25th July 2021

Beazley returns to profit delivering 22% top line growth

Beazley results for period ended 30 June 2021:
-Profit before tax of $167.3m (30 June 2020: Loss before tax of $13.8m)
-Return on equity (annualised) of 15% (30 June 2020: (1%))
-Gross premiums written increased by 22% to $2,035.3 (30 June 2020: $1,663.9m)
-Combined ratio of 94% 30 June 2020: 107%)
-Rate increase on renewal portfolio of 20% (30 June 2020: increase of 11%)
-Prior year reserve releases of $95.7m(30 June 2020: $58.6m)
-Net investment income of $83.6m (30 June 2020: $83.2m)
-No interim dividend (30 June 2020: nil)
Adrian Cox, ceo, comments "Beazley's gross premiums written increased by 22% to $2,035.3m with all divisions achieving rate rises in the first six months of 2021. Reserve releases across all divisions supported a half year combined ratio of 94% and the investment return achieved was also strong at 1.2% year to date.
I am excited about the growth opportunities ahead. Our capital base remains strong and we are well placed to support an ambitious growth plan at similar levels to 2021. The board remains committed to a dividend payment and will consider this at year end after taking into account the 2021 results as a whole."

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