Beazley's 2023 profit more than doubles to $1.25b 2023

Earnings per share finished at 154.7 US cents.

Beazley saw its 2023 earnings soar 115% year-on-year (YoY) to $1.25b, which led to return on equity of 30% (2022: 19%).

This growth is attributed to a rise in insurance written premiums, which surged to $5.6b from $5.2b in 2022. Moreover, net insurance written premiums saw a notable increase to $4.7b, up 24% YoY.

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Beazley also saw an undiscounted combined ratio of 74% (compared to 82% in 2022) and a discounted combined ratio of 71% (compared to 79% in 2022). 

Beazley announced an interim dividend of 14.2p and the launch of a share buyback program worth up to $325m. Earnings per share finished at 154.7 US cents.

Looking ahead, Beazley anticipates high single-digit gross insurance written premium growth for 2024.