Beazley sees underwriting performance growth – but profits down

The age old question of “are you a glass half full or half empty person?” will probably dictate your outlook on the newly delivered full-year 2022 financial results issued by Beazley Group.

On the plus side, the insurer will rightly boast about its strongest underwriting performance since 2016 – its gross written premiums leapt by 14% year-over-year to sit at US$5,268.7 million, while its combined ratio came in at an eye-catching 89%, compared to last year’s 93%.

Beazley Group profits

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

The profit fall, according to chief executive officer Adrian Cox, could be pinpointed on a “challenging geopolitical environment and mark to market investment losses.”

“Our diversified book of business enables us to redeploy capital to areas where we see the most attractive growth prospects,” he elaborated. “After raising equity in November, along with a solid January renewal season, we continue to lean into the opportunity we are seeing in the property market while executing on our cyber growth plans.” 

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