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Beazley enjoys underwriting performance growth – but profits are down

Beazley enjoys underwriting performance growth - but profits are down

The old question “Are you a glass half full or half empty person?” will likely dictate your view on the newly delivered full-year 2022 financial results issued by Beazley Group.

On the plus side, the insurer can rightly boast its strongest underwriting performance since 2016 – its gross written premiums rose 14% year-over-year to sit at US$5,268.7 million, while its combined ratio reached a remarkable 89 %, compared to 93% last year.

Beazley Group earnings

However, on the other hand, the company also saw its earnings before tax take a hit – falling from US$369.2 million in 2021 to US$191 million in 2022. Its earnings per share also fell from 37.0 pence to 21.1 pence.

The decline in revenue, according to chief executive officer Adrian Cox, can be attributed to a “challenging geopolitical environment and marks on market investment losses.”

“Our diversified book of business allows us to redeploy capital to areas where we see the most attractive growth prospects,” he explained. “After raising equity in November, along with a solid January renewal period, we continue to lean on the opportunity we see in the property market as we execute our cyber growth plans.”

What have you made of insurers’ performance in their 2022 financials? Leave a comment below with your thoughts.

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