Beazley plc (LON:BEZ) today announced results for year ended 31st December 2018
· Profit before tax of $76.4m (2017: $168.0m)
· Return on equity of 5% (2017: 9%)
· Gross premiums written increased by 12% to $2,615.3m (2017: $2,343.8m)
· Combined ratio of 98% (2017: 99%)
· Rate increase on renewal portfolio of 3% (2017: reduction of 1%)
· Prior year reserve releases of $115.0m (2017: $203.9m)
· Net investment income of $41.1m (2017: $138.3m)
· Second interim dividend of 7.8p (2017: 7.4p), taking full year dividends for the year to 11.7p (2017: full year 11.1p).
|
Year ended |
Year ended |
% movement |
|
|
Gross premiums written ($m) |
2,615.3 |
2,343.8 |
12% |
|
Net premiums written ($m) |
2,248.5 |
1,978.8 |
14% |
|
Profit before tax ($m) |
76.4 |
168.0 |
(55%) |
|
|
|
||
|
|
|
||
|
Earnings per share (pence) |
9.7 |
19.5 |
(50%) |
|
Net assets per share (pence) |
219.6 |
215.3 |
2% |
|
Net tangible assets per share (pence) |
200.7 |
196.2 |
2% |
|
|
|
||
|
Dividend per share (pence) |
11.7 |
11.1 |
5% |
Andrew Horton, Chief Executive Officer, said:
“Beazley saw strong growth in 2018 with gross premiums written rising 12%. Our US business has been growing extremely well and we underwrote more than a billion dollars of premium locally for the first time in the US last year. Although market conditions were challenging, depressing our earnings, we entered 2019 with positive premium rate momentum and higher interest rates that should deliver stronger returns going forward.”
