The Beazley Group has almost doubled its profit before tax at its year end to £33.4m from £17.1m a year earlier, it was announced today.
Earnings per share increased to 9.3p from 5p in 2003, while gross premiums written grew to £751 from £708m. The group reported a combined ratio figure of 90%, offset by the 2004 hurricane season from the 82% reported a year earlier.
In the group's Lloyd's syndicates, the year end results showed a £37m profit, despite the £43m impact of the US hurricane season. Net premiums written increased by 13% to £617m.
The company said it had achieved a 13.3% return on its 2002 year of account, and improved its estimate for the return on the 2003 year of account from between 8% and 15% to between 10% and 15%.
Growth in its US portfolio in 2005 is expected to increase specialty lines business processed through its Lloyd's account, Beazley said. In this division gross premiums written grew to £381m from £341m a year earlier.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
