Qbe Insurance Group Limited · ASX:QBE
Qbe Insurance — H1 2026 Earnings Presentation
23 slides from Qbe Insurance's earnings presentation, Aug 14, 2026
Slide 1: 1H26 Half Year Result
1H26 Half Year Result 14 August 2026 QBE Insurance Group Limited
Slide 2: Important information
Important information Disclaimer Basis of presentation (unless otherwise stated) This presentation contains general background information about the Group’s activities current as at 1. All figures are in US dollars. 14 August 2026. This presentation should be read in conjunction with all information
Slide 3: 1H26 Financial results
1H26 Financial results Consistent, disciplined execution against our plan 6% 6% 6% 93.8% 5% +6% 2% +6% 92.8% 92.8% 92.8% Gross written premium growth Ex-rate growth Combined operating ratio Or +7% ex. non-core exits 4% ex. Crop and non-core exits (2%) 92.8% in 1H25 1H24 1H25 1H26 1H24 1H25 1H26 1H24
Slide 4: 1H26 Performance overview
1H26 Performance overview Strong start to 2026, with 1H26 performance consistent with all key targets Key messages Execution against key targets • Solid returns continue, with ROE of 17.7% comfortably above medium-term GWP growth (%) Combined operating ratio outlook of 15%+ (%) • Adjusted EPS growth
Slide 5: A high quality, diversified business
A high quality, diversified business Well placed to capitalise on attractive industry fundamentals Attractive industry outlook Strong demand in Opportunities in Competitive but More mature AI & tech Supportive interest The role of commercial P&C 1 complex world 2 emerging risks 3 disciplined markets
Slide 6: At the heart of Insurance for 140 years
At the heart of Insurance for 140 years High quality, capital efficient growth underpinned by uniquely diversified platform Value creation focus Breadth and diversification underpins sustainable growth Disciplined capital allocation supporting profitable growth Opportunities to improve capital effic
Slide 7: Sustainable growth
Sustainable growth Track record of sustainable growth continues in 2026 Sustainable volume growth, underpinned by active portfolio management QBE’s unique diversification …track record of sustainable 1H26 Ex-rate growth (%) supports and drives our... volume growth Commercial 1H26 Global cyber • 1H26
Slide 8: Sustainable growth
Sustainable growth Driving growth whilst reorientating our portfolio to deliver resilient earnings Our evolving portfolio mix Net insurance revenue mix QBE Re Excellent track record • Product shift to lower-volatility proportional reinsurance Property mix Product mix <90% COR improves earnings stabi
Slide 9: Disciplined capital management
Disciplined capital management Focus on reducing our capital intensity Capital Allocation framework Sustainable growth Dividend Capital management Mid-single digit growth in the 1. medium-term Capital efficient and above hurdle 2. 40-60% full year payout ratio 3. Lever to distribute surplus capital
Slide 10: Financial Performance
Financial Performance ® QBE Insurance
Slide 11: Result snapshot
Result snapshot Excellent financial returns Combined operating ratio (%) Investment return (%) 1H25 1H26 (Annualised) Gross written premium $M 13,820 15,137 Net insurance revenue $M 8,814 9,546 Net claims ratio % 62.8 62.3 92.8 61.5 92.8 61.8 4.8 4.6 Net commission ratio % Ex-cat Ex-cat 17.9 18.1 cl
Slide 12: Gross written premium
Gross written premium Strong organic growth continues Key growth metrics Gross written premium ($B) Cumulative rate trend 10% growth in 1H26 Rate adequacy remains strong GWP Growth (%) 6 6 Ex-rate growth (%) 9% 2.0x Accident & Health 4 (ex-Crop & exits) (0%) 7 5% 1.5x Commercial motor 15.1 15.1 Gros
Slide 13: Group underwriting performance
Group underwriting performance Underwriting performance on track to deliver on guidance Combined operating ratio (%) Ex-cat claims (%) Catastrophe claims (%) Consistently strong underwriting result Broadly stable Comfortably below allowance COR 92.8 92.8 61.5 61.8 Expenses 12.1 12.4 5.4 4.7 Commissi
Slide 14: Catastrophe resilience supports sustainable earnings
Catastrophe resilience supports sustainable earnings Excellent reinsurance program, disciplined risk settings and more balanced portfolio Strong business growth while Catastrophe resilience underpinned by high-quality reinsurance reducing catastrophe exposure program and conservative catastrophe all
Slide 15: Divisional underwriting performance
Divisional underwriting performance North America International Australia Pacific COR (%) 97.2 97.3 COR (%) 86.8 88.2 COR (%) 92.5 91.6 Expenses 9.4 9.3 14.6 Expenses 11.3 11.0 Expenses 13.8 Commission 20.2 18.6 Commission 15.1 15.0 Cat 3.0 0.9 Commission 18.2 19.5 Cat 7.2 8.4 Cat 5.8 4.3 Ex-CAT 70.
Slide 16: North America Crop
North America Crop Strategic shift driving improved outlook for performance Gross written premium ($B) Multi Peril Crop Insurance (MPCI) NIR mix Key messages 11% 4% Non-priority 8% 4% 28% 25% ~20% More stable GWP growth outlook states (4%) (1%) Priority → Recent Crop GWP growth was primarily 72% 75%
Slide 17: Investment performance
Investment performance 1H26 investment return $M % Investment portfolio Core fixed income yield Credit Spread Contribution Weighted Average RFR CFI return (ex-risk-free rate) 627 2.0 11 Aug Credit spreads MTM 8 0.0 $36.6B 4.3% 4.1% 4.1% 4.1% 4.2% 3.8% 3.7% 3.7% Risk assets 192 3.6 Expenses and other
Slide 18: Balance sheet and capital management
Balance sheet and capital management Key capital metrics APRA capital Capital allocation framework PCA multiple 1.82 1.86 1.87 1.82 PCA Regulatory 1.87x Mid-single digit growth in the capital Sustainable medium-term 1.23 1.31 1.37 1.30 CET1 1.82x multiples growth 1.78x Capital efficient and above hu
Slide 19: Financial outlook
Financial outlook Extending a track record of growth, strong returns and greater resilience Key metric FY26 outlook Medium-term outlook FY26 outlook vs 1H26 Group combined operating ratio (%) Gross written Mid-single digit • Supported by strong Mid-single digit premium growth volume growth growth (c
Slide 20: Appendix
Appendix ® QBE Insurance
Slide 21: Key metrics summary
Key metrics summary North Australia North Australia Group America International Pacific Group America International Pacific 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26 Gross written premium $M 13,820 15,137 4,847 5,109 6,406 7,173 2,583 2,858 Ex-cat claims $M (5,4
Slide 22: About us
About us QBE is an international P&C insurer focused on commercial and specialty (re)insurance, organised over three divisions Gross written premium Gross written premium Net insurance revenue by division by segment by segment Group Property Casualty Other 4% 5% 22% 11% ~33% ~31% ~36% 18% 32% Commer
Slide 23: Enabling a more resilient future
Enabling a more resilient future