Beazley's trading statement with 2023 half-year results showed a marked increase in premiums and a low combined ratio of 88%
The full statement is available here from Beazley's website. Key data from the half-year results as follows:-
- Profit before tax increased to $366.4m (2022HY: $364.9m)
- Insurance written premiums increased to $2,921.1m (2022HY: $2,574.3m)
- Undiscounted combined ratio of 88% (2022HY: 74%)
- Investment growth of $143.9m (30 June 2022: loss of $193.0m) or 3.0% annualised
Adrian Cox, Chief Executive Officer, said:-
“We have had a successful first half of the year, achieving record profits of $366.4m. Key highlights include significant growth in our North American property business and momentum in cyber across Europe. Our platform strategy and capital position have been important drivers in delivering our ambitious growth targets. Looking ahead, I am confident we are on track to deliver the guidance we set out at the start of the year.”
Property Insurance written premiums grew by 65% to $805.2m: "...we continued to take advantage of the excellent market conditions. As expected, property reinsurance performed well in the first six months, while our property insurance book of business delivered stronger than anticipated growth, as the hardening reinsurance market drove increases in the primary market."
Cyber saw insurance written premiums increase by 14%: "Cyber Risks performed well in the year-to-date with 14% growth, despite a slight reduction in rates. The headwinds around war
wordings began to recede, although the market remains competitive. We continue to view cyber as having exciting long-term growth prospects, particularly in Europe, where performance was strong in the first half of 2023."
Specialty Risks: "...the very challenging conditions continued in Directors and Officers ("D&O"). We remained focused on areas which are less exposed to social inflation, such as environmental liability and programs business, as we continued our work to diversify the division’s mix of business."
The market looked with favour it seems on these results as the share price has climbed since.