QBE Insurance Group Limited (ASX: QBE) held its 2026 Annual General Meeting on 8 May 2026 in Sydney. The meeting marked a significant milestone as the Company celebrated 140 years of serving customers and communities globally. Shareholders received a comprehensive update on record financial performance, a first-quarter 2026 trading update, and a pivotal leadership transition at Board level.
Figure 1: QBE Insurance Group headquarters and corporate branding [Courtesy: Technology Record]
The QBE Insurance Group AGM 2026 featured addresses from outgoing Chairman Mike Wilkins AO, Group CEO Andrew Horton, and incoming Chair-elect Yasmin Allen AM. Alongside the AGM proceedings, QBE released its first-quarter 2026 performance update, reiterating a confident full-year QBE investment outlook.
QBE Delivers Its Strongest Profit and Dividend in Many Years
QBE recorded a statutory net profit after tax of US$2.157 billion for FY25. This represented a 21 per cent increase on the prior year and stands as the Group’s strongest result in many years. The combined operating ratio came in at 91.9%, comfortably ahead of the 92.5% target set for the year.
Figure 2: QBE FY25 financial performance overview [Courtesy: QBE Insurance Group]
The Board declared a final dividend of 78 Australian cents per share, up from 63 Australian cents in FY24. This brought the full-year dividend to 109 Australian cents per share for FY25. The adjusted return on equity reached 19.8%, the highest QBE has delivered in over a decade.
Share Buyback Completes as Shareholder Distributions Reach 65 Per Cent of Profits
QBE completed its A$450 million on-market share buyback, which was announced in November 2025. Together with the ordinary dividend, total shareholder distributions in FY25 reached approximately 65 per cent of annual profits.
Gross written premium grew 7% year-on-year, reflecting favourable market conditions and continued organic growth in targeted lines.
Credit Upgrades Validate the Quality of QBE’s Earnings
QBE received credit rating upgrades from S&P and Fitch to AA- during FY25. This external validation reflects the meaningful improvement in earnings quality following the broadly concluded exit of the North America non-core portfolio.
The Group’s capital position stood at 1.87x against a target range of 1.6 to 1.8x, providing strong financial flexibility.
First Quarter 2026 Tracks to Plan as Gross Written Premium Grows 11 Per Cent
At the QBE annual general meeting 2026, CEO Andrew Horton confirmed that first-quarter performance is tracking to plan. Gross written premium growth for 1Q26 was 11% compared to the prior corresponding period, or 7% on a constant currency basis.
Group premium rate increases of around 2% in 1Q26 were in line with expectations across a well-diversified global portfolio.
Figure 3: QBE 1Q26 performance update and FY26 outlook [Courtesy: QBE Insurance Group]
Total investment income for the four months to April 2026 reached approximately US$305 million. This was supported by a core fixed income exit yield of around 4.1%.
The QBE investment outlook for the full year remains constructive, with mid-single-digit GWP growth and a combined operating ratio of approximately 92.5% reiterated as guidance.
Catastrophe Costs Remain Well Within First-Half Allowance
In the four months to April 2026, net catastrophe claims totalled approximately US$300 million. This sits well within QBE’s first-half catastrophe allowance of US$517 million.
Direct underwriting impacts from the Middle East conflict were limited, with net claims from the region estimated at around US$60 million, included within the US$300 million total figure.
QBE Marks a Leadership Handover as Yasmin Allen AM Takes the Chair
The QBE Insurance Group AGM 2026 formally concluded Mike Wilkins AO’s tenure as Chairman. Wilkins guided the Company through significant transformation, geopolitical uncertainty, and a sustained improvement in financial performance since taking on the role.
He formally handed the Chair to Yasmin Allen AM at the conclusion of the 8 May 2026 meeting.
In her address to shareholders, Allen stated, “I am a big believer in QBE. This is a global insurance business with a clear strategy, strong leadership, deep technical capability, and a culture that understands both opportunity and responsibility.” She confirmed that while this marks a change in Chair, it is not a change in direction for the Company.
Board Renewal Continues With New Appointments and Departures
The following Board changes were confirmed at the QBE annual general meeting 2026:
- Non-Executive Director Neil Maidment joined the Group Board in early 2025
- Peter Wilson stepped down later in 2025 after deciding to join a competing carrier
- Kathy Lisson retired from the QBE Group Board at the conclusion of the 8 May 2026 meeting
- Chris Killourhy was welcomed as Group Chief Financial Officer in January 2026
Strategic Priorities and Customer Agenda Drive a More Unified Organisation
CEO Andrew Horton confirmed at the QBE annual general meeting 2026 that the Company’s six strategic priorities are transforming QBE into a more customer-led, unified, and agile organisation.
