Trading Statement

Beazley improves 2025 combined ratio outlook, focus remains on underwriting discipline

London, 25 November 2025

Beazley plc trading statement for the nine months ended 30 September 2025

Overview

· Insurance written premiums increased by 1% to $4,670m (Q3 2024: $4,625m)

· Net insurance written premiums increased by 4% to $3,927m (Q3 2024: $3,792m)

· Premium rates on renewal business decreased by 4% (Q3 2024: 0%)

· Investment income of $458m or 3.9% year-to-date (Q3 2024: investment income of $513m or 4.7%)

· 2025 IWP growth expected to be flat to low single digits

· Undiscounted combined ratio guidance upgraded to low 80s

· $500m capital deployed to build out new Bermuda1 platform which supports growth from 2026 onward

1 Subject to regulatory approval

Adrian Cox, Chief Executive Officer, said:  

"Market conditions are evolving at pace across several of our lines and we've maintained the same disciplined approach we set out at the half year. The benefit of this discipline is clear in our upgraded combined ratio guidance, as we continue to prioritise profitability over volume. This does, however, mean that growth is running at the low end of our guidance and below the level we delivered in the first half.

Alongside robust underwriting discipline, we have been working on a number of initiatives. A key piece of this work is our new platform in Bermuda which will support our expansion into the alternative risk transfer market. This will allow us to drive growth whilst maintaining margin by using our existing expertise to take advantage of new and evolving opportunities"

Premiums

Our performance to the end of September 2025 by business division is as follows:

In Cyber Risks, persistent rate reductions in North America have occurred since 2022 despite increasing frequency and severity of ransomware claims in the market. At 1 July renewals we held prices flat. Cumulative rate change across the division has trended upwards during Q3 as a result. However very competitive market conditions in North America means that profitable growth continues to be challenging.

With comparatively stronger pricing and greater scope for new business, our European cyber book is performing ahead of plan. We expect strong growth to continue internationally in what remains an underpenetrated market.

MAP risks delivered the strongest growth performance for the Group at Q3 as demand for many products within the division continues. Written predominantly on our Lloyd's platform, premiums in the portfolio have increased by 6%. Rates are strong in several areas across the book, and we expect to maintain this performance in Q4. 

The Property Risks book has grown by 2% despite the challenging rate environment seen during 2025. Conditions remain very competitive, however the flexibility provided by our three platform model has allowed us to focus growth efforts where rates are most adequate.

As expected, growth has reduced within Specialty Risks since Q2. Earlier in the year, D&O began to show signs of stabilisation however, the pricing environment remains very competitive. We continue to derisk in social inflation exposed lines within healthcare however an increase in capital markets activity has seen our M&A book exceed plan.

Claims

Natural catastrophe claims were well within the margins held following a below average hurricane season.

Attritional claims performed better than expected in H1. The experience in Q3 returned to a more normalised level reflecting the very active claims environment.

Capital

We have been developing our business model to be able to take advantage of new and evolving areas, which we see as having attractive long term growth potential. Part of this is planned investment of $500m of capital to establish a presence in Bermuda. 

Our year-end capital position will be provided when we report our 2025 year-end results. As we have demonstrated through our successful share buyback programmes in 2024 and 2025, we remain committed to returning capital to shareholders which cannot be deployed to support profitable growth.

Insurance finance income and expense (IFIE)

The insurance finance expense was $169m after nine months of the year. The change in financial assumptions on the IFIE produced an income. This has been more than offset by both an expense resulting from decreasing yield curves since half year, as well as the unwind of discounting credit. 

Investments

Our portfolio allocation was as follows:

Beazley's investment portfolio returned $458m, or 3.9%, after nine months of the year. An improvement in macroeconomic data over the year and easing of trade related tensions created a favourable environment for risk assets. Equity indices rose and corporate bond spreads continued to compress. Expectations of a loosening monetary policy drove short dated treasury yields lower, which was positive for fixed income.

As at 30 September, the average yield of the fixed income investments is 4.0% with an average duration of 1.7 years.

A conference call for analysts and investors will be held at 8am GMT on Tuesday 25 November

Dial in details for analysts:

UK-Wide: +44 (0) 33 0551 0200

UK Toll Free: 0808 109 0700

Webcast Link for all other participants:

https://brrmedia.news/BEZ_Q325

A capital markets session for analysts and investors will be held at 1pm GMT on Tuesday 25 November

Webcast Link:

https://brrmedia.news/BEZ_CMD25

ENDS

For further information:

Investors and analysts

Sarah Booth

+44 (0) 207 6747582

Media

Sam Whiteley

+44 (0) 207 6747484

Note to editors:

Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, North America, Latin America, and Asia. Beazley manages seven Lloyd's syndicates and, in 2024, underwrote gross premiums worldwide of $6,164.1million. All Lloyd's syndicates are rated A by A.M. Best.

Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states and its subsidiary, Beazley America Insurance Company, Inc. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's, and from 1 January 2024, also from Beazley Excess and Surplus Insurance, Inc.

Beazley's European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.

Beazley is a market leader in many of its chosen lines, which include Professional Indemnity, Cyber Liability, Property, Marine, Reinsurance, Accident and Life, and Political Risks and Contingency business.

For more information please go to: www.beazley.com