Beazley Reports Profit Growth on Higher Premiums, Reveals Focus on Cyber Risk

2 min read | August 08, 2024 04:11 AM PDT | By Team Kalkine Media

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Beazley Reports Profit Growth on Higher Premiums, Reveals Focus on Cyber Risk — Image source: Shutterstock

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Beazley PLC (LSE:BEZ) reported an increase in interim profit, with pretax profit nearly doubling to USD 728.9 million for the six months ending June 30, 2024, compared to USD 336.4 million in the same period the previous year.

Premium Growth and Improved Ratios

The company experienced a 6.9% rise in insurance written premiums, totaling USD 3.12 billion, up from USD 2.92 billion the prior year. The combined ratio, which measures underwriting efficiency, improved to 77% from 84%, indicating profitable underwriting practices.

Focus on Cyber Risk

Beazley is expanding its focus on cyber risk insurance. The company's strategy was tested by a global IT outage caused by a software issue at cybersecurity firm CrowdStrike Holdings Inc. According to Chief Executive Officer Adrian Cox, Beazley’s approach demonstrated resilience, and the company anticipates further opportunities in the cyber insurance sector while maintaining its growth guidance for the year.

Financial Metrics and Future Outlook

Net assets per share and net tangible assets per share both increased by 34%, reaching 504.7 pence and 483.1 pence, respectively, as of June 30. Beazley also updated its 2024 guidance for the combined ratio to about 80%, reflecting continued confidence in its underwriting strategy.

Dividend and Share Buyback

No interim dividend was declared, consistent with the previous year. Beazley is progressing with its USD 325 million share buyback program, announced in March, which is expected to be completed by the end of the year.

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