Ongoing investment in digital, cloud, and AI capabilities is supporting better underwriting decisions and stronger operational efficiency across the Group. Employee engagement reached 68 per cent, up from 65 per cent at the prior AGM, across a global workforce of approximately 13,000 people.
QBE launched a refreshed global brand during the year alongside its first global product campaign, Cyber Protect, as a tangible demonstration of its customer agenda. The Company is actively building partnerships with innovative companies to build AI capability early and remain ahead of emerging technology trends reshaping the insurance sector.
Sustainability Commitments and Community Impact Reinforce QBE’s Purpose
QBE published its first Impact Report in February 2026, alongside its first mandatory climate-related financial report prepared in line with the AASB S2 Standard.
The Company paid out more than US$12 billion in claims globally during 2025, supporting individuals, businesses, and communities recovering from unexpected events. QBE also exceeded its Premiums4Good ambition, reaching US$2.4 billion in impact investments by the end of 2025.
QBE ended 2025 with 41.9% women in its leadership cohort, having met its Women in Leadership targets ahead of schedule. The Company ranked 4th globally in Equileap’s Top 100, an international benchmark assessing corporate performance on gender equality.
QBE ASX Share Price
QBE Insurance Group Limited (ASX: QBE) is currently trading at A$22.270 per share, with a market capitalisation of A$33.83 billion. The 52-week range stands at A$18.570 to A$24.200 per share.
Figure 4: QBE (ASX: QBE) share price performance over one year [Courtesy: ASX]
Industry Outlook
The global insurance sector is navigating an increasingly complex risk environment shaped by geopolitical instability, rising catastrophe frequency, and the growing threat of cyber-related losses.
Carriers with disciplined underwriting, diversified global portfolios, and strong capital positions are best placed to sustain earnings across the cycle.
The QBE investment outlook benefits from a rising fixed income yield environment and a resilient balance sheet, positioning the Group well as demand for insurance continues to grow in both developed and emerging markets.
Future Direction and Impact on QBE Shareholders
The outcomes from the QBE Insurance Group AGM 2026 carry clear implications for investors tracking the Company:
- FY25 statutory net profit after tax of US$2.157 billion, up 21 per cent on FY24, the Group’s strongest result in many years
- Full-year FY25 dividend of 109 Australian cents per share, with a final dividend of 78 Australian cents per share
- A$450 million share buyback completed, with total shareholder distributions reaching approximately 65 per cent of FY25 profits
- 1Q26 gross written premium growth of 11%, or 7% on a constant currency basis, tracking to plan
- Net catastrophe costs of approximately US$300 million for the four months to April 2026, against a US$517 million first-half allowance
- FY26 combined operating ratio guidance reiterated at approximately 92.5%, with mid-single-digit GWP growth expected
- Yasmin Allen AM assumes the Chair, with the Board and management aligned on continuity of strategy
- Medium-term return on equity target maintained at 15% or above across the cycle
- FY26 QBE investment outlook supported by total investment income of approximately US$305 million for the four months to April
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Frequently Asked Questions
Q1. What were the key highlights of the QBE Insurance Group AGM 2026?
Ans. QBE reported a record FY25 net profit of US$2.157 billion, completed a A$450 million share buyback, confirmed a full-year dividend of 109 Australian cents per share, and announced the leadership transition from Mike Wilkins AO to Yasmin Allen AM as Chair.
Q2. What is QBE’s investment outlook for 2026?
Ans. QBE’s investment outlook for 2026 is constructive. Total investment income for the four months to April 2026 reached approximately US$305 million, supported by a core fixed income exit yield of around 4.1%.
Q3. Who is the new Chair of QBE Insurance Group?
Ans. Yasmin Allen AM assumed the Chair role at the conclusion of the QBE annual general meeting 2026, succeeding Mike Wilkins AO.
Q4. What is QBE’s full-year FY26 guidance?
Ans. QBE expects mid-single-digit gross written premium growth on a constant currency basis and a Group combined operating ratio of approximately 92.5% for FY26.
Q5. How did QBE perform in the first quarter of 2026?
Ans. Gross written premium grew 11% in 1Q26 compared to the prior corresponding period, or 7% on a constant currency basis.
Disclaimer
This article is intended for informational purposes only and does not constitute financial or investment advice. All content is based on the QBE Insurance Group 2026 Annual General Meeting addresses, slides, and 1Q26 performance update released on 8 May 2026, as lodged with the ASX. Share price and market capitalisation data reflect figures provided at the time of publication. Investing in securities involves risk, including the possible loss of principal. Readers should conduct their own research and seek independent financial advice before making any investment decisions. Colitco does not hold any position in the companies or organisations mentioned.
Sources
- https://www.asx.com.au/markets/company/QBE
- https://www.qbe.com
- https://data-api.marketindex.com.au/api/v1/announcements/XASX:QBE:2A1671102/pdf/inline/2026-agm-addresses-and-slides
