Specialty insurer Beazley has announced its half-year results, revealing a pretax profit of $366.4 million, marking a new record for the company. Despite this impressive growth, the figure fell short of market consensus estimates of $457.6 million.
Strong Performances in North American Property and Cyber Insurance
Beazley attributes its rising profits to robust growth in its North American property business and the continued momentum of its cyber insurance offerings across Europe. These key areas have been instrumental in driving the company’s success over the past year.
Revenue Increases to $2.63 Billion
The insurer saw a significant increase in its insurance revenue, which rose to $2.63 billion compared to $2.36 billion in the previous year. Analysts had anticipated revenue of around $2.38 billion, according to consensus estimates.
Key Metrics and Financial Health
While Beazley’s return on equity decreased from 26% to 18%, and the discounted combined ratio increased from 71% to 84%, its solvency II ratio, a crucial measure of capital strength, remained strong at 273%. The company aims to maintain a ratio above 170% to ensure financial stability.
Full-Year Growth Guidance
Beazley is confident in its future prospects and has maintained its growth guidance for the full year. The company expects mid-teens gross premiums written and mid-20s net premiums written, highlighting its commitment to sustained growth.