Pre-tax profit soars 300 per cent at specialist insurer Beazley

FTSE 250-listed specialist insurance provider Beazley has reported a 300.6 per cent rise in pre-tax profit for the year ending December 31st, according to an interim management statement issued by the company on Thursday.

FTSE 250-listed specialist insurance provider Beazley has reported a 300.6 per cent rise in pre-tax profit for the year ending December 31st, according to an interim management statement issued by the company on Thursday.

The company, which insures athletes, crews of ships and aircraft, reported that profit before tax had risen to $251.2m compared to $62.7m in the previous year.

Return on equity rose 13 percentage points to 19% and gross written premiums jumped 11% to $1,895.9m.

Net written premiums climbed 12% to $1,542.7m and the company announced a second interim dividend of 5.6p, taking total dividends for the year to 8.3p, up 5.0%, plus a special dividend of 8.4p.

Beazley also stated that it was considering a second retail bond for up to £75m.

Andrew Horton, Chief Executive Officer of Beazley, 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."

He added: "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."

MF

Recommended

Ocado faces a “crunch” year – should you buy or avoid?
Share tips

Ocado faces a “crunch” year – should you buy or avoid?

Ocado was one of the big winners from the pandemic as customers moved online. But now it’s struggling, and losses are growing. So, asks Rupert Hargrea…
27 May 2022
What to buy as the tech-stock bull market crashes
Tech stocks

What to buy as the tech-stock bull market crashes

The decade-long bull market in tech stocks has come to a rapid halt. Investors need to distinguish solid stocks from speculative ones rather than just…
27 May 2022
Share tips of the week – 27 May
Share tips

Share tips of the week – 27 May

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
27 May 2022
Marks & Spencer shares look cheap – should you buy in?
Retail stocks

Marks & Spencer shares look cheap – should you buy in?

Marks & Spencer shares have been a disappointment for investors for two decades. But with the company now on something of a comeback, Rupert Hargreave…
25 May 2022

Most Popular

The world’s hottest housing markets are faltering – is the UK next?
House prices

The world’s hottest housing markets are faltering – is the UK next?

As interest rates rise, house prices in the world’s most overpriced markets are starting to fall. The UK’s turn will come, says John Stepek. But will …
23 May 2022
Scottish Mortgage Investment Trust has fallen hard. But is now the time to buy?
Investment trusts

Scottish Mortgage Investment Trust has fallen hard. But is now the time to buy?

After a spectacular couple of decades, the Scottish Mortgage Investment Trust has fallen by almost 45% so far this year. Rupert Hargreaves asks if no…
26 May 2022
Is it time to pick up growth stock bargains yet?
Investment strategy

Is it time to pick up growth stock bargains yet?

If you’re thinking of picking up some bargains from the tech stock crash, beware – there are still plenty of “growth traps” out there. John Stepek exp…
26 May 2022