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Beazley Group Slips To Loss In H1, Premiums Climb; Stock Up

Risk insurance and reinsurance provider Beazley Group Plc (BEZ.L) reported Thursday that its first-half loss before tax was $13.8 million, compared to prior year's profit before tax of $166.4 million.

Loss per share was 1.7 pence, compared to profit of 20.4 pence last year.. In dollar cents, loss was 2.2 cents per share, compared to profit of 26.4 cents per share last year.

Net assets per share grew to 239.0 pence from 232.3 pence a year ago. Net investment income fell to $83.2 million from $170.3 million a year ago.

Gross premiums written increased 12 percent to $1.66 billion from $1.48 billion a year ago, with three of its seven divisions achieving double digit growth.

Net premiums written increased 8 percent to $1.32 billion from last year's $1.23 billion.

The company noted that claims arising from the pandemic resulted in combined ratio to 107 percent.

Going ahead for the year, the company expect to achieve a combined ratio of around 100 percent.

Further, the board has taken the decision not to declare a dividend for the first half of 2020.

In London, Beazley shares were trading at 444.60 pence, up 3.16 percent.

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