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Annual Results

Beazley profits up after good FY performance

03 February 2017 07:13

Beazley reports a good performance across the board in 2016 with pre-tax profits rising to $293.2m from $284.0m in 2015.

The return on equity for the year to the end of December was 18% (2015: 19%).

Gross premiums written increased by 6% to $2,195.6m and the combined ratio was 89% (2015: 87%).

The company has declared a second interim dividend of 7.0p (2015: 6.6p), taking full year dividends to 10.5p (2015: full year 9.9p).

There was also a special dividend of 10.0p (2015: 18.4p).

Chief executive Andrew Horton said: "Beazley's performance in 2016 was good across the board.

"Our increased profits were driven by a higher investment return, but the bedrock of our success remains our underwriting performance, which generated a combined ratio of 89% in 2016 despite highly competitive conditions in many of our markets.

"Overall premium growth doubled to 6% and we were able to develop a number of growth opportunities, particularly in the US, that enabled us to offset areas where market conditions dictated that we cut back."

Story provided by StockMarketWire.com

Related Company: BEZ

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