• Gross written premium growth of 11% in 1Q26, or 7% on a constant currency basis
• Group combined operating ratio expected at ~92.5% for FY26
• Confident in sustaining strong performance over the medium-term

QBE Insurance Group has provided a 1Q26 performance update, reporting gross written premium growth of 11% compared to the prior corresponding period, or 7% on a constant currency basis. Ex-rate growth of 6% was underpinned by momentum in North America Crop, and several portfolios within International. Excluding Crop and exited lines, ex-rate growth of 2% included a disproportionate impact from reduced volume in select portfolios including Accident and Health, which have a renewal bias toward the first quarter. Market conditions remain broadly supportive, with favourable rate adequacy across QBE's well diversified global portfolio. Group premium rate increases of ~2% in 1Q26 were in line with expectations. In the four months to April 2026, the net cost of catastrophe claims totalled approximately $300 million, relative to QBE's first-half catastrophe allowance of $517 million. Resilient investment performance has continued through the start of 2026, with investment income in the four months to April of ~$500 million. QBE reiterates its full year 2026 outlook, expecting mid-single-digit gross written premium growth (constant currency basis) and a combined operating ratio of ~92.5% for FY26. Over the medium-term, QBE expects adjusted return on equity of 15%+ alongside mid-single-digit GWP growth.

Gross written premium growth in the mid-single digits (constant currency basis) for FY26, and a combined operating ratio of ~92.5% for FY26.

Over the medium-term, QBE expects adjusted return on equity of 15%+ alongside mid-single-digit GWP growth.