Beazley reports interim results
by Richard Kilner
Story link: Beazley reports interim results
Beazley plc has reported its interim financial results for the six months ended 30 June 2010, including net profits of $115.5m, almost fourfold the $30.1m made during the corresponding period last year.
Gross written premiums increased by 5% to $940.6m, and net writen premiums surged by more than a fifth (21%) to $621.1m.
The interim dividend increased marginally from 2.3p to 2.4p.
Chief Executive Andrew Horton has described the half-year result as strong, in a period notable for a high level of competitiveness and a number of catastrophe losses.
Horton forecast that the competitive aspect of the sector is likely to continue.
He added that investment yields remain low, putting upward pressure on premium rates.