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Investing.com -- Beazley PLC (LON:BEZG) on Wednesday reported full-year profit before tax of $1,146.5m for 2025, down 19% from $1,423.5m in 2024, as the specialty insurer navigated a softening insurance rating environment and volatile global conditions.
The company delivered its third consecutive year of profits exceeding $1bn, though insurance written premiums of $6,100.7m missed analyst expectations by 2.1% and declined 1% YoY from $6,164.1m.
The company achieved an undiscounted combined ratio of 81%, slightly better than the low-80s guidance and analyst consensus of 81.5%. However, the results included reserve strengthening in the Specialty Risks segment attributed to US social inflation.
Net insurance written premiums reached $5,198.7m, up 1% from $5,152.3m in 2024. Return on equity came in at 19%, below the analyst consensus of 20% and down from 27% in the prior year.
For the second half of 2025, profit before tax was $644.0m, beating analyst expectations by 1.5%, while diluted earnings per share of 79.4 cents missed consensus by 4.3%. The company’s solvency ratio stood at 281%, exceeding expectations.
"In 2025, Beazley delivered another strong profit, amidst a volatile global backdrop and in a softening insurance rating environment," said Adrian Cox, Chief Executive Officer. "In these conditions, our robust underwriting discipline and active cycle management continued to ensure our success."
The Board declared an interim dividend of 25.0 pence per share, unchanged from 2024. On March 2, Beazley announced it had agreed to a recommended all-cash acquisition by Zurich Insurance Group Ltd.
The company noted that its exposure to unfolding events in the Middle East remains limited and is not expected to be materially impacted.