Beazley (BEZ) Q3 2025 TU earnings summary

Executive summary

• Year-to-date growth stands at 1%, with insurance written premiums at $4,670m and net written premiums up 4% to $3,927m year-over-year.

• Premium rates on renewal business decreased by 4% compared to flat rates in Q3 2024.

• Full-year growth guidance reduced to flat to low single digits due to competitive D&O, property, and cyber markets.

• Combined ratio guidance improved to low 80s, reflecting underwriting discipline, favorable attritional losses, and low CAT activity.

• Plans to open a Bermuda venture in early 2026 with $500 million investment, targeting captives, ART, ILS, and specialty insurance.

Financial highlights

• Asset portfolio increased to $11.7 billion from $11.5 billion at half year, with investments and cash up 2% to $11,716m.

• Year-to-date investment return of $458 million (3.9%), with Q3 return at $146 million (1.43%), down from $513m (4.7%) in the prior year.

• Insurance finance income and expense (IFI) resulted in a year-to-date expense of $169 million.

• Average yield for fixed income investments at 4%, with 1.7 years average duration as of 30 September 2025.

• Portfolio allocation: 36.8% government debt, 33.9% corporate bonds, 6.2% high yield, 3.9% equity funds, 6.6% hedge funds.

Outlook and guidance

• Growth guidance for the full year revised to flat to low single digits, with 2025 insurance written premium growth expected to be flat to low single digits.

• Combined ratio guidance upgraded to low 80s, prioritizing profitability over volume.

• Bermuda venture expected to support return to mid-single digit growth over the next 3-5 years.