QBE +7.08%: posted a strong FY result and confident FY26 outlook, with underwriting performance and premium growth both ahead of expectations.
- Gross written premiums $23.96bn, +7% y/y
- Net income $2.16bn, +21% y/y
- Final dividend A$0.78 vs. A$0.63 y/y
Premium growth in North America and International did the heavy lifting, investment returns were supportive, and costs were kept under control despite ongoing reinvestment. With underwriting margins holding firm and medium-term ROE targets intact, the stock should continue to re-rate given premium growth uplift across regions.
MM is bullish & long QBE ~$21.50
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