Qbe Insurance Group Limited · ASX:QBE
Qbe Insurance — FY2025 Earnings Presentation
23 slides from Qbe Insurance's earnings presentation, Feb 20, 2026
Slide 1: 2025 Result
2025 Result 20 February 2026 QBE Insurance Group Limited
Slide 2: Important information
Important information Disclaimer Basis of presentation (unless otherwise stated) This presentation contains general background information about the Group’s activities current as at 1. All figures are in US dollars. 20 February 2026. This presentation should be read in conjunction with all informati
Slide 3: FY25 Financial results
FY25 Financial results Consistent, disciplined execution against our plan 10% 95.2 +7% 7% +7% 6% 5% 7% 91.9% 93.1 91.9 3% Gross written premium growth Ex-rate growth Combined operating ratio Or +8% ex. non-core exits Ex. Crop and non-core exits 93.1% in FY24 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 F
Slide 4: FY25 Performance overview
FY25 Performance overview Exceeded all guidance and targets in 2025 Gross written premium Combined operating Adjusted return Capital growth ratio on equity position 92.5% 19.8% Mid-single +7% 1.87x digit 15%+ 1.6 - 1.8x 91.9% Target FY25 Target FY25 Target FY25 Target FY25 Sustainable Strong underwr
Slide 5: Consistent strategic execution, creating shareholder value
Consistent strategic execution, creating shareholder value Steady improvement since the launch of our strategy Track record of sustainable Catastrophe and reserving Steady improvement in margin Strong shareholder value volume growth resilience and returns creation Total shareholder return 10% 98 Ex-
Slide 6: A high quality, diversified business
A high quality, diversified business Well placed to capitalise on attractive industry fundamentals Attractive industry outlook Strong demand in Opportunities in Competitive but More mature AI & tech Supportive interest The role of commercial P&C 1 complex world 2 emerging risks 3 disciplined markets
Slide 7: Attractive outlook for sustainable growth
Attractive outlook for sustainable growth Underpinned by structural growth opportunities and supportive market conditions Supportive market conditions Structural growth opportunities P&C industry trends ~90% of GWP expected to meet or exceed Our business is well-aligned to growing and emerging risk
Slide 8: Attractive medium-term outlook for growth and returns
Attractive medium-term outlook for growth and returns Compelling outlook for shareholder value creation Performance levers Medium-term outlook Value creation outlook Growth & operating leverage 21.4 Gross Mid-single digit Average 15.1 17.6 12.0 written Growth on a constant share 10.6 premium currenc
Slide 9: Disciplined capital management
Disciplined capital management Capital flexibility to support sustainable growth and excellent returns Capital allocation framework Sustainable and capital efficient growth Medium-term outlook Further capital efficient growth as QBE broadens and Mid-single digit growth in the diversifies its sources
Slide 10: Financial Performance
Financial Performance
Slide 11: Result snapshot
Result snapshot Excellent financial returns Combined operating ratio (%) Investment return (%) FY24 FY25 Gross written premium $M 22,395 23,959 Net insurance revenue $M 17,807 18,412 Net claims ratio % 63.2 61.4 93.1 59.7 91.9 59.8 4.9 4.9 Ex-cat Ex-cat Net commission ratio % 17.7 18.1 claims claims
Slide 12: Gross written premium
Gross written premium Strong organic growth continues Key growth metrics Gross written premium ($B) Crop: 11% Ex-Crop & exits: 8% 11% 1% 7 GWP Growth (%) 3 5% Ex-rate growth (%) 7 (ex-Crop & exits) 5 24.0 22.4 +7% growth FY24 FX North America International Australia FY25 24.0 Gross written Pacific 2
Slide 13: Group underwriting performance
Group underwriting performance Underwriting performance ahead of guidance Combined operating ratio (%) Ex-cat claims (%) Catastrophe claims (%) Prior year reserve Underwriting result beat plan of ~92.5% Broadly stable Comfortably below allowance development (%) Includes favourable central estimate d
Slide 14: Divisional underwriting performance
Divisional underwriting performance North America International Australia Pacific COR (%) COR (%) COR (%) 98.9 97.7 92.0 89.6 88.7 88.5 Expenses 9.0 8.8 14.8 Expenses 13.8 Expenses 11.3 11.4 Commission 20.5 20.7 Commission 15.1 15.4 Commission 17.5 18.1 Cat 4.6 1.9 7.5 Cat 7.2 Cat 5.7 3.6 Ex-CAT 68.
Slide 15: Investment performance
Investment performance FY25 investment return $M % Investment portfolio Core fixed income yield Credit Spread Contribution CFI return (ex-risk-free rate) 1,166 4.1 Weighted Average RFR 4.3% 4.1% Credit spreads MTM 18 0.1 $35.8B 3.8% 3.7% 3.7% Feb 17 3.8% Risk assets 461 9.6 Expenses and other (12) (
Slide 16: Building catastrophe resilience
Building catastrophe resilience Excellent outcomes achieved through recent reinsurance renewal Favourable reinsurance renewal, with Lower catastrophe allowance despite Highly resilient catastrophe further reduction in CAT retentions broadly stable property premium allowance ~40% Group FY26 ‘As-If’ A
Slide 17: Balance sheet and capital management
Balance sheet and capital management Key capital metrics Buyback announced for 2026 Capital returns 109 1.79 1.82 1.86 1.87 PCA 87 A$450M on-market buyback over 2026 Dividend 62 Regulatory per share 30 39 ~65 capital 1.31 1.37 CET1 1.16 1.23 (A$cps) multiples ~15 Buyback 50% dividend payout ratio Ta
Slide 18: Financial outlook
Financial outlook Extending a track record of growth, strong returns and greater resilience Key metric FY26 outlook Medium-term outlook Bridging to FY26 from FY25 Group combined operating ratio (%) • Supported by strong Mid-single digit volume growth Mid-single digit Gross written premium growth • R
Slide 19: Appendix
Appendix
Slide 20: Key metrics summary
Key metrics summary North Australia North Australia Group America International Pacific Group America International Pacific FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 FY24 FY25 Gross written premium $M 22,395 23,959 7,277 7,658 9,837 11,073 5,281 5,230 Ex-cat claims $M (10
Slide 21: About us
About us QBE is an international P&C insurer focused on commercial and specialty (re)insurance, organised over three divisions Gross written premium Gross written premium Net insurance revenue by division by segment by segment Group Property Casualty Other 4% 5% 22% 11% ~33% ~31% ~36% 18% 32% Commer
Slide 22: 2026 Simplified reinsurance program
2026 Simplified reinsurance program 1 Risk XOL Cat XOL Key covers 1 Catastrophe Other covers not highlighted Main Cat XOL 1st layer • $1,450M xs $250M Buy Down $2,550M xs $250M • US & ANZ US and ANZ 2nd layer Cat Pacific Island buy down $1,100M xs $200M ROW • US & ANZ: $1,100M xs $1,700M • $80M xs $
Slide 23: Enabling a more resilient future
Enabling a more resilient future