QBE Market Release FY2025 Results
| Stock | QBE Insurance Group Ltd (QBE.ASX) |
|---|---|
| Release Time | 20 Feb 2026, 7:33 a.m. |
| Price Sensitive | Yes |
QBE Announces Strong 2025 Results
- Statutory net profit after tax of $2,157 million, up from $1,779 million in FY24
- Adjusted net profit after tax of $2,132 million, resulting in an adjusted return on equity of 19.8%
- Gross written premium growth of 7%, or 8% excluding exited portfolios
QBE Insurance Group Ltd announced its financial results for the full year ended 31 December 2025, reporting a strong performance that exceeded the company's guidance. The Group delivered a statutory net profit after tax of $2,157 million, up from $1,779 million in the prior year. Adjusted net profit after tax increased to $2,132 million from $1,729 million in FY24, resulting in an adjusted return on equity of 19.8%. Gross written premium growth was 7%, or 8% excluding exited portfolios, driven by targeted organic growth across several classes in North America and International. The combined operating ratio improved to 91.9% from 93.1% in the prior year, comfortably ahead of the company's ~92.5% guidance. Investment performance remained strong, with total investment income of $1,633 million and a return of 4.9%. QBE's indicative Prescribed Capital Amount (PCA) multiple increased slightly to 1.87x, remaining well-positioned relative to the Group's 1.6-1.8x target range. The final dividend of 78 Australian cents per share results in a full year dividend of A$109c, up 25% on the prior year, representing a full year dividend payout ratio of 50%.
The Group provided the following guidance for the full year 2026: a combined operating ratio of ~92.5% and constant currency gross written premium growth in the mid-single digits. The company also outlined a medium-term outlook of 15%+ adjusted return on equity and constant currency gross written premium growth in the mid-single digits.
QBE remains committed to its long-term strategy, underwriting discipline, and sustaining strong performance. The company has built strong momentum through disciplined execution of its strategic priorities, including portfolio optimisation, sustainable growth, and pace and efficiency initiatives.