QBE Insurance Group
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QBE Insurance Group (QBE) investor relations material

QBE Insurance Group H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary19 Feb, 2026

Executive summary

  • Achieved record post-tax profit of $2.157 billion, EPS up 25%, and ROE at 19.8%, driven by strong underwriting and investment performance.

  • Gross written premium grew 7% to $23.96 billion, exceeding guidance, with improved combined ratio of 91.9%.

  • Continued disciplined execution of strategy, including portfolio optimisation, digital transformation, and sustainability initiatives.

  • Shareholder returns enhanced by a 25% increase in dividend per share to A$1.09 and a A$450 million buyback.

  • Maintained a high-quality, diversified business model, well-positioned for industry growth and emerging risks.

Financial highlights

  • Statutory net profit after tax: $2.157 billion (up 21%); GWP: $23.96 billion, up 7% year-over-year.

  • Combined operating ratio improved to 91.9% from 93.1%; investment income $1.633 billion, 4.9% return.

  • Adjusted EPS up 25% to A$2.17; dividend per share increased 25% to A$1.09, payout ratio 50%.

  • Book value per share (ex-AT1) up 18% in USD terms to A$11.6; FUM increased 17% to $35.85 billion.

  • Expense ratio at 12.4%, with expense growth moderating to 5%.

Outlook and guidance

  • 2026 outlook: mid-single-digit GWP growth, combined ratio around 92.5%, catastrophe allowance $1.13 billion, and expense ratio ~12%.

  • Medium-term target: adjusted ROE above 15% with investment returns above 3%.

  • Premium rate increases expected to moderate but remain supportive; focus on organic growth and underwriting discipline.

  • No explicit reserve releases factored into guidance; ROE guidance assumes 80% POA on cat budget.

  • Portfolio rebalancing and targeted growth in high-margin areas like QBE Re, Portfolio Solutions, and cyber.

North America specialty: Path to profitability?
Alternative capital: Scale and future impact?
Rate vs. inflation: How to achieve 92.5% COR?
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Frequently asked questions

QBE Insurance Group Limited is an Australian insurance company that provides property, casualty, motor, and health insurance products. The company operates in North America, Europe, Asia Pacific, and Australia through direct sales and broker channels. It serves individuals, businesses, and institutions with risk management solutions. QBE Insurance Group Limited is headquartered in Sydney, Australia, and its shares are listed on the ASX.

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