Beazley’s profit reaches $728.9mn in 1HFY24, boosted by insurance written premiums

August 08, 2024 08:02 PM AEST | By Team Kalkine Media

Google News:

Beazley’s profit reaches $728.9mn in 1HFY24, boosted by insurance written premiums — Image source: shutterstock

Recent News

Entergy Recognized as Civic 50 Honoree for the 10th Consecutive Year

Riot Platforms: Needham sees ’major opportunity’ in Corsicana

Archer Joins Transportation Secretary and Acting FAA Administrator To...

Growing With Purpose, Inspired by Possibility: A Message From Covia&#0...

Beazley plc (LSE:BEZ) has announced its financial results for the first half of 2024, showcasing a record profit and strong performance across key metrics. For the period ending 30 June 2024, the global specialist insurer reported a remarkable profit before tax of $728.9 million, a significant increase from $366.4 million in the same period last year.

The company’s impressive financial performance was driven by a robust increase in insurance written premiums, which rose to $3.12 billion, up from $2.92 billion in the first half of 2023. This growth reflects Beazley's continued expansion and strong market positioning across its various insurance segments.

Operational Efficiency and Ratios

Beazley’s operational efficiency is highlighted by its improved combined ratios. The undiscounted combined ratio decreased to 81% from 88% in the prior year, indicating a significant enhancement in underwriting performance. The discounted combined ratio also improved, dropping to 77% from 84% in the previous half-year period. These reductions in the combined ratio demonstrate Beazley’s effective risk management and underwriting strategies.

The return on equity (ROE), annualized for the period, surged to 28%, up from 18% in the first half of 2023. This increase underscores the company's effective use of shareholder capital and its ability to deliver strong financial returns.

Capital Management and Future Guidance

Beazley continues to reinforce its commitment to shareholder returns with the announcement of a share buyback program of up to $325 million, initiated in March 2024. The buyback is on track to be completed by the end of the year, further enhancing shareholder value.

Looking ahead, Beazley has provided guidance for the full year. The company expects the undiscounted combined ratio to remain around 80% and reiterates its forecast for premium growth in the high single digits. These projections reflect Beazley’s confidence in maintaining its strong performance and strategic execution throughout the remainder of the year.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.