Beazley profit soars, announces $325 million buyback

Beazley (LSE: BEZ) celebrates a banner year with record profit and premiums, prompting a $325 million share buyback program. In 2023, pretax profit doubled to $1.25 billion, driven by its “expertise-led underwriting” strategy and clear strategic vision.

Insurance written premiums also climbed 6.8% to $5.60 billion, and the combined ratio improved to 74% from 82%, exceeding guidance. Basic earnings per share nearly doubled, and a dividend of 14.2 pence per share was declared for 2023, a 5.2% increase.

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Looking ahead, Beazley targets high-single-digit premium growth in 2024 while maintaining a low-80s combined ratio. The $325 million buyback program reflects confidence in the company’s future.

CEO Adrian Cox said, “I am delighted with our record profit… The strength of Beazley’s expertise-led underwriting… was the driver of the excellent combined ratio.”

Shares in Beazley were up 1% on Thursday morning.