Beazley (BEZ) H2 2024 earnings summary

Executive summary

• Record 2024 profit before tax of $1,423.5m, the second consecutive year of record results.

• Gross Insurance Written Premium grew 10% year-over-year to $6,164.1m.

• $700m returned to shareholders through a $500m buyback and a 25p ordinary dividend, increased 76%.

• Resilient results amid a challenging claims environment, with strong property and specialty growth.

Financial highlights

• Net insurance revenue rose to $4,913.2m from $4,315.1m; profit before tax increased 13.5% year-over-year.

• Undiscounted combined ratio was 79.0%, versus 74.0% in 2023; claims ratio increased to 43.1%.

• Net investment income was $574.4m, with a 5.2% portfolio return.

• Reserve releases totaled $144.5m, equal to 2.9% of net insurance revenue.

Outlook and guidance

• 2025 guidance: mid-single-digit gross premium growth and a mid-80s undiscounted combined ratio, reflecting market softening and wildfire provisions.

• Fixed-income yield projected at 4.6% at year-end 2025.

• Property and cyber expected to support long-term and international growth; opportunities also noted in MAP.

• Capital flexibility retained to pursue opportunities or return surplus if not deployed.