Sydney, June 25, 2026, 06:05 (AEST)
- QBE ended Wednesday’s session at A$24.56, gaining 0.7%. The stock reached as high as A$24.68 earlier in the day.
- The stock is up roughly 25% this year, now at a peak not seen since 2010.
- QBE is keeping its outlook for mid-single-digit premium growth and a combined operating ratio near 92.5% in 2026.
The Australian cash market stayed shut at the dateline. Thursday’s schedule has the pre-open phase from 7 a.m., with regular trading set to start just before 10 a.m. in Sydney.
QBE Insurance Group is trading close to a 16-year high after tacking on 17 Australian cents Wednesday. Shares peaked at A$24.68 before settling at A$24.56. The S&P/ASX 200 ended up 0.24%.
QBE’s latest trading update showed gross written premium up 11% to US$9.2 billion in the first quarter. Stripping out FX moves, growth was 7%. Catastrophe claims were about US$300 million through April, up against a first-half allowance of US$517 million. Investment income was about US$500 million. QBE left its 2026 combined operating ratio target close to 92.5%. The combined ratio, which compares claims and expenses to premium, below 100% signals an underwriting profit.
QBE Chief Executive Andrew Horton told shareholders in May, “On balance we are tracking to plan and have maintained strong premium growth.” Horton also said the insurer completed its A$450 million share buyback in April.
Jefferies this month held its buy rating on QBE and upped its target price to A$26.25, up from A$25.55. MarketScreener’s average target from 12 analysts put the number at A$23.35, about 5% under where the stock closed on Wednesday, even as the consensus stayed at “outperform.” Moomoo
QBE moved up 0.7% on Wednesday, ahead of Suncorp, which dropped 0.3% to A$18.93.
The latest rally means there’s not much buffer if premium growth slows or claims rise. QBE shares dropped up to 5.9% last November when premium-rate gains lost momentum. Greg Smith, investment specialist at Generate KiwiSaver Scheme, said then, “the market has reacted to the rate of premium increases slowing significantly.” If that happens again, or if catastrophe losses go over QBE’s budget, the 92.5% ratio target could be in trouble. Reuters
QBE will release its first-half results August 14. Investors will watch those numbers for updates on its premium-growth outlook and catastrophe allowance.
