Highlights

  • The company expects mid-single digit GWP growth and combined operating ratio around 92.5% in FY25.
  • Adjusted profit after tax stood at USD 997mn in H1 FY25 versus USD 777mn in H1 FY24.
  • Gross written premiums increased to USD 13,820mn for the six-month period ended June 2025.

QBE Insurance Group Limited (ASX:QBE) is an Australian insurance and reinsurance company. Its main operations include underwriting general insurance and reinsurance, managing Lloyd’s syndicates, and handling investment management.

Financial Update

For the six months ended June 2025 (H1FY25), QBE Insurance reported net insurance revenue of USD 8,814mn, up 3.55% from USD 8,512mn in H1FY24.During the same period gross written premiums stood at USD 13,820mn, grew by 5.9% from the previous year. Adjusted profit after tax reached USD 997mn in H1FY25, compared with USD 777mn in H1FY24. The company announced a dividend of AU 31 cents for H1 FY25, versus AU 24 cents in H1FY24.

Business Outlook

In FY25, QBE Insurance expects GWP growth in constant currency to be in the mid-single digits, with portfolio exits projected to reduce GWP by around USD 250mn. The company anticipates a combined operating ratio (COR) of approximately 92.5%, with core business performance and non-core operations contributing to the result. Investment yield is expected to be 3.8% at H1 FY25, with the investment portfolio broadly aligned with the target mix.

Growth Prospects for Financial Sector

According to the Australian Bureau of Statistics (ABS), Australia’s seasonally adjusted unemployment rate rose to 4.5% in September 2025, up from a revised 4.3% in August. This marks the highest level since November 2021. During the month, the number of unemployed individuals increased by 34,000, while employment also grew, with 15,000 additional people entering the workforce.

The September unemployment rate exceeded the Reserve Bank of Australia’s projected peak of 4.3%, signalling a moderation in labour market conditions. This rise in joblessness has fuelled expectations of a potential RBA rate cut in November, which could provide a boost to the broader financial sector.

Share Performance

QBE’s shares traded at AUD 20.21 per share on 23 October 2025, with intraday gain of 0.80% and, down 10.81% over the past three months, 5.69% over the past six months, and up by 18.25% over the past year. The 52-week high is AUD 24.20, recorded on 05 June 2025, and the 52-week low is AUD 16.81, recorded on 05 November 2024.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 23 October 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.