QBE Insurance Group (QBE) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional land owners and confirmation of quorum.

• Procedural details for voting, question submission, and meeting conduct were outlined for both in-person and online attendees.

• AGM held on 9 May 2025, focusing on enabling a more resilient future and strategic direction.

• All resolutions decided by poll, with voting instructions provided for various participation modes.

Financial performance review

• Statutory net profit after tax for 2024 was AUD 1.779 billion, a 31% increase over 2023.

• Gross written premium grew by 3% in 2024, with a 5.5% average rate increase.

• Group Combined Operating Ratio for 2024 was 93.1%, outperforming the 93.5% target.

• Investment return reached 4.9%, generating $1,488M in total investment income.

• Regulatory capital at 1.86x, above S&P 'AA' level; debt to total capital at 19.9%.

• Gross Written Premium growth in Q1 2025 was 8% on a constant currency basis.

• Net investment income for Q1 2025 was around $350 million, supported by favorable interest rates.

Board and executive committee updates

• Farewell to retiring director Rolf Tolle and welcome to new director Neil Maidment, strengthening board expertise.

• Board renewal and diversity remain priorities, with 44.4% women on the board and 58.3% women on the Group Executive Committee.

• Leadership stability and new executive appointments in distribution and technology highlighted.