SYDNEY, May 4, 2026, 06:07 AEST
- QBE Insurance Group will deliver its annual meeting and first-quarter update on Friday. Investors are watching closely for any changes to its 2026 outlook following a robust 2025 result.
- The board at the insurer is advising shareholders to reject climate-risk disclosure and governance proposals put forward by Australian Ethical and SIX.
- QBE ended May 1 at A$22.47, marking a 14.06% gain for 2026 to date, based on figures from Intelligent Investor.
QBE Insurance Group faces a pivotal week as it gears up for its annual meeting, where climate-risk resolutions go up for a shareholder vote. Investors will also get a look at first-quarter numbers—an update expected to show if QBE can hang onto the momentum sparked by last year’s strong profit surge.
QBE, headquartered in Sydney, will convene its annual general meeting at 10 a.m. Sydney time on May 8. Shareholders have the option to join in person, log in virtually, or dial in by teleconference. According to QBE, questions need to be submitted by Wednesday.
This meeting has real weight, given that QBE’s already outlined a pretty solid target for 2026. The company is aiming for mid-single-digit gains in gross written premium—the headline figure before reinsurance kicks in—and wants to keep its combined operating ratio around 92.5%. Staying under 100% on that ratio signals QBE expects to collect more in premiums than it shells out for claims and expenses.
QBE wrapped up 2025 posting a statutory net profit after tax of $2.16 billion, climbing from $1.78 billion the previous year. Adjusted net profit after tax landed at $2.13 billion. Group CEO Andrew Horton called it a case of QBE having “exceeded our financial plan.” That bar now sits in the background as investors brace for any first-quarter signals on claims, pricing, and growth. QBE DEV
Capital returns are in focus as well. QBE wrapped up its A$450 million on-market buyback in April, snapping up 21.1 million shares for a total of A$449,999,992.79, according to its final buyback notice.
The board signed off on a final dividend of 78 Australian cents per share for 2025, which lifts the full-year total payout to 109 cents—well above last year’s 87 cents. QBE noted the dividend amounts to 50% of adjusted net profit after tax, keeping the payout within its stated policy range of 40% to 60%.
The climate vote stands to shake up what’s usually a routine meeting. Investors are being asked to support resolutions demanding increased disclosure on portfolios exposed to withdrawal, cuts in underwriting, or possible repricing linked to physical climate risk. There’s also a push for more transparency on how QBE governs its oil and gas underwriting. The board isn’t on board—they argue the resolutions lack real utility for decision-making, urging shareholders to vote them down.
QBE is named alongside rivals like IAG and Suncorp in the same shareholder materials, which note that some competitors have moved to stricter limits on oil and gas underwriting. The board, though, argues its current disclosure and governance setup is the way to go, preferring not to impose detailed requirements by way of a shareholder resolution.
Board changes are another focus. Back in March, QBE announced Kathy Lisson would exit the board after the AGM. Chairman Mike Wilkins credited her “technology and transformation” advice. QBE is already on the hunt for someone to take her place. QBE DEV
QBE faces risks on several fronts: premium rates staying soft, bigger weather losses, or pricier reinsurance could all chip away at the margin its guidance suggests. The company’s climate disclosures themselves nod to uncertainty—premium affordability, reinsurance price and supply remain wild cards. Earlier, the market’s response to slowing premium-rate growth gave a clear signal: investors don’t hesitate to hit the stock when pricing momentum wobbles.
So far, the stock’s staying power is evident. QBE was last seen at A$22.47, holding above where it stood when the company posted its 2025 results in February—also higher than its early-March levels around the time shareholder resolutions were filed, according to market data.
