Giant insurer QBE Insurance Group has seen a half year net profit increase of 27%. According to the firm’s financial results released on the ASX today, net profit was US$1.02 billion. Net insurance revenue for the half year was more than US$8.81 billion with gross written premium (GWP) increasing 6% to $US13.8 billion.
“QBE delivered a solid result in the first half of 2025 and remains on track to meet our full year targets,” said Andrew Horton (main picture), QBE Group CEO. “The balance we have achieved across product classes and geographies is now delivering tangible financial benefits and will continue to drive future performance.”
The results report referred to QBE’s “continued momentum” and “robust” balance sheet. The overall combined operating ratio improved 1% to 92.8%.
GWP for QBE’s Australia Pacific division, which includes Australia and New Zealand, declined by 1% to US$2,583 million but delivered a combined operating ratio of 86.8%, “a meaningful improvement,” said the report. This compared to 95.6% in the prior period, a result credited by QBE to lower catastrophe claims.
The report said total nat cat costs of US$479 million were below allowance, that was despite including the largest US wildfires on record in California and, said the report, an active period for storm and flood events in North America and Australia.
“The extreme weather events witnessed across the globe this period have had a profound impact on many communities,” said Horton. He said QBE “remains focused” on supporting affected customers.
