logo
Plus   Neg
Share
Email

Beazley Slips To Loss In FY20, Premiums Written Climb; Expects To Grow Profitability In FY21

Risk insurance and reinsurance provider Beazley Group Plc (BEZ.L) reported Friday that its fiscal 2020 loss before tax was $50.4 million, compared to last year's profit of $267.7 million.

Loss per share was 6.3 pence, compared to profit of 35 pence a year ago.

Net assets per share was 219.1 pence, down 7 percent from 235 pence a year ago.

Gross premiums written increased 19 percent to $3.56 billion from $3.00 billion a year ago, supported by rate rises across most of its divisions.

Net premiums written increased 17 percent to $2.92 billion from $2.50 billion in the prior year.

The combined ratio was 109 percent, compared to last year's 100 percent, heavily impacted by the volume of COVID-19 related claims in this unprecedented year.

Net investment income declined to $188.1 million from $263.7 million a year ago.

Further, the company said it is confident to return to paying dividends during the course of 2021.

Looking ahead, Andrew Horton, Chief executive officer, said, "Despite the harsh effects of the pandemic and a deep global recession, we are optimistic that the positive market change of the last 12 months and the resilience that we have demonstrated puts us on a strong financial and operational footing to support our clients and to grow profitably in 2021. We expect to deliver a low-90s combined ratio for 2021 assuming average claims experience."

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT