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.