QBE has reported that gross written premium grew 6% in the nine months to 30 September 2025, reaching $18.6 billion.
According to the insurer, gross written premium growth included a drag of around ~$250 million from the run-off of non-core lines in North America.
Excluding this, ex‑rate growth was 7%, or 6% on further excluding Crop.
At the same time, QBE said its catastrophe experience has been more benign so far in the second half of 2025 compared with the first, with fewer large loss events and a generally lower severity of claims.
The net cost of catastrophe claims for the ten months to October 2025 is expected to come in at around ~$700 million, well below the ~$950 million allowance for the period.
The insurer added that its November–December 2025 catastrophe allowance totals ~$200 million.
On current trends, full-year 2025 catastrophe costs are likely to finish comfortably below allowance, marking a third consecutive year of favourable outcomes.
Meanwhile, a favourable investment return of $459 million in Q3 2025 was reportedly underpinned by solid results across fixed income and risk asset portfolios.
“The core fixed income yield remained relatively stable through the period, exiting 3Q 2025 at 3.7% where it remains today. Risk asset performance benefited from robust equity and enhanced fixed income returns,” QBE explained.
With all this in mind, QBE has reiterated its full-year 2025 outlook, expecting constant-currency gross written premium growth in the mid-single digits, including the aforementioned $250 million drag from the non-core North America run-off, and a Group combined operating ratio of around 92.5%.
Looking even further ahead, QBE said its portfolio is now better balanced, with broader and more visible earnings, providing a solid foundation for 2026 planning.
Profitability reportedly remains attractive across most business lines, and the insurer views the year ahead as supportive of further growth and continued strong returns.
The insurer is currently forecasting a combined operating ratio of about 92.5%. QBE noted it will outline its full-year 2026 GWP growth guidance at its upcoming results, once there is clearer visibility around Crop performance and the key 1 January renewals.
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