Statement on QBE’s climate strategy

At QBE, we aim to use our role as a global insurer to help progress the transition to a net zero economy by supporting our customers and communities, working with our broker partners, and taking actions in line with our sustainability agenda.

After careful consideration of current global policy, regulations, emissions projections, and the speed of new technology deployment, we have reassessed our commitment to achieve net zero emissions in our underwriting and investment portfolios by 2050.

Our renewed approach centres on an ambition: to support the transition to a net zero economy, QBE will take actions in our underwriting and investment portfolios. 

We maintain our commitment to achieve net zero operations by 2030 across Scope 1, 2 and selected Scope 3 emissions relevant to our operations. ¹

Supporting the global transition remains an important focus for QBE. Our revised strategic approach focuses on actions within QBE’s control and that we believe can drive real-world impact. 

For our underwriting portfolio, these actions include: 

• Scaling insurance solutions that facilitate the transition, including products and services that support climate change mitigation.
• Continuing to embed our positions on energy sectors as set out in our revised Environmental and Social Risk Framework into underwriting appetite. From 1 January 2026, we will assess the transition maturity of our in-scope oil and gas customers through a new customer assessment framework.
• Deepening our understanding of higher-emitting portfolios to better understand our transition risks and identify opportunities to support our customers’ transition.

For our investment portfolio, this includes:

• Financing the transition through investment in climate solutions.
• Continuing to incorporate climate risk and decarbonisation pathways into investment due diligence for our in-house managed investments and external managers.
• Continuing to engage with our highest corporate emitters and external managers.
• Advancing the climate alignment of our investment portfolio. ²

Our customers and investees span a diverse range of industries and regions, each transitioning toward net zero at different paces. Our renewed approach reflects our understanding of how, as an insurer, we can best support the transition. It enables us to continue supporting customers on their transition journey, while acknowledging that some factors shaping the pace of change are outside our direct control. 

We will continue to refine our approach as we learn more and as the needs of our customers and communities evolve. 

Details of our approach to considering environmental and social risks in our underwriting and investments activities are outlined in our revised Environmental and Social Risk Framework. Additional information will be published with our transition plan, as part of our Annual Report in February 2026.

¹ Our net zero commitment for our operations includes Scope 1, Scope 2 (market-based) and selected Scope 3 emissions. Selected Scope 3 emissions comprise those relating to fuel-and energy-related activities (Category 3) and business travel (Category 6). Further information on our definitions, calculations, assumptions and methodologies will be available in the Sustainability Report section of our Annual Report in February 2026.

² Climate alignment of our investment portfolio will be assessed using the Net Zero Investment Framework (NZIF) criteria, which allows assessment of issuers relative to a net-zero maturity scale.