Beazley plc reported a 59 percent increase in its full year 2010 profits at $250.8 million, compared to $158.1 million in 2009.
Additional highlights, as detailed from Beazley’s Dublin headquarters, included the following:
— Profit excluding exceptional foreign exchange gain of $217.1 million, and return on equity of 18.7 percent
— Return on equity 21.4 percent (2009:16.0 percent)
— Gross written premiums reduced by 1 percent to $1.7416 billion
— Combined ratio of 88 percent (2009: 90 percent)
— Rate decrease on renewal portfolio of 2 percent (2009: 3 percent increase)
— Prior year reserve releases of $144.6 million (2009: $105.5 million)
— Investment income of $37.5 million (2009: $88.1 million)
— Second interim dividend of 5.1 pence plus special dividend of 2.5 pence, taking total dividends paid for the year to 10 pence [app 16.2 cents a share] (2009: 7 pence)
CEO Andrew Horton commented: “Our 25th year in business was distinguished by excellent profits and an enhanced underwriting result in the teeth of worsening market conditions.
“The expertise of our underwriters helped us achieve a combined ratio of 88 percent, an improvement of two percentage points over 2009. Since we began underwriting in 1986, we have achieved an unbroken track record of profitability through often turbulent market conditions. Our underwriting teams have shown they possess the skills needed to perform strongly in the current challenging environment.”
Source: Beazley plc
Topics Profit Loss
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