QBE Insurance expected to hit $2b net income in 2026: S&P

Exit from non-core lines will benefit the group, and capital will remain strong.

QBE Insurance Group Ltd. is expected to see strong results in 2026 and beyond, with full-year net income likely to be about $2b, according to forecasts by S&P Global Ratings.

The insurer’s operating performance and balance sheet will “continue to benefit from the successful execution of its strategy and ongoing de-risking initiatives, in our view,” the ratings agency said in a report on 20 February 2026.

De-risking actions include the exit from non-core lines.

The announced sale of QBE’s global trade credit and surety business will have minimal impact on its 2026 financial performance, S&P said.

Capital is expected to remain above S&P’s extreme-stress level even after the completion of a A$450m share buyback and final dividend payment.

QBE reported a net profit after tax of $2.157b for 2025, up by 21% from a year earlier. The result reflected the group's good geographic diversification, with solid contributions and improved performance across all divisions, S&P said.

“The strong result, which was ahead of S&P Global Ratings' forecasts, was driven by QBE's disciplined underwriting, sound expense control, lower catastrophe claims, and strong investment income,” it noted, adding that gross written premium grew by 7% in 2025.