Beazley Announces Record Results
Beazley Group plc results for year ended
31st December 2007
London, 26 February 2008
- Profit before tax of £138.5m (2006:
£86.8m)
- Profit before tax and foreign exchange on non
monetary items increased to £130.3m (2006: £96.2m)
- Return on equity of 28.0% (2006: 20.0%)
- Final dividend of 4.0p per share, plus a
special dividend of 4.0p per share
Growth across the business
- Gross written premiums up 5% to £780.5m; net
written premiums up 14% to £652.2m
- US$175.2m of business written through US
operations (2006: US$68.9m)
Healthy financial position
- Investment and cash balances up to £1,490.6m
(2006 year end £1,167.8m)
- Investment income at £64.9m (2006:
£48.3m)
- Prior year reserve releases of £64.1m (2006:
£31.0m)
| |
Year ended 31 Dec 2007 |
|
Year ended 31 Dec 2006 |
|
% increase |
| Gross written premiums (£m) |
780.5 |
|
745.1 |
|
5 |
| Net written premiums (£m) |
652.2 |
|
574.3 |
|
14 |
| Net earned premiums (£m) |
617.2 |
|
509.6 |
|
21 |
| Profit before tax (£m) |
138.5 |
|
86.8 |
|
60 |
| Comprises: |
|
|
|
|
|
| Profit before tax and foreign exchange adjustments on non
monetary items (£m) |
130.3 |
|
96.2 |
|
35 |
| Foreign exchange on non monetary items (£m) |
8.2 |
|
(9.4) |
|
N/A |
| |
|
|
|
|
|
| Earnings per share |
28.1p |
|
16.7p |
|
68 |
| Dividend per share - interim and final |
6.0p |
|
4.8p |
|
25 |
| Special dividend per share |
4.0p |
|
|
|
|
| Net assets per share |
112.1p |
|
89.8p |
|
25 |
Beazley Group Chief Executive Andrew Beazley
said:
“The company delivered excellent results
across the board in 2007. Our Lloyd’s underwriters demonstrated
strong risk analysis and selection skills and delivered very good
returns as rates in most of our lines of business began to fall
from historic highs. Our claims staff continued to win praise
for their service from clients and brokers – as well as industry
awards.
“In the United States, our operations grew
rapidly, more than doubling the premiums written locally in that
market. Our US-based underwriters are able to access
smaller scale and less volatile business than is available to our
underwriters at Lloyd’s. This diversification of our business
should stand us in good stead as the property/casualty market as a
whole continues to soften.”
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