LONDON (dpa-AFX) - British insurance company Beazley Plc (BEZ.L) on Tuesday reported higher profit in fiscal 2024, helped by a strong premium growth. The company also announced a $500 million share buyback programme.
For the full year, the company posted pre-tax profit of $1.42 billion in fiscal 2024, up from $1.25 billion a year ago.
Profit for the year rose to $1.13 billion or 170.4 cents per share from $1.03 billion or $151.4 cents per share last year.
Insurance written premiums for the year climbed 10 percent to $6.16 billion from $5.60 billion in fiscal 2023. Net insurance written premiums also rose 10 percent to $5.15 billion from $4.70 billion in the prior-year.
The company's net investment income came in at $574.4 million in full-year 2024, up from $480.2 million last year.
According to Beazley Plc, Return on Equity or ROE was 26.6 percent in fiscal 2024, down from 30.0 percent a year ago.
Looking ahead, the company expects a mid-single digit growth for 2025. It is also forecasting a mid-single digit gross Insurance Written Premium growth guidance for the year ahead. Beazley Plc also expects a mid-80s undiscounted combined ratio guidance for fiscal 2025.
The company said that it will be commencing a share buyback of $500 million, citing strong results in 2024. It also announced the decision to rebase its ordinary dividend by 76 percent to 25.0 pence, which will be paid on May 2.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
