Sydney, Feb 20, 2026, 17:34 AEDT — After-hours
- QBE jumped 7.1%, settling at A$21.48, after the insurer delivered better-than-expected full-year numbers and lifted its final dividend.
- The group has also struck a deal to offload its global trade credit and surety business, handing it over to Swiss Re Corporate Solutions.
- Attention turns to March dividend dates next, with QBE’s AGM and first-quarter update lined up for May.
QBE Insurance Group (ASX:QBE) shares climbed 7.1% to finish at A$21.48 on Friday. The insurer turned in a stronger full-year profit and bumped up its dividend.
Investors have been edgy over claims costs—natural catastrophes in particular—and the effect on insurers’ margins hasn’t gone unnoticed. QBE’s release drops right in the thick of Australia’s reporting season, a period where capital strength and dividend moves can swing prices sharply.
Insurers are still adjusting their portfolios to manage volatility. QBE’s specialty unit sale fits the pattern. Now, the focus shifts to where the proceeds go: reinvestment, returns to shareholders, or cost cuts.
QBE posted a statutory net profit after tax of US$2.157 billion for 2025, with adjusted net profit reaching US$2.132 billion. Premium growth and higher investment income played a role. The combined operating ratio dropped to 91.9% from last year’s 93.1%. Net catastrophe claims ended up at US$751 million, well under the US$1.16 billion allowance. The insurer announced a final dividend of 78 Australian cents per share, bringing the total for the year to 109 cents. Guidance for 2026 remains unchanged: a combined operating ratio around 92.5% and mid-single-digit premium growth. “QBE delivered strong performance in 2025, exceeding our financial plan,” CEO Andrew Horton said. ASX Announcements
The shares jumped up to 8.5% to hit A$21.76 early on—a level not seen since early September—but later slipped from those highs by the close.
QBE rolled out its results and, at the same time, announced a deal to sell its Global Trade Credit and Surety business to Swiss Re Corporate Solutions. The transaction leaves out its French Bonds operation. “Our decision to divest … enables the reallocation of capital and resources towards growth opportunities,” said Horton. QBE Australia Pacific CEO Sue Houghton pointed to Swiss Re’s “fresh perspective and strong intent.” QBE DEV
Swiss Re said the acquired business should bring in around US$200 million a year in revenue, broadening its credit and surety offering. “This acquisition marks an important milestone,” Swiss Re Corporate Solutions CEO Ivan Gonzalez said. He noted financial terms weren’t being released, and said the deal still needs several months for approvals. swissre.com
Nigel Pittaway at Citi described QBE’s numbers as “a strong result,” highlighting gains in premiums and a combined operating ratio that beat forecasts—despite pressure from commissions and expenses. News.com.au
But this is insurance—surprises tend to show up. A tougher stretch for catastrophe losses, increased pricing pressure in crowded market segments, or sluggish investment performance could sap earnings strength and put the sustainability of that dividend boost in question.
QBE shares are set to trade ex-dividend on March 5. Investors on the books by March 6 will be eligible for the final payout, which lands April 17. Then on May 8, shareholders can expect both the AGM and the first-quarter update.
