Insights
Beazley plc has released its group result for the 2025 financial year
Posted 04/03/2026 – Insights
Group headline figures
| 2025 | 2024 | |
| Insurance written premiums | $6,100.7m | $6,164.1m |
| Net insurance written premiums | $5,198.7m | $5,152.3m |
| Insurance service result | $1,169.1m | $1,236.0m |
| Profit before tax | $1,146.5m | $1,423.5m |
| Undiscounted combined ratio | 81% | 79% |
| Positive prior year development | ($16.1m) | $144.5m |
Group highlights
- Insurance written premiums reduced by 1% to $6,100.7m (2024: $6,164.1m)
- Profit before tax reduced by 17% to $1,146.5m (2024: $1,2423.5m)
- Undiscounted combined ratio deteriorated by 2 points to 81% (2024: 79%)
- Average rate decrease of -3.6% (2024: -0.5%)
Adrian Cox, Chief Executive Officer, said:
“In 2025, Beazley delivered another strong profit, amidst a volatile global backdrop and in a softening insurance rating environment. In these conditions, our robust underwriting discipline and active cycle management continued to ensure our success.”
Divisional headline figures
| Cyber Risks | Digital | MAP Risks | Property Risks | Specialty Risks | |
| Insurance written premiums | $1,164.0m | $231.5m | $995.6m | $1,732.8m | $1,976.8m |
| Net insurance written premiums | $891.7m | $207.4m | $898.1m | $1,410.2m | $1,791.3m |
| Undiscounted combined ratio | 78.9% | 70.3% | 77.9% | 65.7% | 97.5% |
| Rate change | -5.8% | -1.3% | -1.3% | -7.3% | +0.8% |
Divisional highlights
Cyber Risks – Maintained strict underwriting discipline despite softening rates, delivering a 75.6% discounted combined ratio while intentionally reducing exposure to protect rate adequacy. Beazley believe that it offers value beyond just insurance, through their Full Spectrum Cyber and Beazley Security offerings, while preparing to launch a facility to enable immediate cash payments for qualifying cyber business interruption claims in 2026.
Digital Risks – Digital trading scaled successfully, driving higher submissions, faster cycle times and improved broker experience through sustained platform investment. These capabilities are now fully embedded in underwriting teams.
MAP Risks – Delivered strong profitability with a 75.2% discounted combined ratio, supported by growth in political risks and renewables amid geopolitical volatility. Continued disciplined underwriting in marine and transition risks while positioning for further growth through portfolio underwriting and renewable energy expansion.
Property Risks – Achieved profitable growth in a moderating rate environment, delivering a 64.5% discounted combined ratio through disciplined technical pricing. Continued expanding parametric solutions and international footprint while navigating climate-driven loss activity and inflationary pressures.
Specialty Risks – Actively managed the cycle, prioritising profitability over growth and delivering a 90.2% discounted combined ratio while strengthening reserves. Maintained strong positioning in D&O, M&A and cross-class solutions, with continued innovation to address evolving litigation and governance risks.
Alpha comment
The results for the 2025 year are very good but, given the softening market, growth has understandably been modest and slightly below plan. Beazley has maintained its underwriting discipline, as reflected in the strong combined ratio of 81%, only marginally above the 79% reported last year. Increased competition has led to rate decreases in all divisions, averaging -3.6% for the year. Whilst Beazley has maintained its consistent reserving approach, holding reserves within the 80th to 90th percentile confidence range, the calendar year saw a prior-year top-up of $16.1m. The property division saw large releases ($149m) with the cyber and digital division seeing smaller releases, but these were more than offset by a $160m shortfall on the Specialty Risks and a further $35m on the MAP risks, both of which are disappointing. We await to see to what extent these shortfalls impact the 2023 year of account results for Alpha supported syndicates 623, 5623 and 6107.
