QBE Insurance Group reports Q1 2026 earnings

The QBE Insurance Group Ltd (ASX: QBE) share price is in focus today as the insurer reported 11% gross written premium growth for the first quarter of 2026 and continued strong investment returns, underpinned by resilient underwriting.

What did QBE Insurance Group report?

• Gross written premium (GWP) up 11% year-on-year; 7% on a constant currency basis
• Ex-rate GWP growth of 6%, with strength in North America Crop and International portfolios
• Net cost of catastrophe claims at approximately $300 million for January to April 2026
• Investment income of about $500 million in the first four months of 2026
• Core fixed income yield increased to 4.1% at 1Q26 (from 3.7% at FY25)
• Total funds under management of $36.1 billion at 1Q26

What else do investors need to know?

QBE reported that premium growth was particularly strong in targeted areas, including North America Crop and select portfolios in its International division. Market conditions remain supportive, with Group premium rate increases of around 2% in the quarter, although competitive pressures were flagged in commercial property and at Lloyd’s.

On the claims front, QBE noted a net cost of catastrophe claims of roughly $300 million during the first four months of the year, primarily due to multiple events in Australia and storms in the Northern Hemisphere. Direct underwriting exposure to the Middle East conflict remains limited, with estimated net claims around $60 million included in catastrophe costs.

What did QBE Insurance Group management say?

CEO Richard Pryce said:

We are pleased with performance through the start of 2026, underpinned by targeted premium growth alongside resilient underwriting and investment management. We expect mid-single-digit GWP growth with a Group combined operating ratio of ~92.5% in FY26 and remain confident in sustaining strong performance over the medium-term.

What’s next for QBE Insurance Group?

Looking ahead, QBE reiterated its full-year 2026 outlook, expecting mid-single-digit gross written premium growth on a constant currency basis, and a Group combined operating ratio of around 92.5%. Over the medium term, management aims for an adjusted return on equity above 15% and ongoing GWP growth.

The company will release its 1H26 results on Friday 14 August 2026. QBE says it remains focused on disciplined underwriting, portfolio management, and navigating dynamic global insurance markets.

QBE Insurance Group share price snapshot

Over the past 12 months QBE shares have risen 4%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 8% over the same period.

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The post QBE Insurance Group reports Q1 2026 earnings appeared first on The Motley Fool Australia.

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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.