CANBERA (dpa-AFX) - QBE Insurance Group Ltd. (QBEIF.PK, QBE.AX) reported Friday slightly higher profit in the first half of fiscal 2026, benefited by higher gross written premium or GWP.
Looking ahead, the company projects fiscal 2026 combined operating ratio of around 92.5 percent, and constant currency GWP growth in the mid-single digits.
Over the medium term, the firm expects constant currency GWP growth in the mid-single digits.
In Australia, the shares were losing around 2.5 percent, trading at A$22.89.
In the first half, net profit attributable to ordinary equity holders edged up to $1.033 billion from last year's $1.022 billion. Earnings per share grew to 68.3 US cents from 65.5 US cents a year ago.
In Australian dollar, earnings per share were 97.3 AU cents, compared to 103.2 AU cents last year.
The prior year's adjusted net profit was $997 million.
Gross written premium increased to $15.137 billion from prior year's $13.820 billion. GWP grew 6 percent on a constant currency basis, consistent with mid-single-digit outlook.
Insurance revenue from ordinary activities grew 10% to $11.953 billion from last year's $10.875 billion. Reinsurance income during the period was $1.947 billion, up from $1.745 billion a year ago.
Net insurance revenue was $9.546 billion, higher than prior year's $8.814 billion.
Further, the Board of Directors declared an interim dividend of 33 AU cnets per share, compared to 31 AU cents per share last year. The dividend's record date is August 25 and payment date is October 2.
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