QBE Insurance Group is expected to see around 5% top-line growth in 2025, supported by continued—though slower—rate increases, according to S&P Global Ratings.
The global credit ratings agency also said QBE’s capital position remains very strong, with capital adequacy projected to exceed the 99.99% stress threshold under S&P’s internal model. This strength underpins QBE’s stable credit outlook.
S&P noted that the insurer’s disciplined underwriting and improved risk management have made its earnings more resilient and capital base stronger. These efforts include better risk selection and a reduction in portfolio exposure to high-risk segments.
QBE reported a net profit of $1.78 billion in 2024, a solid increase from $1.36 billion in 2023. The group’s combined ratio—an important measure of insurance profitability—improved to 93.1%, down from 95.2% the year before.
In North America, the insurer made progress by cutting exposure to catastrophe risks and winding down noncore operations. As a result, the region’s combined ratio improved to 98.9%.
Despite some drag from strategic exits, QBE’s gross written premiums grew 3% year-on-year, reaching $22.4 billion.
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