Sydney, Feb 23, 2026, 16:56 (AEDT) — After-hours
QBE Insurance Group Ltd ended Monday’s session in Sydney up 3.5% at A$22.23, bucking the trend as the S&P/ASX 200 slipped 0.6%. The shares changed hands within a range of A$21.73 to A$22.68.
This is a significant move for QBE, which is betting its case to investors on tighter underwriting in a sector frequently jolted by natural catastrophes. Management laid out a target combined operating ratio of roughly 92.5% by 2026—claims plus expenses against premiums—and penciled in a US$1.13 billion “catastrophe allowance” to cover major disaster payouts. QBE DEV
QBE reported statutory net profit after tax of US$2.157 billion for the year ended Dec. 31, up from US$1.779 billion. Adjusted net profit reached US$2.132 billion. The insurer’s combined operating ratio improved to 91.9% from the previous 93.1%. Net catastrophe claims ended at US$751 million—well under the US$1.16 billion allowance. Net investment income came in at US$1.633 billion.
Andrew Horton, chief executive, told insuranceNEWS.com.au that efforts to fix underperforming lines are beginning to pay off. “We like the portfolio we have,” he said. Analysts at Jefferies called QBE’s catastrophe exposure “structural” instead of cyclical. Insurance News
QBE is making changes to its portfolio, announcing a deal to offload its Global Trade Credit and Surety unit to Swiss Re Corporate Solutions. The transaction, subject to regulatory sign-off, could take months to close, according to the company. CEO Horton pointed to the sale as a move to free up capital for “growth opportunities” aligned with QBE’s long-term game plan. QBE DEV
Still, insurer numbers can unravel fast. A stretch of major catastrophes—or if premium hikes lose steam more abruptly—could send the combined ratio climbing and challenge the stock’s recent gains.
Eyes will be on QBE’s North American and international books for any signal on pricing and volume heading into early 2026. Investors are also looking for specifics on when the trade credit sale wraps up—and where that freed-up capital goes next.
Investors eyeing the dividend: QBE shares go ex-dividend March 5. The record date follows on March 6, with payment landing April 17.
