Qbe Insurance Group Limited · ASX:QBE
Qbe Insurance — H1 2025 Earnings Presentation
21 slides from Qbe Insurance's earnings presentation, Aug 8, 2025
Slide 1: 1H25 Half Year Result
1H25 Half Year Result 8 August 2025 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 8 1. All figures are in US dollars. August 2025. This presentation should be read in conjunction with all information
Slide 3: 1H25 Financial results
1H25 Financial results Strong performance continues +6% +5% 92.8% Gross written premium growth Ex-rate growth Combined operating ratio Or 8% excluding ~$200M non-core exits 1H24 (2%) 1H24 93.8% 1H23 7% 1H23 98.8% 997 103 31 $997M A¢103 A¢31 777 78 24 405 40 14 Adj. Net profit after tax Adj. EPS (dil
Slide 4: Performance summary
Performance summary Consistent, disciplined execution against our plan Growth Underwriting result Investment result Balance sheet Dividend +6% 92.8% 4.8% 1.85x A¢31 Gross written Combined operating Annualised Regulatory Interim premium ratio Investment return capital dividend or +8% excluding drag f
Slide 5: A high quality, consistent business
A high quality, consistent business Well placed to capitalise on attractive industry fundamentals Attractive industry fundamentals In an increasingly uncertain Capacity is consolidating Rational competitive environment, global risk landscape, Businesses are more risk aware in Commercial P&C will be
Slide 6: The evolution of our strategic priorities
The evolution of our strategic priorities Uniquely positioned international Strategic priority From To carrier with strong presence and relationships across key markets Sustainable Broad-based growth Enterprise alignment around targeted Growth opportunities structural opportunities Portfolio balance
Slide 7: Diversification enables consistent performance
Diversification enables consistent performance Differentiated and diversified portfolio; now in better balance Broad, diverse underwriting platform, differentiated and relevant in key markets Active portfolio management is key to driving consistent performance % of FY24 NIR A view of growth, and und
Slide 8: Customer is at the heart of our growth strategy
Customer is at the heart of our growth strategy Our evolving customer strategic priority Embedding a customer-centric culture at QBE… …To support our ambition for sustainable growth De • Better understand and serve ights liv er • Deliver an excellent the unique needs of customers ns 2 experience for
Slide 9: Financial Performance
Financial Performance
Slide 10: Result snapshot
Result snapshot Excellent financial returns Combined operating ratio (%) Investment return (%) 1H24 1H25 (Annualised) Gross written premium $M 13,051 13,820 Net insurance revenue $M 8,512 8,814 Net claims ratio % 64.2 62.8 93.8 61.3 92.8 61.5 4.8 4.8 Ex-cat Ex-cat Net commission ratio % 17.6 17.9 cl
Slide 11: Gross written premium
Gross written premium Strong organic growth continues Key growth metrics Gross written premium ($M) Crop: 9% Ex-Crop & exits: 11% 11% 6 GWP Growth (%) (1%) 2 4% Ex-rate growth (%) 7 (ex-Crop & exits) 6 13,820 13,051 +6% growth 1H24 FX North America International Australia 1H25 13.8 Gross written Pac
Slide 12: Group underwriting performance
Group underwriting performance Underwriting performance tracking in line with full year outlook Combined operating ratio (%) Ex-cat claims (%) Catastrophe claims (%) Underwriting result on track vs plan Large losses and mix partially offset by benefit Comfortably below allowance from favourable rate
Slide 13: Divisional underwriting performance
Divisional underwriting performance North America International Australia Pacific Reduced drag from non-core lines, strong core Resilient underwriting performance, continued Excellent underwriting performance aided by business growth organic growth favourable prior year development COR (%) 97.5 97.2
Slide 14: Investment performance
Investment performance 1H25 investment return $M % Investment portfolio Core fixed income yield Credit Spread Contribution CFI return (ex-risk-free rate) 571 2.1 Weighted Average RFR 4.6% 4.6% 4.7% Credit spreads MTM (14) (0.1) $34.0B 4.3% 4.3% 4.1% 3.8% Aug 5 3.8% Risk assets 209 4.6 Expenses and o
Slide 15: Balance sheet and capital management
Balance sheet and capital management Key capital metrics APRA capital Adjusted return on equity (%) PCA multiple 1.79 1.82 1.86 1.85 PCA Regulatory capital 1.31 1.34 CET1 1.86x 1.16 1.23 1.85x multiples 1.81x Target Debt to total range 19.2 capital (%) 23.7 21.8 19.9 25.2 15-30% 16.8 FY22 FY23 FY24
Slide 16: FY25 outlook
FY25 outlook Extending a track record of growth, strong returns and greater resilience • Markets remain supportive for further growth • 2025 constant currency GWP growth Gross written premium of around the mid-single digits • Portfolio exits to impact GWP by ~$250M for the full year • Underlying bus
Slide 17: Appendix
Appendix
Slide 18: Key metrics summary
Key metrics summary North Australia North Australia Group America International Pacific Group America International Pacific 1H24 1H25 1H24 1H25 1H24 1H25 1H24 1H25 1H24 1H25 1H24 1H25 1H24 1H25 1H24 1H25 Gross written premium $M 13,051 13,820 4,645 4,847 5,708 6,406 2,698 2,583 Ex-cat claims $M (5,2
Slide 19: Premium renewal rate change and retention metrics
Premium renewal rate change and retention metrics1 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 North America 9.3% 4.9% 5.7% +5.7% YTD 10.9% 6.9% 6.4% 3.0% 8.1% 1.9% Retention 67% 68% 68% 68% 69% 67% (including non-core) International 4.2% 2.8% 0.9% +0.9% YTD 4.4% 4.0% 2.9% 2.7% 1.6% 0.1% R
Slide 20: 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% 24% 18% 12% ~34% ~32% ~34% Commercial
Slide 21: Enabling a more resilient future
Enabling a more resilient future