Beazley
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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.
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H2 2025 earnings summary4 Mar, 2026

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%.

Bermuda entity's strategy and 2030 premium target
US cyber market strategy given unprofitable rates
Impact of social inflation on Specialty Reserves
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Frequently asked questions

Beazley plc, through its subsidiaries, provides risk insurance and reinsurance solutions in the United States, Europe, and internationally. The company operates through five segments: Marine & Energy, Political Risks & Credit, Professional Risks, Property and Specialty Lines.

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