Beazley plc has released its group result for the 2024 financial year

Group headline figures

Group highlights

• Insurance written premiums increased by 10.0% to $6,164.1m (2023: $5,601.4m)
• Record profit before tax of $1,423.5m (2023: $1,254.4m)
• Undiscounted combined ratio deteriorated by 5 points to 79% (2023: 74%)
• Average rate decrease of -0.5% (2023: +4.3%)

Adrian Cox, Chief Executive Officer, said:

“Our record profit of $1.4bn, along with a 79% undiscounted combined ratio and strong premium growth is a testament to the strength of our expertise. I am delighted with what our company has achieved amidst a challenging claims environment, including an active hurricane season. This robust performance enables a share buyback of $500m as well as an ordinary dividend rebase to 25p, which is a 76% increase. We remain well capitalised to take advantage of growth opportunities in an evolving market and sustain our strong financial performance over the long term.”

Divisional headline figures

Divisional highlights

• Cyber Risks – Beazley maintained its leadership in the global cyber insurance market in 2024, despite pricing pressure and increasing competition, particularly on international business. The year highlighted the growing cyber threat landscape, with three major IT outages but was still able to achieve a very strong combined ratio of 68.1%.
• Digital Risks – The group continues to invest into its digital trading capabilities with brokers wanting to increase efficiencies for their clients both for underwriting and claims. Although there was increased competition for these risks, growth was achieved as Beazley received a greater number of submissions and increased its linesize for US and German risks.
• MAP Risks – With the ongoing geopolitical volatility, Beazley experienced increased demand for its political risk and violence and its Deadly Weapons Protection product. The marine market faced challenges in 2024, including the Baltimore Bridge disaster and conflicts in Ukraine and the Middle East, while increased competition for hull and cargo business led to some rate reductions. With geopolitical uncertainty persisting, Beazley has increased its reserves and plans to diversify into European markets.
• Property Risks – The division achieved strong momentum in 2024, with insurance written premium growing by +26.0%, driven by sustained demand, particularly in North America. Rate increases were just +1.3% (2023: +22.4%). Extreme weather events, including an active Atlantic hurricane season, reinforced Beazley’s sustainable underwriting approach. Regions heavily impacted by natural catastrophes, such as the south eastern US, Canada and Europe, are now seeing stronger rate increases.
• Specialty Risks – Premium income for the division increased by +6.1% mainly driven by the some of the more niche products offered by Beazley including environmental liability and safeguarding. Despite social inflation challenges, underwriters are keenly monitoring rate adequacy, particularly for D&O business. The expectation is that merger and acquisition activity will increase in 2025 and Beazley is well positioned to take advantage of the increased demand.