QBE Insurance Group (QBE) Q1 2025 TU earnings summary

Executive summary

• Gross written premium grew 7% year-over-year in 1Q25, or 8% on a constant currency basis, with broad momentum in International and North America segments.

• Underwriting performance remained resilient despite a challenging catastrophe quarter, with net catastrophe claims of ~$420M through April 2025.

• Investment returns were positive, supported by favorable interest rates and strong risk asset performance, with preliminary total investment income estimated at ~$410M for the four months to April.

Financial highlights

• Gross written premium for 1Q25 reached $7.8B, up from $7.3B in 1Q24.

• Premium rate increases moderated to 3.4% in 1Q25 from 3.9% in 4Q24.

• Group premium retention remained stable at 82% in 1Q25.

• Core fixed income yield at 1Q25 exit was 4.1%, down from 4.3% at FY24 exit.

• Funds under management increased to $31.6B from $30.6B at FY24.

Outlook and guidance

• FY25 constant currency gross written premium growth expected in the mid-single digits, including a $250M drag from North America non-core run-off.

• FY25 Group combined operating ratio forecasted at -92.5%.