QBE) Q2 2026 Earnings Report

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Previous Report: Q4 2025

DE:QBE Q2 2026 EPS Results

Actual EPS€0.61

Consensus EPS€0.61

Beat/MissMissed by -<€0.01

One Year Ago EPS€0.59

DE:QBE Q2 2026 Revenue Results

Actual Revenue€11.11B

Expected Revenue€8.65B

Beat/MissBeat by +€2.46B

YoY Revenue Growth-0.80%

Earnings Announcement Details

QuarterQ2 2026

Date08/13/2026

TimeAfter Close

Conference CallThursday, August 13, 2026

DE:QBE Upcoming Earnings

QBE Insurance Group Limited's next earnings date is estimated for February 19, 2027, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:QBE Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Aug 13, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed a broadly positive performance: strong returns (ROE ~17.7%), solid premium growth (6%), disciplined capital actions (buyback, dividends, LPT and planned disposal), resilient investment income (~$830m) and notable progress on reinsurance and facilities businesses. Offsetting items included A&H claims inflation and related provisioning, pockets of underwriting pressure in parts of North America and property/Lloyd's rate softness, reserve remediation activity (LPT) and a slightly higher expense ratio. Overall the positive drivers (profitability, growth, capital strength, AI/efficiency initiatives and cat resilience) materially outweigh the challenges discussed.

Company Guidance

QBE reiterated guidance to deliver mid‑single‑digit constant‑currency gross written premium growth (H1 GWP +6% to ~A$15bn; underlying ~7%) and a group combined ratio around 92.5% (H1 92.8%), while targeting medium‑term returns above 15% (H1 ROE 17.7%). Key H1 metrics included investment income of ~A$830m (annualized return ~4.6–5%), adjusted net profit just over A$1bn (+4%), an interim dividend of A$0.33 (+6%, H1 payout ~33%), an expense‑ratio target of ~12% for FY26, and a PCA multiple ~1.82x (1.78x ex‑dividend). Capital actions and efficiency moves highlighted were a completed A$450m buyback, QBE Re now ~A$4bn GWP (aspirational A$6bn by 2030), QPS GWP ~A$1.8bn, expected cyber premiums ~A$600m by year‑end, an LPT covering ~A$1–1.6bn of reserves (giving ~2ppt PCA benefit), an expected ~A$70m pretax gain on the trade‑credit sale in H2, a sidecar and cat bond initiatives, catastrophe costs ~A$450m in H1 (including ~A$75m Middle East impact), favourable prior‑year development ~A$110m, PML down ~11% since 2023, max event retention down ~40% to ~A$240m, and funds under management A$36.6bn (85% core fixed income, duration ~2.5 years).

Strong profitability and returns

Adjusted net profit just over $1.0 billion, up 4% year-on-year; group return on equity of 17.7% (almost 18%), comfortably above medium-term guidance of 15%+.

Premium growth and scale

Headline gross written premium grew 6% (ex-rate growth 6%) to approximately $15 billion, with underlying growth closer to 7% after noncore exits.

Underwriting performance in line with guidance

Group combined ratio of 92.8%, consistent with full-year outlook (~92.5%) and supported by favorable prior year development (~$110 million) and below-allowance catastrophe costs.

Strong investment result

Investment income around $830 million for the half, implying an annualized return ~4.6% (management cited 'almost 5%') and investment income growth of ~5% versus prior period; funds under management increased 2% to $36.6 billion.

Disciplined capital management

Completed first share buyback in several years returning $450 million; interim dividend AUD 0.33 per share (up 6%); APRA PCA multiple 1.82x (1.78x adjusted for interim dividend).

Reinsurance and portfolio solutions growth

QBE Re increased to ~15% of group (~$4 billion premium) with a target of $6 billion by 2030; QBE Portfolio Solutions expected ~ $1.8 billion GWP in 2026 and showing strong returns and market leadership.

Catastrophe resilience and risk reduction

Probable maximum loss (PML) reduced ~11% since 2023 while premium increased nearly 20% over same period; maximum event retention down ~40% in two years, and cat costs for the half around $450 million (below allowance).

Technology and AI-driven efficiency gains

Launched Aurora automated underwriting cutting quote-to-bind to under 10 minutes in British Marine P&I; European Motor claims AI expected to handle ~25,000 claims next year capturing 600 attributes at >94% accuracy; Asian marine AI reduced claims cycle time by ~88%.

DE:QBE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Feb 19, 2027	2026 (Q4)	0.60 / -	0.663	―
Aug 13, 2026	2026 (Q2)	0.61 / 0.61	0.588	3.03% (+0.02)
Feb 19, 2026	2025 (Q4)	0.60 / 0.66	0.56	18.44% (+0.10)
Aug 07, 2025	2025 (Q2)	0.49 / 0.59	0.458	28.35% (+0.13)
Feb 20, 2025	2024 (Q4)	0.51 / 0.56	0.569	-1.72% (>-0.01)
Aug 08, 2024	2024 (Q2)	0.45 / 0.46	0.242	89.34% (+0.22)
Feb 15, 2024	2023 (Q4)	0.59 / 0.57	0.402	41.59% (+0.17)
Aug 09, 2023	2023 (Q2)	0.30 / 0.24	0.101	138.60% (+0.14)
Feb 16, 2023	2022 (Q4)	0.31 / 0.40	0.205	96.52% (+0.20)
Aug 10, 2022	2022 (Q2)	0.06 / 0.10	0.282	-64.04% (-0.18)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed