· Profit before tax of $267.7m (2018: $76.4m)
· Return on equity of 15% (2018: 5%)
· Gross premiums written increased by 15% to $3,003.9m (2018: $2,615.3m)
· Combined ratio of 100% (2018: 98%)
· Rate increase on renewal portfolio of 6% (2018: 3%)
· Prior year reserve releases of $9.5m (2018: $115.0m)
· Net investment income of $263.7m (2018: $41.1m)
· Second interim dividend of 8.2p (2018: 7.8p), taking full year dividends for the year to 12.3p (2018: full year 11.7p).
|
|
Year ended |
Year ended |
% movement |
|
Gross premiums written ($m) |
3,003.9 |
2,615.3 |
15% |
|
Net premiums written ($m) |
2,503.5 |
2,248.5 |
11% |
|
Profit before tax ($m) |
267.7 |
76.4 |
250% |
|
|
|
|
|
|
|
|
|
|
|
Earnings per share (pence) |
35.0 |
9.7 |
261% |
|
Net assets per share (pence) |
235.0 |
219.6 |
7% |
|
Net tangible assets per share (pence) |
217.3 |
200.7 |
8% |
|
|
|
|
|
|
Dividend per share (pence) |
12.3 |
11.7 |
5% |
Andrew Horton, Chief Executive Officer, said:
"Beazley achieved a profit before tax of $267.7m in 2019, driven by a very strong investment return of $263.7m. Overall gross premiums written increased by 15% to $3,003.9m, with three of our six divisions achieving double digit growth.
An adverse claims experience across several lines of business, leading to reduced prior year reserve releases, meant that our combined ratio rose to 100% for 2019. Despite this, we are optimistic that the remedial action that we have been taking across several lines of business in recent years, alongside the expected continued premium rate increase, will favour us as we move into 2020."
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