QBE Insurance Group Ltd (ASX: QBE) shares are taking a tumble today.
Shares in the S&P/ASX 200 Index (ASX: XJO) insurance giant closed yesterday trading for $23.45. In morning trade on Friday, shares are changing hands for $22.76 apiece, down 2.9%.
For some context, the ASX 200 is down 0.2% at this same time.
This follows the release of QBE's half-year results (H1 2025).
Here's what's catching ASX investor interest today.
QBE shares sink on results
QBE shares are sliding despite the company reporting a half-year gross written premium of $13.82 billion. That's up 6% from H1 2024, or 8% excluding exited portfolios. The company said this growth was driven by continued organic growth in a number of its focus areas.
First-half statutory net profit after tax came in at $1.022 billion, up from $802 million year on year. And adjusted net profit after tax of $997 million was up from $777 million in the prior period. This saw QBE achieve an adjusted return on equity of 19.2%.
QBE's total investment income of $788 million delivered a return of 2.4% over the half year, broadly in line with the prior period. Management said the returns were supported by strong performance across both the company's core fixed income and risk asset portfolios.
Management also highlighted the improved combined operating ratio, which lifted to 92.8% from 93.8% in H1 2024, credited to the greater balance and breadth of performance across the business.
QBE said its indicative regulatory Prescribed Capital Amount (PCA) multiple of 1.85x reduced slightly from 1.86x at 31 December.
QBE shares also aren't getting a boost despite the 29% increase in the interim dividend. The board declared an interim dividend of 31 cents per share, franked at 25%. That represents a payout ratio of 30% of adjusted half-year net profit after tax.
If you'd like to bank the QBE dividend, you'll need to own shares at market close on 18 August. The ASX 200 stock trades ex-dividend on 19 August.
What did management say?
Commenting on the results that have failed to lift QBE shares today, CEO Andrew Horton said, "QBE delivered a solid 1H25 result and is on track to achieve our full year outlook."
Horton added:
We are executing well against a clear strategy, with efforts to reshape our portfolio and stabilise performance underpinning improved results. We have strong momentum in the business and are motivated to deliver another year of excellent returns in 2025
With today's intraday fall factored in, QBE shares remain up 40% since this time last year, not including dividends.
