QBE

Financial Context

Illustrative wage differential: if the 2,383+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$203M/yr (~16.9% of reported net profit). This is an estimate based on industry averages, not company-specific data.

Would this company be profitable without offshoring?

Every dollar paid offshore leaves the Australian economy — reducing local wages, tax receipts, and economic circulation. Why it matters

Financial data: FY2024. Estimate uses avg AU employment cost of $110,000+/yr (incl. super and on-costs) vs offshore $25,000/yr (salary + on-costs). Actual figures vary by role, seniority, and location.

In Plain English

• In 2025, QBE was reported to have 2,383+ offshore contractors and staff.
• This represents ~18% when compared to its current workforce of 13,275 (illustrative comparison only — not directly reported by the company).
• 🇵🇭 2,383+ staff reported in Philippines in Back Office.

Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.

The Story

• February 2013QBE incorporated its Group Shared Services Centre (GSSC) in the Philippines as part of a major transformation. Target: move 3,000 positions to the Philippines, including 700 from Australia. Target savings: $250 million per year. [Insurance Business]
• March 2013Reports claimed 150 Sydney staff would lose jobs within 6 months. QBE denied this, saying they were "focused on minimising the impact on jobs in Australia." [Insurance Business]
• Mid-2013521 Australian staff were affected: 39 made redundant, 190 redeployed, 15 accepted voluntary redundancy, 52 contractor positions not renewed, 50 relocated to Philippines. [Insurance Business]
• 2014QBE began hiring 1,000 staff for its Cebu location. ANZ CEO at QBE Colin Fagen said: "We are moving the components of roles, not full roles. Core underwriting and processes remain in Australia." [Insurance News]
• 2015Philippines operations reached 2,100 staff. QBE spokesman David Symons said the centre was "delivering exactly what we expected — and more." [Insurance News]
• 2025QBE GSSC has over 3,200 employees across Manila (Taguig, Alabang, Pasay, Quezon City) and Cebu. Handles finance, procurement, IT, and insurance operations. [QBE Careers]

All facts sourced from public reporting. No editorial commentary. Click source links to verify.