• Gross written premium growth of 8% on a constant currency basis
• Underwriting performance remains resilient despite challenging catastrophe activity
• Reiterates full year outlook for mid-single digit constant currency GWP growth and 92.5% combined ratio

QBE Insurance Group Ltd reported a strong performance in the first quarter of 2025, with gross written premium growth of 8% on a constant currency basis. This included an 8% ex-rate growth, excluding the impact of premium rate increases of 3.4%. The growth was driven by ongoing momentum in the International and North America segments, partially offset by a $100 million drag from the run-off of non-core lines in North America. Excluding this, ex-rate growth was 8% in the first quarter and remains at 8% on further excluding the Crop business. In Crop, QBE currently estimates moderate growth in FY25 gross written premium, although more stable net insurance revenue relative to FY24 given increased cessions to the federal risk pool. Investment returns for the quarter were positive, supported by favourable interest rates and strong risk asset performance. The 1Q25 exit core fixed income yield of 4.1% reduced slightly from the FY24 exit yield of 4.3%. Total investment funds under management for 1Q25 was $31.6 billion, increasing from $30.6 billion in FY24, with risk assets now accounting for approximately 15% of the portfolio. In the four months to April, preliminary total investment income is currently estimated at around $410 million. In terms of underwriting performance, the net cost of catastrophe claims totalled approximately $420 million in the four months to April 2025, relative to QBE's first-half catastrophe allowance of $549 million. Recent catastrophe activity was driven by the LA wildfires, flooding in Queensland, cyclone Alfred, and a series of convective storm events in North America. QBE confirms its full year outlook, expecting FY25 constant currency gross written premium growth in the mid-single digits, inclusive of a $250 million drag from the non-core run-off in North America, and a Group combined operating ratio of around 92.5%.

QBE confirms full year outlook, and continues to expect: - FY25 constant currency gross written premium growth in the mid-single digits, inclusive of a ~$250 million drag from the non-core run-off in North America. - FY25 Group combined operating ratio of ~92.5%.

QBE confirms its full year outlook, expecting FY25 constant currency gross written premium growth in the mid-single digits and a Group combined operating ratio of around 92.5%.