Our 2022 highlights
It's been an interesting year, here are our key highlights from 2022. For more information download our Highlights and KPIs using the link below.
Gross premiums written
Net premiums written
Net earned premiums
Net investment (loss)/income
Cash and investments
Rate increase on renewals
Profit before tax for the financial year
Our business model
Insurance. Just different.
Our business model
Our vision is to be the highest performing sustainable specialty insurer.
To deliver this we have built a business that operates around the globe and across multiple platforms. We are a diversified insurer, underwriting multiple lines of specialty insurance products from aviation to cyber and directors & officers liability to property risks.
Ambitious for our business, we are focused on long-term sustainable growth that delivers real value to all our stakeholders, fulfilling our purpose of helping them to explore, create and build.
How different drives competitive advantage
Our strategy is to achieve a successful intersection of platforms and products the offers our brokers and client access to our expertise and specialist underwriting capacity where and when they do business. We believe that a mix of internactional wholesale and domestic business is the most effective way to deliver this.
Our distinctive brand, and the perceptions it generates, help us to grow our business, sustain relationships and attract and retain talented people.
We complement our platform strength with a product set focused on markets where issues can be complex, changing or emerging and terms and conditions and pricing are sustainable. We commit to these markets for the long term as we see demand grow for specialist insurance capacity.
Deep stakeholder partnerships
We build strong, long-term relationships with like-minded stakeholders - of which clients and brokers are key - whose principles align with ours and through which each partner benefits.
Enabling us to support both long-term strategies for navigating change whilst positioning us to take advantage of market opportunities and focus on innovating.
We lead by example on the creation of responsible business practices and a framework for measuring our progress. It is a complex journey of delivering progressive solutions with tangible results over time, with the goal of building better resilience for our clients, our communities and shareholders.
different to life
Our people, values and culture underpin our success. They shape the way we show up, how we approach our business and - how we treat each other. It's by working with us that you'll experience the Beazley difference, bringing to life what sets us apart.
Being Bold across all our activities
We enjoy the freedom and encouragement to confidently question the status quo and push the edges. We dare to be difference and explore bold possibilities to create more innovative, fair and satisfying outcomes for our people, our clients, partners and investors.
Striving for better by always going above and beyond
Good is a start, but we go all out for better. We actively champion and support each other to be the best we can - a community of driven individuals relentlessly pushing the needle and creating value.
Doing the right thing for our people, partners and planet
Acting with integrity in a straightforward, decent way is instinctive. Open and honest with each other, we show respect and empathy however challenging the situation. Doing the right thing makes for a fair-minded, rewarding environment and makes work and life better for all.
Long-term record of consistent underwriting performance and dividend record.
Enabling our people to learn, develop and progress. We employ talented people and invest in expanding their skills and helping them build rewarding careers.
Brokers and clients
To ensure the best possible experiences and outcomes, we continue to monitor broker and client perceptions of our service in a variety of ways, including through detailed surveys.
Average for last 10 years
94% Combined ratio
34.2c Earnings per share
19.6% Total shareholder return per annum
85% Strong employee engagement
Outstanding Service Quality Marque
For the sixth year running, we have been awarded the Outstanding Service Quality Marque 2022 for claims service by Gracechurch Consulting, the independent insurance research consultancy.
Statement of the Chair
"Our vision of being a leading sustainable, specialty insurer, is both lived every day and drives our aspirations, as our products, people, platforms and culture all come together."
"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."
Group Finance Director
Executive Sponsor of the Women in Finance Charter
Chief Underwriter's report
“Our approach to underwriting remains consistent – our focus is on underlying pricing and risk dynamics, market knowledge and experience and standing by our clients.”
Chief Underwriting Officer
We are committed to doing the right thing for our people, partners and the planet. Beyond our deep understanding of specialist risks, we are defined by our culture that values being bold, striving for better, and doing the right thing. Ambitious for our business, we are focused on long term sustainable growth that delivers real value to all our stakeholders, fulfilling our purpose of helping them to explore, create and build.
People of colour representation in workforce from 23% in 2021.
Reduction of Greenhouse Gas emissions from -86% from 2021.
(Tonnes C02e/$m sales) from 75.5 from 2021.
(Includes monetary and gifts in kind, donations) from $379,733 from 2021.
Annual Report 2022 Sections