QBE has reported a combined operating ratio of 93.1% for 2024, an improvement of 2.1 percentage points on the 95.2% achieved in 2023. Gross written premium for 2024 was approximately £17.7bn, up from the £17.1bn posted in 2023.

Andrew Horton, group CEO at QBE said: “2024 marked the third year since we launched our new purpose, vision and strategic priorities, and our financial performance for the period speaks to the considerable progress we have achieved. We beat our plan for the year, continue to demonstrate greater resilience and are excited about our prospects for the year ahead.

“I am pleased with QBE’s performance in 2024, which reflects our commitment to driving greater consistency, and unlocking value through operating as a global enterprise. We made meaningful progress against our strategic priorities and it has been particularly exciting to see the business transition from a focus on historic challenges, to concentrating on the opportunities ahead.”