• Gross written premium growth of 6% in the nine months to 30 September
• Ex-rate growth of 5% underpinned by momentum across International and North America
• Group combined operating ratio expected to be ~92.5% for FY25

QBE Insurance Group Ltd has provided a 3Q25 performance update, reporting strong gross written premium growth of 6% in the nine months to 30 September, on both a reported and constant currency basis. Ex-rate growth remained in line with 1H25 trends at 5%, underpinned by sustained momentum across International and North America. The company noted a drag of around $250 million from the run-off of non-core lines in North America, and excluding this, ex-rate growth was 7%, or 6% on further excluding Crop. Group premium rate increases in the nine months to 30 September were ~1.5%, modestly below the 1H25 result driven predominately by commercial property lines. QBE reiterated its FY25 outlook, expecting a constant currency gross written premium growth in the mid-single digits and a Group combined operating ratio of ~92.5%. The company also announced an on-market buyback of A$450 million in ordinary shares, scheduled to occur over the coming year. QBE noted that with greater stability across the business, the focus of its strategy and business planning continues to become more medium-term, and it currently expects further premium growth and a Group combined operating ratio of ~92.5% for FY26.

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

QBE currently expects further premium growth and a Group combined operating ratio of ~92.5% for FY26. The company will provide its Group GWP growth outlook for FY26 at its upcoming result, where it will have better visibility on Crop trends and 1 January renewals.