Sydney, Feb 23, 2026, 16:56 (AEDT) — After-hours
QBE Insurance Group Ltd shares closed up 3.5% at A$22.23 in Sydney on Monday, outpacing a 0.6% slide in the S&P/ASX 200. The stock traded between A$21.73 and A$22.68. (Investing.com Australia)
The move matters because QBE’s pitch to the market rests on steadier underwriting in a business that can be whipsawed by natural disasters. The company told investors it is aiming for a combined operating ratio — claims and expenses as a share of premiums — of about 92.5% in 2026, with a US$1.13 billion “catastrophe allowance”, its budget for big disaster claims. (QBE DEV)
On a reporting basis, QBE said statutory net profit after tax for the year ended Dec. 31 rose to US$2.157 billion from US$1.779 billion, while adjusted net profit increased to US$2.132 billion. The combined operating ratio improved to 91.9% from 93.1% and net catastrophe claims fell to US$751 million, below its US$1.16 billion allowance; net investment income climbed to US$1.633 billion. (QBE DEV)
Chief executive Andrew Horton told insuranceNEWS.com.au the clean-up of underperforming lines was showing through. “We like the portfolio we have,” he said. Jefferies said QBE’s catastrophe experience looked “structural” rather than cyclical. (Insurance News)
QBE is also reshaping its book. It agreed to divest its Global Trade Credit and Surety business to Swiss Re Corporate Solutions, a deal that needs regulatory approvals and is likely to take several months, the company said. Horton said the sale would help reallocate capital towards “growth opportunities” that fit QBE’s longer-term strategy. (QBE DEV)
But insurer results can unwind quickly. A run of large disasters, or a sharper cool-off in premium increases, would push the combined ratio higher and test the stock’s new footing.
Investors will watch early-2026 pricing and volume trends in QBE’s North American and international books, along with any detail on the timeline for the trade credit sale and how capital is redeployed.
The next set date on the calendar is the dividend: QBE shares are due to trade ex-dividend on March 5, with a record date of March 6 and payment scheduled for April 17. (QBE DEV)
