Beazley plc results for year ended 31 December 2020
· Loss before tax of $50.4m (2019: Profit $267.7m)
· Return on equity of (3%) (2019: 15%)
· Gross premiums written increased by 19% to $3,563.8m (2019: $3,003.9m)
· Combined ratio of 109% (2019: 100%)
· Rate increase on renewal portfolio of 15% (2019: 6%)
· Prior year reserve releases of $93.1m (2019: $9.5m)
· Net investment income of $188.1m (2019: $263.7m)
| Year ended 31 December 2020 | Year ended 31 December 2019 | % movement | |
| Gross premiums written ($m) | 3,563.8 | 3,003.9 | 19% |
| Net premiums written ($m) | 2,917.0 | 2,503.5 | 17% |
| (Loss)/Profit before tax ($m) | (50.4) | 267.7 | (250%) |
| Earnings per share (pence) | (6.3) | 35.0 | (119%) |
| Net assets per share (pence) | 219.1 | 235.0 | (7%) |
| Net tangible assets per share (pence) | 203.8 | 217.3 | (6%) |
| Dividend per share (pence) | 0.0 | 12.3 | (100%) |
Andrew Horton, Chief Executive Officer, said:
"Beazley's gross premiums written increased by 19% to $3,563.8m, supported by rate rises across most of our divisions. We also achieved a strong investment income in the face of volatile conditions.
I am very positive about the year ahead. We have the capital strength to support our growth plans and look forward to a continued favourable rate environment and expansion of our specialist products globally. I am confident we can return to paying dividends during the course of 2021".
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