"Beazley continues to show its ability to deliver strong underwriting results, with profitability continuing despite the investment environment leading to unrealised losses during the year."
Sally Lake
Group Finance Director
Executive Sponsor of the Women in Finance Charter
Beazley delivered a profit before tax in 2022 of $191.0m, which consisted of a strong underwriting performance offset by a reduced investment performance, and a return on equity of 7%.
Profit before tax in 2022 was $191.0m (2021: $369.2m). This was achieved through a substantial underwriting profit of $402.0m or a combined ratio of 89% (2021: 93%) offset by an investment loss of $ 179.7m (2021: gain of $116.4m) or an investment return of (2.1)% (2021: 1.6%).
Gross premiums written have increased by 14% in 2022 to $5,268.7m (2021: $4,618.9m). Rates on renewal business on average increased by 14% across the portfolio (2021: increased by 24%). All of our five divisions saw growth in 2022, with Cyber Risks and MAP Risks achieving double digit growth of 42% and 23% respectively.