Beazley (BEZ) H2 2025 earnings summary

Executive summary

• Announced a recommended cash offer by Zurich Insurance Group to acquire all shares, valuing each share at 1,335p, including a 25p interim dividend, subject to regulatory and shareholder approval.

• 2025 marked strong operational and financial performance amid volatile market conditions, with disciplined underwriting and innovation driving results.

• The Board remains confident in the Group’s viability over a five-year period, despite material uncertainty related to the Zurich offer.

Financial highlights

• Profit before tax: $1,146.5m (2024: $1,423.5m); profit after tax: $913.4m (2024: $1,130.3m).

• Insurance written premiums: $6,100.7m, down 1.0% year-over-year; net insurance written premiums: $5,198.7m, up 0.9%.

• Combined ratio (discounted): 77.3% (2024: 74.8%); undiscounted: 81.2% (2024: 79.0%).

• Net investment income: $607.5m (2024: $574.4m); investment return: 5.2%.

• Earnings per share: 113.4p (2024: 137.0p); net assets per share: 612.0p (2024: 570.5p).

• Return on equity: 19.3% (2024: 26.6%).

• Interim dividend of 25p per share approved.

Outlook and guidance

• The Group targets mid-single digit premium growth and a mid-80s undiscounted combined ratio across the cycle.

• Cross-cycle ROE target remains at 15%.

• Continued focus on disciplined underwriting, innovation, and expansion into Bermuda to drive long-term growth.

• The Zurich offer introduces material uncertainty, but the Board expects continued viability and operational resilience.