• Adjusted net profit after tax of $997M, up 28% on 1H24
• Adjusted return on equity of 19.2%, up from 16.8% in 1H24
• Interim dividend of A¢31, 30% payout ratio and 25% franked

QBE Insurance Group Ltd has reported excellent financial results for the first half of 2025, demonstrating the strength and resilience of its diversified business model. The company delivered an adjusted net profit after tax of $997 million, an increase of 28% compared to the same period in 2024. This translated to an adjusted earnings per share of A¢103, up 32% on the prior corresponding period. The strong performance was driven by a combined operating ratio of 92.8%, an improvement of 1 percentage point from 1H24, reflecting the company's disciplined underwriting and active portfolio management. Gross written premium grew by 6%, or 8% excluding the impact of non-core portfolio exits, with the company's breadth of product and regional coverage supporting sustainable growth. The investment portfolio generated a total return of 2.4%, with the core fixed income yield exiting 1H25 at 3.8%. QBE's balance sheet remained strong, with the APRA PCA multiple at the top end of the target range of 1.6x to 1.8x. The company declared an interim dividend of A¢31 per share, representing a 30% payout ratio and 25% franking. Looking ahead, QBE expects to deliver a full-year 2025 combined operating ratio of around 92.5%, with gross written premium growth in the mid-single digits on a constant currency basis.

QBE expects to deliver a full-year 2025 combined operating ratio of around 92.5% and gross written premium growth in the mid-single digits on a constant currency basis.

QBE's medium-term aspirations are calibrated to capture the attractive industry fundamentals, with a focus on sustainable growth, enterprise alignment, portfolio optimization, modernization, and strengthening customer relationships and strategic distribution. The company is well-positioned to capitalize on the evolving risk landscape and support global growth megatrends.