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.