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Beazley (BEZ) investor relations material
Beazley H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Profit before tax reached $1,146.5m for 2025, down 19% year-over-year, but still exceeding $1bn for the third consecutive year.
Combined ratio remained strong at 81% undiscounted (77% discounted), reflecting disciplined underwriting.
Insurance written premiums slightly decreased by 1% to $6,100.7m, while net insurance written premiums rose 1% to $5,198.7m.
Return on equity was 19%, compared to 27% in 2024.
Board agreed to a recommended all-cash acquisition offer by Zurich Insurance Group Ltd.
Financial highlights
Earnings per share were 113.4p, down 17% year-over-year.
Net assets per share increased 7% to 612.0p; net tangible assets per share also up 7% to 583.9p.
Investment return held steady at 5.2%, generating $607.5m.
Expense ratio increased to 32.8% (from 31.7%), reflecting ongoing investment in technology and staff.
Solvency II coverage ratio improved to 281% (from 264%).
Outlook and guidance
Expectation of continued competitive pricing and global instability in 2026.
Focus remains on profitable underwriting, innovation, and growth opportunities, especially in Bermuda and energy transition insurance.
Targeting mid-single digit premium growth and mid-80s undiscounted combined ratio across the cycle.
Cross-cycle ROE target set at 15%.
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