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Highlight Points:

  • QBE Insurance reported a first-half adjusted net profit after income tax of AUD 997 million, up from AUD 777 million a year earlier.

  • Gross written premiums rose 5.9% to AUD 13.82 billion, supported by targeted expansion in North America and international markets.

  • Catastrophe-related claims fell to AUD 479 million, below the first-half catastrophe allowance of AUD 549 million.

QBE Insurance Group Ltd (ASX:QBE) has reported an increase in first-half profit and premium growth, supported by targeted expansion and a reduction in catastrophe-related claims. The insurer operates in 27 countries, including the United States, and remains on track with its full-year outlook.

Financial Performance

For the six months ended 30 June 2025, QBE posted an adjusted net profit after income tax of AUD 997 million. This represents an increase from AUD 777 million in the same period a year earlier and exceeded the LSEG estimate of AUD 839.39 million. The improvement was underpinned by higher premiums and lower catastrophe claim costs.

Gross written premiums for the period rose 5.9% to AUD 13.82 billion, driven by targeted expansion in selected insurance classes across North America and international markets. The company noted that the growth was further supported by efficiency gains from exiting underperforming lines of business.

Claims and Combined Operating Ratio

Catastrophe-related claims for the period amounted to AUD 479 million, down from AUD 527 million in the previous corresponding period and well below the company’s first-half catastrophe allowance of AUD 549 million.

The combined operating ratio came in at 92.8%, compared to 93.8% a year earlier. A ratio below 100% indicates that the company earned more in premiums than it paid out in claims.

Dividend and Outlook

The board declared an interim dividend of 31 Australian cents per share, up from 24 Australian cents a year earlier. 

QBE reaffirmed its forecast for constant currency gross written premium growth in the mid-single digits for the 2025 financial year. The insurer indicated that it will continue to focus on profitable segments while maintaining disciplined cost management and underwriting practices.