Beazley H1 premiums grow, pre-tax profits fall

(Sharecast News) - Specialist insurer Beazley reported a mixed set of first-half results on Wednesday, with solid premium growth offset by a sharp drop in profitability. Insurance written premiums increased 2.04% year-on-year to $3.18bn, driven by continued expansion in its cyber and property lines, while pre-tax profits fell 45% to $502.5m, reflecting higher claims activity and a less favourable investment backdrop.

The FTSE 100-listed group's undiscounted combined ratio deteriorated to 84.9% from 80.7% a year earlier, and its insurance service result dropped 12% to $493.7m. Net assets per share improved 11% to 560p, as did net tangible assets per share, which came in at 536.1pp.

Beazley also reported a 1% increase in net insurance written premiums to $2.6bn.

Looking ahead, Beazley said it was confident in its underwriting discipline and growth strategy going forward, particularly in cyber.

CEO Adrian Cox said: "We are very proud of our overall performance. Growth of 2.0% reflects our disciplined approach and is fully aligned with our strategy of prioritising rate adequacy and long-term profitability over short-term income.

"As ever, we are focused on accessing the right opportunities, backed by the strength of our people, platforms and product set, all of which underpin our ability to adapt with confidence during periods of elevated uncertainty."









Reporting by Iain Gilbert at Sharecast.com