Beazley reports improved interim results
by Richard Kilner
Story link: Beazley reports improved interim results
Beazley has reported its interim results covering the first six months of 2012, including pre-tax profits of $112.9m.
This is a return to the black following a pre-tax loss of $24.2m in the corresponding period in 2011.
Biannual gross written premiums increased from $924.8m in 6M 2011 to $1,013.1m, a rise of around 10%, with net written premiums rising from $635.5m to $650.8m.
The insurer also reported an annualised return on equity of 18%, a vast improvement on the loss of 3% it incurred during the same time last year.
Chief Executive Andrew Horton said that the firm had performed strongly in the first half of 2012, citing its combined ratio of 91%.
Horton went on to say that Beazley had launched a number of new products to meet underserviced client needs, adding that they were proving popular with clients and brokers alike.