QBE has published its H1 results for 2025 with its international division reporting a combined operating ratio of 92.5%, a deterioration of 3.3 percentage points on the same period last year. QBE International comprises QBE’s Lloyd’s franchise, its UK and European commercial segments, its reinsurance business (QBE Re) and its Asian operations.

QBE International’s gross written premium was approximately £4.8bn, up from £4.2bn in the same period last year. Its insurance operating results was £241m, down from the £304m achieved in the first half of last year.

Announcing its results, the firm stated: “International reported a combined operating ratio of 92.5% compared with 89.2% in the prior period. The result reflected a continuation of solid underwriting performance, though was tempered by elevated catastrophe and large loss activity, including the California wildfires and a series of large claims within the International Markets portfolio.

“Performance was resilient through what remains a dynamic operating environment underpinned by escalating geopolitical tensions, more nuanced markets and elevated industry loss experience.

“Despite these challenges, profitability across both insurance and reinsurance portfolios remained relatively solid, further highlighting the progress achieved against a number of recent portfolio optimisation initiatives.”