• Statutory profit after tax up 27% to $1,022 million
• Gross written premium up 6% driven by organic growth in International and North America
• Combined operating ratio improved to 92.8% from 93.8% in prior period

QBE Insurance Group Limited has reported a statutory profit after tax attributable to ordinary equity holders of the Company of $1,022 million for the half year ended 30 June 2025, compared with $802 million for the prior period. Gross written premium increased by 6% on a headline basis to $13,820 million, with ongoing momentum driven by targeted organic growth across several classes in North America and International, and a lower strain from exited lines. The combined operating ratio improved to 92.8% from 93.8% in the prior period, supported by favourable central estimate development. Catastrophe costs of $479 million remained below allowance, and included the largest US wildfires on record in California as well as an active period for storm and flood events in North America and Australia. Total investment income, excluding fixed income losses from changes in risk-free rates, was $788 million or a return of 2.4%, compared with $733 million or 2.4% in the prior period. The investment result was underpinned by supportive interest rates and strong risk asset returns. Profit for the period also included a gain on sale of $18 million associated with the exit of the North American homeowners portfolio. The Group's effective tax rate was 23.1% compared with 23.3% in the prior period, reflecting the mix of corporate tax rates in the jurisdictions in which QBE operates.

QBE expects gross written premium growth of around 6% for the full year 2025, with a combined operating ratio in the low 90s.

QBE remains well-positioned to navigate the evolving market environment, with a robust balance sheet and continued focus on disciplined underwriting and operational efficiency. The Group is confident in its ability to deliver sustainable returns for shareholders.