QBE 1H26 slides: 17.7% ROE beats target as shares fall 4.6%

QBE Insurance Group (ASX:QBE) released its first-half 2026 financial results on August 14, reporting a 17.7% return on equity (ROE) that surpassed its medium-term target of 15%. Despite this strong performance, the company's shares declined by 4.6% to $22.39. Adjusted net profit growth was 4% to $1,033 million. The insurer demonstrated consistent execution against its strategic plan, with gross written premium increasing 6% to $15.1 billion and the combined operating ratio staying steady at 92.8%.

However, high expenses, a one-off accident and health provision, and Middle East-related losses may have influenced the market's perception of the results. In summary, QBE executed well across its diversified insurance platform, meeting or exceeding all key performance targets while maintaining disciplined underwriting standards.