Beazley Plc Interim 2020 Results

July 24, 2020

Beazley plc published its 2020 half-year results this morning to the Stock Exchange.

Beazley plc results for period ended 30 June 2020:

Loss before tax of $13.8m (30 June 2019: profit before tax of $166.4m)

· Return on equity (annualised) of (1%) (30 June 2019: 19%)

· Gross premiums written increased by 12% to $1,663.9m (30 June 2019: $1,483.6m)

· Combined ratio of 107% (30 June 2019: 100%)

· Rate increase on renewal portfolio of 11% (30 June 2019: increase of 5%)

· Prior year reserve releases of $58.6m (30 June 2019: $3.4m)

· Net investment income of $83.2m (30 June 2019: $170.3m)

· No first interim dividend (30 June 2019: 4.1p)

Andrew Horton, Chief Executive Officer, said:

"Beazley achieved strong premium growth of 12% in the first half of 2020, with three of our seven divisions achieving double digit growth. Rates on renewals continue to increase across the market with average rate increases of 11% seen across our business as a whole. Our investments returned 1.4% for the first six months against the backdrop of a volatile investment market."

"The first half of 2020 was defined by COVID-19 and claims arising from the pandemic have driven the combined ratio to 107%, with Beazley recording a loss before tax of $13.8m. Despite this we expect a combined ratio of around 100% should be achievable for the full year."

The full release is available here.

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