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Interim Results

Beazley's profits rise

21 July 2017 07:22

Beazley's profit before tax rose to $158.7m in the six months to the end of June - up from $150.2m.

Return on equity was 18% (30 June 2016: 19%) and gross premiums written increased by 2% to $1,149.3m (30 June 2016: $1,124.1m).

Other highlights:

- Combined ratio of 90% (30 June 2016: 90%)

- Rate reduction on renewal portfolio of 2% (30 June 2016: reduction of 2%)

- Prior year reserve releases of $83.4m (30 June 2016: $77.4m)

- Net investment income of $79.4m (30 June 2016: $62.7m)

- First interim dividend of 3.7p (30 June 2016: 3.5p)

Chief executive Andrew Horton said: "Beazley delivered another good performance in the first half, against a backdrop of continuing competition. Our US operations performed strongly and our newly authorised Dublin based insurance company will support our growth plans in Europe, where we see opportunities to distribute our specialty products."

Story provided by StockMarketWire.com

Related Company: BEZ

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