Beazley Plc. (BEZ.L) on Friday reported a profit for the first half of the year, compared to a loss last year, amid increased revenues.
For the six months ended June 30, the company reported a pre-tax profit of $112.9 million compared to a loss of $24.2 million last year. The insurer expects to improve profitably during the remainder of the year.
Profit attributable to owners of the parent was $100.1 million or 11.8 pence per share compared to a loss of 14.1 million or 1.7 pence per share last year. Revenue grew to $750.5 million from $707.0 million. Gross premiums written advanced to $1.01 billion from $924.8 million in the prior year. Net earned premiums were $703.3 million, up from last year's $670.5 million.
Expenses declined to $639.8 million from $722.9 million. Andrew Horton, CEO, said, "Beazley performed strongly in the first half, delivering a return on equity of 18% and a combined ratio of 91%. Rates rose by an average of 3%, with increases of 5% in catastrophe exposed lines and 3% on our large professional and management liability book."
The board declared a first interim dividend of 2.7 pence compared to 2.5 pence last year.
Looking ahead, the firm expects to grow profitably during the remainder of the year, with further modest premium rate rises across the portfolio. Continued top line growth is expected for the remainder of 2012, fuelled partly by the investments made in innovative products.
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