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Operating Conditions Becoming Less Favorable for QBE Insurance, Jefferies Says

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Operating conditions are gradually becoming less favorable for QBE Insurance Group (ASX:QBE) despite reserve releases and benign CAT experience helping support earnings, Jefferies said in a Friday note.

The insurer delivered a solid fiscal 2026 first-half result and reaffirmed fiscal 2026 guidance. However, underlying claims experience was slightly weaker, ex-cat claims ratios increased modestly, reflecting higher large claims activity, and social inflation is still an issue.

The investment firm assigned a hold rating on QBE with a price target of AU$27.50 per share.

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