Beazley posts 2% IWP growth in H1 as profits dip

By Ryan Hewlett

Aug 13 - (The Insurer) - Beazley's top line grew by 2% during the first half of 2025 but profit before tax fell by 31% year on year, the company said on Tuesday, as it updated its full-year premium growth guidance to low-to-mid single digits.

The top line, measured by insurance written premiums (IWP), rose to $3.19 billion in the six months ended June 30, up from $3.12 billion in the same period last year.

IWP in the property risks division increased 1.7% year on year to $1.02 billion.

Specialty risks IWP rose 10.1% to $946.8 million while MAP was up 8.9% year on year to $552.1 million. IWP in cyber risks and digital risks decreased by 5.8% and 6.7%, respectively.

Beazley delivered a profit before tax of $502.5 million in the first half of 2025, down 31% from the $728.9 million reported in the prior-year period. The carrier said profit remains “strong” with the performance reflecting its “continued ability to navigate complex market conditions with discipline and agility”.

The insurance service result of $493.7 million was down 12% from the $558.0 million reported in the same period last year.

Beazley's discounted combined ratio deteriorated by 3.9 percentage points to 80.3% in H1. On an undiscounted basis, Beazley reported a combined ratio of 84.9%, compared to 80.7% in the first half of 2024.

Beazley said its investment portfolio delivered a return of $308.5 million, or 2.7%, in the first half of 2025.

Adrian Cox, CEO of Beazley, 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."