QBE Insurance Group has reported a stronger first-half performance, with adjusted net profit after tax reaching US$1.03 billion, or about A$1.46 billion, for the six months to June. The result represents a 3.6 per cent increase from the same period last year and comes as QBE marks its 140th year of operation.

The global insurer benefited from steady premium growth and lower-than-expected catastrophe claims. Gross written premiums increased 6 per cent on a constant currency basis to US$15.13 billion, compared with US$13.8 billion in the first half of 2025.

Catastrophe claims were also below the company’s expectations. QBE recorded US$445 million in catastrophe claims, equal to 4.7 per cent of net insurance revenue. This was lower than the US$517 million allowance set for the first half. Previous-year reserve releases of US$403 million also supported the financial result.

QBE’s combined operating ratio remained at 92.8 per cent, showing that the insurer continued to manage its underwriting costs effectively. Its adjusted return on equity reached 17.7 per cent, above the company’s medium-term target of at least 15 per cent.

The improved performance allowed QBE to increase its interim dividend to 33 cents per share, compared with 31 cents a year earlier.

Chief executive Andrew Horton said the company was continuing to invest in areas including artificial intelligence, cyber insurance and new market opportunities. QBE has also launched a primary insurance business in Bermuda as part of its broader growth strategy.

Premium growth was recorded across all major divisions, with North America increasing 8 per cent, International rising 5 per cent and Australia Pacific growing 4 per cent on a constant currency basis.

QBE remains confident about its full-year outlook, targeting a 92.5 per cent combined operating ratio for FY26. The company has also completed a $450 million share buyback and plans to redeem $500 million in Tier 2 notes.

Overall, the latest results suggest QBE is maintaining financial strength while adapting to changing risks, technology and global insurance market conditions.