QBE Insurance Group (QBE) Q1 2026 TU earnings summary

Executive summary

• Achieved strong start to 2026 with targeted premium growth and resilient underwriting and investment management.

• Gross written premium (GWP) growth of 11% year-over-year in 1Q26, or 7% on a constant currency basis.

• Group combined operating ratio expected at approximately 92.5% for FY26.

Financial highlights

• GWP reached $9.2 billion in 1Q26, up from $8.3 billion in 1Q25.

• Net catastrophe claims totaled approximately $300 million for the four months to April 2026, within the first-half allowance of $517 million.

• Investment income for the four months to April was -$500 million, impacted by initial market weakness but followed by recovery.

• Core fixed income yield increased to 4.1% at 1Q26 from 3.7% at FY25.

• Total investment funds under management (FUM) rose to $36.1 billion from $35.8 billion at FY25.

Outlook and guidance

• Reiterates full-year 2026 outlook: mid-single-digit GWP growth (constant currency) and combined operating ratio of ~92.5%.

• Medium-term expectation of adjusted return on equity above 15% with sustained GWP growth.