QBE Insurance Group (ASX: QBE) today announced its results for the half year ended 30 June 2025, reporting a statutory net profit after tax of $1,022 million, up from $802 million in the first half of 2024. QBE is a global insurance and reinsurance company. It provides a range of general insurance products, including property, casualty, and financial lines, serving individuals and businesses. The company’s adjusted net profit after tax also increased to $997 million, resulting in an adjusted return on equity of 19.2%.
Gross written premium growth reached 6%, or 8% excluding exited portfolios, driven by organic growth in key areas. The Group’s combined operating ratio improved to 92.8% from 93.8% in the prior period, reflecting a balanced performance across the business. Investment performance remained strong, with total investment income of $788 million, equating to a return of 2.4%.
QBE’s indicative regulatory Prescribed Capital Amount (PCA) multiple stands at 1.85x, slightly down from 1.86x at the end of 2024 but still within the Group’s target range of 1.6-1.8x. The Board has declared an interim dividend of 31 Australian cents per share, representing a 30% payout ratio of adjusted net profit after tax.
According to Group CEO Andrew Horton, QBE’s first half result was solid, and the company is on track to meet its full-year outlook. He highlighted the company’s strategic execution and focus on building a high-quality, consistent business as key drivers of the improved results. QBE anticipates constant currency GWP growth in the mid-single digits and a combined operating ratio of approximately 92.5% for the full year 2025.
