What were the key growth figures for QBE Insurance Group (ASX:QBE) in 1Q26?

QBE reported an 11% increase in gross written premium (GWP) for the first quarter of 2026, reaching $9.2 billion. On a constant currency basis, this represents 7% growth compared to the $8.3 billion recorded in the same period last year.

What is driving the premium growth for QBE Insurance Group (ASX:QBE)?

The momentum is primarily driven by North America’s crop insurance sector and several core international portfolios. Additionally, "ex-rate" growth—which measures volume increases by stripping out premium price hikes—was steady at 6%.

Is QBE Insurance Group (ASX:QBE) maintaining its financial guidance for FY26?

Yes, management has reaffirmed its full-year 2026 outlook, citing resilient underwriting and effective investment management. The company expects to achieve a combined operating ratio of approximately 92.5%, a key metric where a lower percentage indicates higher underwriting profitability.

How did premium rates change for QBE (ASX:QBE) this quarter?

Group premium rates increased by approximately 2% during the first quarter of 2026. This modest increase was in line with management's internal expectations and suggests that while the market remains dynamic, the company is not relying solely on aggressive price hikes to grow revenue.

What are the main risks facing QBE Insurance Group (ASX:QBE) right now?

The primary risks include intense competitive pressure within the Lloyd’s of London market and the commercial property sector. While global rate adequacy is currently supportive, any significant softening in premium prices or an increase in catastrophe claims could impact the 92.5% combined operating ratio target.

Why does the "combined operating ratio" matter for QBE (ASX:QBE) investors?

The combined operating ratio is a measure of an insurer’s daily health, calculated by dividing incurred losses and expenses by earned premiums. QBE's target of ~92.5% means the company aims to keep 7.5 cents of every dollar in premium as profit before accounting for investment income.

QBE Insurance shares rise as Q1 premium income surges

Written by Liezl GambePublished May. 7 2026Last Updated May. 7 2026

QBE Insurance Group (ASX:QBE) has opened the 2026 financial year on a high note, reaffirming its positive annual outlook following a period of resilient underwriting and strategic investment management.

The global insurer reported an 11% rise in gross written premium for the first quarter, reaching $9.2 billion compared to $8.3 billion in the prior corresponding period.

On a constant currency basis, GWP growth sat at a healthy 7%, while "ex-rate" growth—which strips out the impact of premium rate increases—remained steady at 6%.

The momentum was largely underpinned by strong performance within North America’s crop sector and several key international portfolios.

Despite competitive pressures in Lloyd’s and commercial property markets, QBE noted that global rate adequacy remains broadly supportive.

Group premium rate increases averaged approximately 2% for the quarter, aligning closely with management's expectations in a dynamic market environment.

The insurer’s financial health appears robust, with QBE maintaining its forecast for a group combined operating ratio of approximately 92.5% for the full 2026 fiscal year.

The company expects mid-single-digit GWP growth to continue, bolstered by targeted expansion.