View this article online: https://www.insurancejournal.com/news/international/2013/02/08/280606.htm
Beazley plc announced strong growth for the year 2012.
Highlights of its recently released earnings report include the following:
•Profit before income tax of $251.2 million (compared to $62.7 million in 2011)
•Return on equity of 19 percent (2011: 6 percent)
•Gross written premiums increased by 11 percent to $1.8959 billion (2011: $1.7125 billion)
•Combined ratio of 91 percent (2011: 99 percent)
•Rate increase on renewal portfolio of 3 percent (2011: 1 percent)
•Net investment income of $82.6 million (2011: $39.3 million)
•Second interim dividend of 5.6 pence [8.85 cents], taking total dividends for the year to 8.3 pence [13.11 cents] (2011: 7.9 pence) up 5 percent plus a special dividend of 8.4 pence
•Offer to acquire all of the outstanding Tier 2 subordinated debt at par
•Considering a second retail bond for up to £75 million [$118.5 million]
Chief Executive Officer Andrew Horton said: “”Beazley performed very strongly in 2012, delivering double digit premium growth and record profits. We continue to add new products and lines of business to our diversified portfolio and see further opportunities to grow profitably in the year ahead.”
“Today’s announcement of a special dividend, a debt buyback and plans for a further retail bond demonstrate our continued active approach to capital management. Our focus is on generating value for shareholders while maintaining our financial strength and flexibility.”
Source: Beazley plc