• Exceeded all guidance and targets in 2025
• Consistent strategic execution driving shareholder value
• Attractive medium-term outlook for growth and returns

QBE Insurance Group Ltd has reported impressive financial results for the year ended 31 December 2025, exceeding all guidance and targets. The company delivered a combined operating ratio of 91.9%, well ahead of the 92.5% target, an adjusted return on equity of 19.8%, and gross written premium growth of 7%, reflecting favourable market conditions and structural growth opportunities. QBE has demonstrated a track record of sustainable volume growth, steady improvement in margin and returns, and catastrophe and reserving resilience since the launch of its strategy. The company is well-positioned to capitalize on attractive industry fundamentals, with supportive market conditions and structural growth opportunities in areas such as cyber, financial lines, and specialty risks. QBE outlined a compelling medium-term outlook, targeting mid-single digit gross written premium growth and adjusted return on equity of 15% or more, supported by growth and operating leverage, investment portfolio settings, operating efficiencies, and active capital management. The company's strong balance sheet, with a PCA multiple of 1.87x, provides flexibility to support sustainable growth and excellent returns. QBE also announced a A$450 million on-market buyback to be completed over 2026, demonstrating its commitment to disciplined capital management and delivering value to shareholders.

QBE provided the following high-importance, price-sensitive forward-looking financial guidance for the 2026 financial year: - Gross written premium: Mid-single digit growth on a constant currency basis - Combined operating ratio: Low-to-mid 90s through-cycle - Investment returns: Greater than 3% - Group effective tax rate: Approximately 25% - Adjusted return on equity: 15% or more over the medium-term

QBE outlined an attractive medium-term outlook, supported by structural growth opportunities and favorable market conditions. The company expects to deliver mid-single digit gross written premium growth and adjusted return on equity of 15% or more over the medium-term, driven by growth and operating leverage, investment portfolio settings, operating efficiencies, and active capital management.