Press Release
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
- 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)
- 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 | 130.3 | 96.2 | 35 |
| on non monetary items (£m) | |||
| 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.”
ENDS
For further information, please contact:
Beazley Group plc
Andrew Beazley
T: +44 (0)20 7667 0623
Andrew Horton
T: +44 (0)20 7667 0623
Finsbury
Simon Moyse
T: +44 (0)20 7251 3801
Notes to editors:
Beazley Group, plc (BEZ.L), based in London, is the parent company of global, specialist insurance businesses with operations in the UK, US, France, Singapore and Hong Kong. Beazley manages two Lloyd’s syndicates (Syndicate 2623 and Syndicate 623) with aggregate underwriting capacity in 2008 of £814m (US$1.6bn). Both syndicates are rated A by A.M. Best. In the US, Beazley’s underwriters focus on writing specialist insurance products in the admitted market, backed by Beazley Insurance Company, Inc., an admitted carrier in all 50 states; and surplus lines risks, backed by the Beazley syndicates at Lloyd’s. Beazley Insurance Company, Inc. is rated A by A.M. Best.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, commercial property, marine, reinsurance, and personal lines.
For more information please go to: www.beazley.com
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