Interim Report 2022
Explore. Create.Build...
We live in a world facing new levels of known risks and complex, novel risks. We believe the role and responsibility of a leading sustainable specialist insurer is to equip and support its clients
with ways to mitigate these risks so that their businesses can thrive.
Fear of risk limits creativity and stifles progress. The services and products that we provide deliver peace of mind. But more than this, our purpose at Beazley is to inspire our clients and people with the confidence and freedom to explore, create and build - to enable people and businesses to thrive.
Our clients want to live and work freely and fully, knowing they are benefitting from the most advanced thinking in the insurance market.
We are passionate about bringing innovative and progressive thinking to the challenges of the insurance market. We have deep experience, and our approach is bold and non-conformist. We choose to be different and are not afraid to challenge the status quo in order to bring better and more enabling solutions to the market. We harness an enviable bench of expert solvers, intuitive tech-driven solutions and the hunger to go beyond expectations in everything we do. We expect our people to do the right thing in all situations - to act with integrity, respect and empathy.
- About Beazley
- Highlights
- Key performance indicators
- Interim results statement
- Performance by division
- Condensed consolidated statement of profit or loss
- Condensed consolidated statement of comprehensive income
- Condensed consolidated statement of changes in equity
- Condensed consolidated statement of financial position
- Condensed consolidated statement of cash flows
- Notes to the condensed consolidated interim financial statements
- Responsibility statement of the Directors in respect of the interim report
- Independent review report to
Beazley plc - Alternative performance measures
39 Company information
At Beazley we are driven by enabling potential in our clients and our people, contributing to a brighter and more sustainable world.
Highlights and interim results
About Beazley
in the world. Through the Lloyd's broker network and the market's trading licences, we are able to access a wide range of insurance and reinsurance business from around the world. Many of the lines of business we underwrite, such as Marine, Political Risks and Contingency, were pioneered at Lloyd's.
Beazley manages seven Lloyd's syndicates: syndicates
2623 and 623 underwrite a broad range of insurance and reinsurance business worldwide; syndicate 3623 focuses on personal accident, sport and facilities business along with providing reinsurance to
syndicate in a box, which focuses on writing business on a consortium basis led by syndicate 2623/623 based on ESG scores of insureds.
We also underwrite business directly in the US admitted market through
Our European insurance company,
Further information about us is available at: www.beazley.com
Highlights
6 months |
6 months |
Full year |
||
2022 |
2021 |
2021 |
||
Gross premiums written ($m) |
2,554.9 |
2,035.3 |
4,618.9 |
|
Net premiums written ($m) |
1,795.9 |
1,442.1 |
3,512.4 |
|
Net earned premiums ($m) |
1,806.4 |
1,390.2 |
3,147.3 |
|
Profit before income tax ($m) |
22.3 |
167.3 |
369.2 |
|
Claims ratio |
54% |
57% |
58% |
|
Expense ratio |
33% |
37% |
35% |
|
Combined ratio |
87% |
94% |
93% |
|
Basic earnings per share (cents) |
2.3 |
23.0 |
50.9 |
|
Net assets per share (cents) |
333.5 |
323.1 |
351.6 |
|
Net tangible assets per share (cents) |
314.0 |
302.2 |
331.2 |
|
Basic earnings per share (pence) |
1.7 |
16.7 |
37.0 |
|
Net assets per share (pence) |
274.9 |
229.4 |
265.8 |
|
Net tangible assets per share (pence) |
258.8 |
214.6 |
250.4 |
|
Proposed dividend per share (pence) |
- |
- |
12.9 |
|
Retuon equity (annualised) |
1% |
15% |
16% |
|
Premium renewal rate change |
18% |
20% |
24% |
|
Investment retu(annualised) |
(5.0)% |
2.4% |
1.6% |
The Group uses alternative performance measures (APMs) to help explain its financial performance and position. The Group views some of the information contained above and on the next page as APMs. Further information on APMs can be found on page 37.
Beazley | Interim report 2022 |
01 |
Key performance indicators
Financial
Earnings per share (c)
Net assets per share (c) |
Gross premiums written ($m) |
60
50
40
30
50.9
350 |
20.4 |
19.5 |
5,000 |
300 |
20.9 |
||
331.2 |
314.0 |
4,000 |
|
250 |
302.2 |
||
200 |
3,000 |
||
150 |
4,618.9 |
- 23.0
2.3 |
0 |
100 |
2,000 |
|
50 |
1,000 |
|
0 |
0 |
|
2,035.3 |
2,554.9 |
2021 |
2021 |
2022 |
FY |
HY |
HY |
2021 |
2021 |
2022 |
2021 |
2021 |
2022 |
FY |
HY |
HY |
FY |
HY |
HY |
- Tangible■ Intangible
Net premiums written ($m) |
Retuon equity (annualised) (%) |
3,500 |
3,512.4 |
20 |
16 |
15 |
|
2,500 |
|||||
3,000 |
15 |
||||
2,000 |
10 |
||||
1,500 |
1,795.9 |
||||
1,442.1 |
1 |
||||
500 |
|||||
1,000 |
5 |
||||
0 |
0 |
2021 |
2021 |
2022 |
2021 |
2021 |
2022 |
FY |
HY |
HY |
FY |
HY |
HY |
Combined ratio (%)
120
100 |
93 |
94 |
87 |
80 |
|||
60
40 |
58 |
57 |
54 |
20 |
35 |
37 |
33 |
0 |
2021 |
2021 |
2022 |
FY |
HY |
HY |
■ Expense ratio |
■ Claims ratio |
02 |
Beazley | Interim report 2022 |
Highlights and interim results
Interim results statement
Beazley achieved strong growth of 26% with gross premiums increasing to
We continue to execute in line with our vision to grow across all key business lines and in the first half we made significant strides forward, delivering increased gross premiums written of
During the last six months, we have streamlined our underwriting structure, launched Lloyd's first dedicated ESG syndicate and have realigned our digital business to be managed under
one segment.
As a business diversified across consolidated products, platforms and geographies our aim is to deploy our expertise and add value and innovate, seeking out opportunities in markets where growth rates are high. This focus has led to Beazley proudly holding a track record of high underwriting performance which continued in the first half of 2022, with us delivering our best half year combined ratio in seven years.
Geopolitical turbulence
When we announced our full year results on 10 February, a full-scale war in
"Staying true to our core and deploying expertise where we add value delivered double digit premium growth"
Chief Executive Officer
Beazley | Interim report 2022 |
03 |
Attachments
Disclaimer
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