Beazley first half profits down
by David Masters
Story link: Beazley first half profits down
Lloyd’s of London insurer Beazley Group Plc has reported its results for the first half of 2008, with profits down 25% due to lower investment income.
Pre-tax profit for the period was £45 million, just above the average forecast of £44 million, but 25% short of last years record first half profits of £60.2 million.
After-tax profit was £32.1 million, compared to £41.6 million for the same period last year.
Gross written premiums were down 6% on year at £407.3 million because of a cut back in commercial business.
The fall in profits came despite an increase in revenues, which were £329.5 million, compared to £327.8 million a year earlier.
Beazley has blamed the decrease in profits on difficult market conditions, causing investment income to drop.
Share prices fell 4% following the announcement.
An interim dividend of 2.2 pence per share has been announced, 10% higher than last year.
Chief Executive, Andrew Beazley, said that despite the ‘challenging’ nature of the past six months, the result is consistent with the company ‘track record of unbroken profitability’.