Insights
Beazley 3Q25 trading statement
Posted 25/11/2025 – Insights
Beazley plc has released its trading statement for 3Q25 ending 30th September 2025
Main highlights
- 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)
- Total investment return of 3.9% year to date (Q3 2024: 4.7%)
- Rate decrease of -4% year to date (Q3 2024: 0%)
- Undiscounted combined ratio guidance improvement to low 80s
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.”
The group’s divisional figures are as follows:
Cyber Risks
- Insurance written premiums decreased by -8% to $848m (Q3 2024: $924m)
- Rate decrease year to date of -6%
Digital
- Insurance written premiums decreased by -2% to $186m (Q3 2024: $190m)
- Rate decrease year to date of -2%
MAP Risks
- Insurance written premiums increased by 6% to $763m (Q3 2024: $719m)
- Rate decrease year to date of -1%
Property Risks
- Insurance written premiums increased by 2% to $1,436m (Q3 2024: $1,401m)
- Rate decrease year to date of -7%
Specialty Risks
- Insurance written premiums increased by 3% to $1,437m (Q3 2024: $1,391m)
- Rate increase year to date of +1%
Alpha comment
This is another positive trading statement from Beazley highlighting the group’s conservative approach to managing the market cycle. It is also positive that Beazley has improved its combined ratio guidance for the year to low 80s, from its previous guidance of mid 80s. With this improved combined ratio guidance, coupled with a good investment return, we would expect Beazley to achieve a good profit for 2025.
