QBE posts 11% gross written premium growth in Q1
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The news: Insurance firm QBE has delivered gross written premium growth of 11% year on year to reach $9.2 billion.
The numbers: On a constant currency basis, QBE saw a 7% increase in written premium growth.
Catastrophe claims came in at around $300 million in the year to April, still within the first-half catastrophe allowance of $517 million. The second half catastrophe allowance will be $613 million.
QBE’s investment performance generated a net return of $305 million, with total investment funds under management reaching $36.1 billion in Q1. This is higher than the $35.8 billion in FY25.
The context: QBE reiterated its full year outlook for gross written premium growth in the mid-single digits on a constant currency basis and a combined operating ratio of about 92.5% for FY26.
QBE said that its core fixed income yields were “tempered by initial weakness in markets surrounding the commencement of conflict in the Middle East”, but that markets subsequently recovered.
QBE also said that “competitive pressures remain most notable within commercial property and Lloyd’s”.
The source: ASX
