Beazley profits slump as claims rise and investment returns fall
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Insurer Beazley (LON:BEZ) said pre-tax profit for the six months to 30 June fell 64% to $57.5 millionas claims rose and investment returns fell. However, gross written premiums rose 15% to $1.32 billion and the firm hiked its dividend from 3.7p to 3.9p.
“Beazley saw strong top line growth during the first half of the year, with premiums up 15%,” commented CEO Andrew Horton.
“Growth in premiums was strongest in our property division, where rates have risen sharply following the heavy catastrophe losses incurred by insurers and reinsurers last year. We now see a better rating environment in which we can seek growth across a broader range of business lines.”
Beazley shares fell 31.5p to 526p (as at 10:05 BST).
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