Insights
Beazley 1H25 trading statement
Posted 13/08/2025 – Insights
Beazley plc has released its trading statement for 1H25 ending 30th June 2025
Main highlights
- Insurance written premiums increased by 2% to $3,187.1m (H1 2024: $3,123.3m)
- Net insurance written premiums increased by 1% to $2,600.6m (H1 2024: $2,586.5m)
- Undiscounted combined ratio of 84.9% (H1 2024: 80.7%)
- Profit before tax of $502.5m (H1 2024: $728.9m)
- Full year undiscounted combined ratio guidance remains at mid-80s
- Investment annual return rate of 5.4% equivalent to $308.5m (H1 2024: 4.8%, $251.7m)
Adrian Cox, Chief Executive Officer, said:
“We are very proud of our overall performance. Growth of 2.0% reflects our disciplined approach and is fully aligned with our strategy of prioritising rate adequacy and long-term profitability over short-term income. This commitment to delivering strong profit through the market cycle is demonstrated by our 84.9% undiscounted combined ratio. Our depth of experience in operating within a cyclical environment means we know when to take risk, and when to pull back. This phase is no exception. As ever we are focused on accessing the right opportunities, backed by the strength of our people, platforms and product set, all of which underpin our ability to adapt with confidence during periods of elevated uncertainty.”
Beazley’s divisional premium income results and rate change are as follows:
| Division | 1H 2025 | 1H 2024 | ||
| Insurance written premiums $m | Net insurance written premiums $m | Insurance written premiums $m | Net insurance written premiums $m | |
| Cyber Risks | 544.3 | 422.4 | 577.8 | 454.3 |
| Digital | 118.2 | 108.1 | 126.8 | 111.9 |
| MAP Risks | 552.1 | 478.4 | 506.9 | 435.3 |
| Property Risks | 1,025.7 | 731.4 | 1,008.4 | 784.8 |
| Specialty Risks | 946.8 | 860.3 | 903.4 | 800.2 |
| Total | 3,187.1 | 2,600.6 | 3,123.3 | 2,586.5 |
| Division | 1H 2025 rate change | 1H 2024 rate change |
| Cyber Risks | -6.8% | -6.5% |
| Digital | -3.6% | -2.2% |
| MAP Risks | -1.3% | +2.0% |
| Property Risks | -7.0% | +3.1% |
| Specialty Risks | +0.7% | +1.0% |
| Total | -3.9% | 0.0% |
Commentary by division
- Cyber Risks – Beazley continues to grow in Europe where rates are the most adequate. With the increased severity and frequency of cyber claims in the wider market, there are early signs that rates are beginning to stabilise.
- Digital Risks – IT development continues to be a key priority for Beazley for its small business offering which help to improve efficiency for brokers and clients.
- MAP Risks – Demand for this business continues with global geopolitical uncertainty. Beazley has invested strategically in its renewable energy team which positions the group well for future opportunities.
- Property Risks – The division continues to focus on disciplined underwriting by utilising analytics to manage the group’s catastrophe exposures. Despite rate decreases in the first half of the year, Beazley sees long term opportunities with new hires in North America and Europe.
- Specialty Risks – Social inflation, rate adequacy and emerging risks continue to be carefully monitored by the division. Areas such as Beazley’s Safeguard and environmental liability products are experiencing strong demand for these developing niches.
Alpha comment
This is a good set of results for Beazley. As a reminder, Alpha members support Beazley through syndicates 623, 5623 and 6107. The 1H25 undiscounted combined ratio of 84.9% compares favourably to Hiscox (92.6%) and Lancashire (97.8%) reported earlier this week. Despite an aggregate rate decrease of -3.9%, Beazley’s annualised undiscounted combined ratio guidance of mid-80s is very encouraging and highlights that rates remain adequately priced.
