QBE Insurance Group (QBE) reported adjusted net profit after tax of US$1,033 million for the half year ended June 30 2026, up from US$997 million a year earlier. Return on equity (ROE) of 17.7% was above its medium-term target of 15%+, according to the company's half-year results announcement.
"QBE has entered its 140th year with good momentum, supported by a strong balance sheet, a clear strategy and disciplined execution," group CEO Andrew Horton (pictured) said in the company's half-year investor report, marking 140 years since the insurer's founding in 1886.
For Canadian brokers, the most relevant thread in this result is likely QBE's continued build-out of alternative reinsurance capital through QBE Re, including an ongoing casualty sidecar and a group catastrophe bond. These structures are increasingly how global reinsurers manage volatility in catastrophe-exposed markets like Canada and their continued expansion is a signal that reinsurance capacity supporting wildfire and severe convective storm-exposed lines may remain more available - and potentially more competitively priced - than brokers have seen in recent renewal cycles.
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Group-wide, QBE's average renewal premium rate increase fell to just 0.3% for the half, down sharply from 2.1% a year earlier - a softening trend Canadian brokers can use when pushing back on renewal terms for clients in catastrophe-exposed property and casualty lines. QBE also issued €500 million of Tier 2 subordinated notes in June 2026, its first euro-denominated debt instrument, which the company said supports "funding diversification and further growth in the region" - a sign of an insurer investing in long-term capacity rather than pulling back.
Read next: What do QBE's FY24 results mean for brokers?
QBE's Prescribed Capital Amount (PCA) multiple stood at 1.82 times, and the group disclosed a reinsurance transaction to de-risk around US$1.6 billion of long-tail reserves tied to exited business lines - both data points brokers can raise with clients weighing insurer financial strength and long-term capacity commitment. Governance changes during the half, including Yasmin Allen AM becoming group chair, add further context for brokers tracking leadership continuity at a carrier increasingly active in reinsurance markets relevant to Canada.
