Sydney, June 24, 2026, 06:03 (AEST)
QBE Insurance Group closed Tuesday at A$24.39, losing 0.2%. The stock finished 21 cents under its 52-week high after moving between A$24.21 and A$24.50 on 3.21 million shares. The S&P/ASX 200 dropped 0.33% to 8,787.
QBE has pulled back a bit after jumping 23.8% since the start of 2026. The stock’s strong run puts more focus on the June 30 half-year end, with first-half results set for Aug. 14.
QBE has settled €500 million in fixed-rate resetting subordinated notes due 2037, according to a filing posted Tuesday. The notes are eligible as Tier 2 capital, meaning the debt can count as loss-absorbing funds for regulatory purposes and could convert into QBE ordinary shares if Australia’s prudential regulator later finds the company non-viable.
The insurer redeemed US$524.124 million of 5.875% subordinated notes due 2046 on June 17 and cancelled those securities, which were then delisted from the Singapore Exchange. That leaves one legacy instrument out of QBE’s capital stack as the new euro notes join it.
QBE’s share price is still getting most of its support from operating momentum. “On balance we are tracking to plan and have maintained strong premium growth,” Chief Executive Andrew Horton told shareholders in May. Gross written premium rose 7% in constant currency in the first quarter. Catastrophe claims, through April, were about US$300 million, compared with a US$517 million allowance for the first half. QBE DEV
Insurers finished the session mixed. Insurance Australia Group added 0.7% at A$8.28. QBE was down, even as other financials traded higher. “Its highest daily close since before the Federal Budget,” said IG market analyst Tony Sycamore about the sector. StockAnalysis
But there are still risks. QBE flagged the toughest competition in commercial property and at Lloyd’s. Its 2026 outlook is for mid-single-digit premium growth and a combined operating ratio of around 92.5%. That ratio is claims plus expenses over premium revenue. A bad catastrophe season or faster drop in insurance pricing would send the ratio up, which is negative.
QBE heads into Wednesday looking to see if buyers will step in after a flat finish and take the shares past A$24.60. The big focus is still on August’s results, where the question is if underwriting margins and investment income are enough for a stock near its yearly high.
