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QBE Insurance Group (QBE) investor relations material
QBE Insurance Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered strong first half/half-year results with net profit after tax up 27–28% to $1,022M, adjusted ROE of 19.2%, and combined ratio improved to 92.8% from 93.8%, reflecting disciplined underwriting and business momentum.
Gross written premium grew 6% to $13.8B, with 8% growth excluding crop and non-core exits, and organic growth in International and North America.
Interim dividend of 31 Australian cents per share declared, payout ratio 30%, 25% franked, up from 24 cents prior period.
Business strategy shifting from derisking to growth and modernization, leveraging data, AI, and customer-centric initiatives.
Credit ratings upgraded to AA- by S&P and Fitch, reflecting improved capital strength and business quality.
Financial highlights
Net insurance revenue rose to $8.8B, insurance operating result increased to $639M, and insurance profit margin improved to 13.1%.
Adjusted net profit for the half reached a record $1B, up nearly 30% from the prior period.
Investment income totaled $788M, with an annualized return of 4.8%.
Expense ratio held steady at 12–12.1%, with expectations to remain in the 12–12.5% range.
Catastrophe costs were $480M, well within the $550M allowance despite industry-wide high losses.
Outlook and guidance
On track for mid-single digit constant currency GWP growth for the full year, with portfolio exits expected to reduce GWP by $250M.
Combined ratio guidance maintained at around 92.5% for FY25.
Return on equity expected to remain in the high teens for 2025.
Expense ratio targeted to improve over the next three years as modernization investments mature.
Investment portfolio expected to maintain a yield near 3.8%.
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