Beazley Stock Earnings Reports

Beazley delivered a strong H1 2025 showing: statutory profit of $503m, annualized ROE >18% and an undiscounted combined ratio of 84.9%, placing the company in the top quartile among specialty peers. Net premium growth was modest (2% H1) due to competitive markets, selective underwriting (notably no U.S. general casualty), and additional reinsurance bought to protect tail exposures; management has revised full‑year growth guidance from “mid‑single digits” to “low to mid‑single digits.” Division highlights: rapid growth in Europe and MAP (war/terrorism/contingency), disciplined property positioning with 6% growth in North America, and cyber showing normalization (H1 cyber combined ratio ~82.3%) with early signs of U.S. cyber pricing flattening. Investment income contributed ~$308.5m (2.7% H1 return) aided by a large core fixed‑income allocation (current yield ~4.1%, duration ~1.6 yrs) and selective securitized credit exposure. Capital and balance sheet: estimated Solvency II ratio of 287% at 30 June (after the previously announced $500m share buyback); management remains committed to a 170% SCR floor and flexible capital deployment (buybacks, special/dividend or investment in growth). Reserve positioning remains prudent (risk adjustment ~85th percentile) and IFRS17 timing/variable incentive recognition pushed the expense ratio higher in H1; management expects mid‑80s combined ratio for the full year and may lower it to low‑80s if attritional performance continues to beat expectations. Management reiterated discipline, optionality across 3 platforms (Europe, North America, global/Lloyd’s), continued investment in cyber loss protections (>$1bn systemic cover), and a Capital Markets Day planned for November to outline strategic initiatives.