• Statutory net profit after tax of $1,779 million, up from $1,355 million in FY23
• Adjusted net profit after tax of $1,729 million, resulting in an adjusted return on equity of 18.2%
• Combined operating ratio improved to 93.1%, ahead of plan

QBE Insurance Group Ltd announced its FY24 results, reporting a statutory net profit after tax of $1,779 million, up from $1,355 million in FY23. Adjusted net profit after tax increased to $1,729 million from $1,362 million in the prior year, resulting in an adjusted return on equity of 18.2%. Gross written premium growth of 3% tracked in line with expectations, supported by Group-wide renewal rate increases of 5.5% and targeted new business growth. The combined operating ratio improved to 93.1%, ahead of the company's plan for the year, driven by favourable catastrophe experience and more stable central estimate reserve development. Strong investment performance continued, with total investment income of $1,488 million equating to a return of 4.9%. QBE's indicative regulatory Prescribed Capital Amount (PCA) multiple improved to 1.86x from 1.82x at 31 December 2023, remaining comfortably positioned relative to the Group's 1.6-1.8x target range. The Board has declared a final dividend of 63 Australian cents per share, resulting in a full year dividend of 87 Australian cents per share, representing a payout ratio of 50% of adjusted net profit after tax.

Gross written premium in 2025 is expected to grow in the mid-single digits on a constant currency basis. The combined operating ratio is targeted to be around 92.5%. The FY24 exit core fixed income yield was 4.3%.

QBE's six strategic priorities have been refined in 2025, with the addition of a new Customer strategic priority focused on providing a more customer-centric approach to product, service and distribution. The company aims to build deeper relationships with customers alongside its strong partnerships with major trading partners.