Beazley’s H1 2024 profit jumps two-fold

Earnings per share stood at 68.7 pence.

Beazley’s profit during the first half of 2024 (H1 2024) saw  $728.9m, 99% up from $366.4m in the same period last year.

“Expertise in underwriting and active risk selection are key drivers of this strong result, even as the rating environment is moderating. Property grew 25% in the first half, demonstrating the success of our strategy to grow in this increasingly specialist class, focusing on the US E&S market,” Adrian Cox, CEO of Beazley, said.

”We continue to innovate in cyber, launching one of the market’s most comprehensive, integrated cyber security and insurance offerings with Full Spectrum Cyber and Beazley Security,” Cox added.

Insurance written premiums also rose 7% year-on-year (YoY) to $3.12b.

Key performance metrics showed improvement, with the undiscounted combined ratio at 81%, down from 88% last year, and the discounted combined ratio at 77%, compared to 84% in 2023. 

Its annualised return on equity surged to 28%, up from 18% in the previous year.

“We see opportunities in the remainder of the year and are confident in delivering on our high single-digit growth guidance. We are also pleased to confirm that we have improved our undiscounted combined ratio guidance for the full year to around 80%,” Cox said.

The company’s earnings per share ended at 68.7 pence, 97% higher than the 34.9% last year.