• Executed well against clear strategy, with efforts to reshape portfolio and stabilise performance underpinning improved results
• Strong momentum in the business, on track to deliver another year of excellent returns in 2025
• Refreshed brand putting customers at the heart of it

QBE has started 2025 well and is on track to achieve its full year outlook. The Group has been executing well against a clear strategy, with efforts to reshape its portfolio and stabilise performance underpinning improved results. QBE has strong momentum in the business and is motivated to deliver another year of excellent returns in 2025. The Group's performance benefited from actions taken over the past three years to reshape its portfolio, simplify operations and strengthen its ability to navigate complexity. The period was marked by rising global uncertainty, with heightened geopolitical tensions and new tariff regimes placing pressure on supply chains, global trade and investment flows. QBE has remained focused on execution and delivering against its strategic objectives, which is at the heart of its performance.The Group's combined operating ratio of 92.8% improved from 93.8% in the prior period, driven by strong underwriting performance, the progressive run-off of non-core portfolios, and favourable prior year reserve development. Gross written premium growth of 6%, or 8% excluding exited portfolios, was supported by continued organic growth in a number of focus areas. Group adjusted return on equity of 19.2% improved from 16.8% in the prior period, supported by improved underwriting profitability and strong investment performance.QBE continues to make progress on its strategic priorities, with each of the six key pillars seeing strong progress. The Group's sustainable growth ambition is supported by enterprise alignment around priority markets and products, reinforced by leading regional franchises and deep broker partnerships. QBE's approach to portfolio optimisation has matured, delivering tangible financial benefits and driving future performance. The Group's modernisation efforts continue, with a number of important foundational systems and data workstreams behind it. QBE has also sharpened its customer focus and refreshed its brand proposition with 'At the heart of it'.

QBE expects a Group combined operating ratio of ~92.5% for 2025, with constant currency gross written premium growth in the mid-single digits. The current interest rate outlook should continue to support strong investment returns.

QBE has strong momentum in the business, where rate adequacy remains favourable across most portfolios and supports an outlook for further profitable growth. The Group's unique portfolio diversification and balance position it well to deliver attractive performance over the medium-term.