Sydney, June 12, 2026, 04:02 AEST
- QBE ended the day at A$24.28, climbing 3.67%. The stock hit A$24.60 earlier, matching its 52-week high on the exchange.
- The move was notable with the S&P/ASX 200 down 0.23%, and financials losing 1.45%.
- QBE priced €500 million in subordinated notes and put Christopher Harris on its board.
QBE Insurance Group Limited jumped on Thursday, closing up 86 cents at A$24.28, a gain of 3.67%. The stock traded as high as A$24.60, hitting its 52-week high for the session. Turnover was about 6.40 million shares, with the company’s market cap around A$36.27 billion.
QBE’s gain stood out as the S&P/ASX 200 closed down 20.1 points, or 0.23%, to 8,633.2, with the All Ordinaries also off 0.23%. Financials lagged, dropping 1.45%. QBE outperformed both the wider market and its own sector.
QBE was one of the bigger large-cap gainers in the ASX Top 300 on Thursday, with the shares jumping 3.7% on the day, market data showed. QBE is now up 9.1% for the past month, but the stock is only up 4.7% over the past year, pointing to most of the gains coming in the last few weeks.
QBE priced a €500 million offering of fixed-rate resetting subordinated notes under its note issuance programme. The insurer said the notes are designed to qualify as Tier 2 capital under the Australian Prudential Regulation Authority capital rules. QBE added the notes may convert to ordinary shares if APRA says QBE is, or would be, non-viable.
QBE’s notes will run for 11 years and are due to mature on June 17, 2037. The notes carry a call date near June 17, 2032, pending APRA’s written OK. The interest rate is fixed at 4.293% a year, paid once a year in arrears up to June 17, 2032. After that, it flips to the five-year euro mid-swap rate plus 1.35% annually.
QBE said a day earlier that money from its planned euro-denominated subordinated note sale was meant for Tier 2 capital. The latest pricing release gave more detail on that capital action, but didn’t flag a fresh equity raise for regular shareholders.
Steadfast Group drew attention in the insurance sector after the company got a non-binding A$7.7 billion offer from Amwins Group and Dragoneer Investment Group. Reuters said the A$6-per-share bid is a 52% premium to Steadfast’s last close and pushed Steadfast shares up more than 36%. QBE is an insurer and reinsurer, not an insurance broker like Steadfast.
QBE is adding Christopher Harris to its board as an independent non-executive director, starting July 6, 2026, if regulators sign off. Harris chairs QBE Capital and runs Monarch Point Re as CEO and board member. QBE Chair Yasmin Allen AM said Harris offers “deep industry expertise, particularly in capital allocation, risk management and underwriting.” QBE DEV
QBE shares have been stronger since the May trading update. The company stuck to its 2026 targets of mid-single-digit gross written premium growth and a group combined operating ratio near 92.5%. For the first quarter, QBE reported gross written premium rose 11%, or 7% at constant currency. Catastrophe claims, QBE said, were about $300 million over the first four months of 2026, compared to a first-half catastrophe allowance of $517 million.
QBE’s 2025 numbers are still in focus. The insurance group posted a combined operating ratio of 91.9%, better than 93.1% last year. Gross written premium rose 7%. Investment income hit $1.6 billion. Adjusted return on equity came in at 19.8%. QBE also raised its full-year dividend to 109 Australian cents a share and will run a A$450 million buyback to wrap up in 2026.
QBE, based in Sydney, runs insurance and reinsurance business in 26 countries. The company’s next key date is August 14, when first-half 2026 results hit. Investors are expected to watch underwriting margins, cat claims, and capital levels for signals on whether the stock’s gains can keep up.
