QBE Insurance Group: Global read-through from Chubb Ltd (CB US) 2Q26 result

Research evidence excerpt

QBE Insurance Group: Global read-through from Chubb Ltd (CB US) 2Q26 result

J P M O R G A N Asia Pacific Equity Research

23 July 2026

QBE Insurance Group Overweight

QBE.AX, QBE AU

Global read-through from Chubb Ltd (CB US) 2Q26 Price (22 Jul 26):A$24.78

result Price Target (Dec-26):A$24.00

Chubb (CB US, covered by J.P. Morgan US analyst Pablo Singzon; First Take here) Australia

reported 2Q26 results overnight. We highlight key read-through trends for QBE:

Insurance and Diversified Financials

(1) Headline earnings were strong (core operating EPS of $7.26, +18.2% YoY), (2)

helped by a lighter catastrophe quarter and favourable reserve development. (3) Siddharth Parameswaran AC

Underlying (ex cat / ex release) trends remain solid; (4) reserving prima facie still (61-2) 9003-8629

siddharth.x.parameswaran@jpmorgan.com

appears a little conservative; and (5) GWP growth has slowed materially to 3.0% J.P. Morgan Securities Australia Limited

(6.3% excluding large account and E&S property) with softness in large accounts/ Tharan Jeyathasan

property. On the earnings call, Chubb confirmed NA commercial pricing has (61-2) 9003-6098

decelerated to +1.3% ex-fin lines and comp (rate -1.4%, exposure +2.7%). See our tharan.jeyathasan@jpmorgan.com

key takeaways below. J.P. Morgan Securities Australia Limited

Rishi S Parihar

• Group combined ratio strong: The P&C combined ratio was 83.8% for 2Q26 (91-22) 6157-3775

(vs. 84.0% in 1Q26 and 85.6% in the pcp). This is below the five-year quarterly rishi.parihar@jpmchase.com

average of ~87.0%. Cats contributed 4.0 pts to the COR versus the five-year J.P. Morgan India Private Limited

quarterly average of ~5.8 pts, consistent with a lighter-than-average cat

quarter. Favorable reserve releases contributed 2.4 pts ($283m vs. $249m in the

pcp).