Login Logout Arrow right Chevron left Chevron right Chevron up Chevron down LinkedIn Ellipsis Close Tick Grid Envelope Phone Info Print PDF Share Lock Search Check circle Download Video Podcast

Beazley Plc Interim 2020 Results

July 24, 2020

Beazley Plc Interim 2020 Results

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.