10th Feb 2022 10:03
(Alliance News) -Â Beazley PLC on Thursday reinstated its dividend after swinging back to annual profit.
The insurer swung to a pretax profit of USD369.2 million for 2021 from a loss of USD50.4 million the year before.
Gross premiums written increased 30% to USD4.62 billion and net premiums written were up 20% to USD3.51 billion.
Chief Executive Adrian Cox said he was "delighted" with the results, noting the gross premiums written growth and improved combined ratio of 93% versus 109% the year before. Any combined ratio below 100% indicates profitable underwriting, so the lower the better.
All this delivered a "robust" profit, Cox said.
"We saw good growth across all our lines of business but were particularly encouraged by the opportunity in the cyber market where we continue to see significant rate improvement. We maintain our disciplined approach to cyber and remain excited about the opportunities for Beazley in this market and continue to invest in our cyber infrastructure," said Cox.
Cyber & Executive Risk saw premiums written grow in 2021 by 49% to USD1.52 billion.
Following the strong performance, the firm reinstated its dividend, declaring a payout of 12.9p after nothing in 2020.
"I approach the end of my first year as CEO of Beazley with confidence about the future," said Cox.
Shares in Beazley were up 0.8% at 501.60 pence in London on Thursday.
By Lucy Heming;Â [email protected]
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