Beazley sees profit before tax fall despite insurance business growth

Beazley has seen its profit before tax fall by 31% in the first half of 2025.

According to the firm’s latest half-year financial results, published today (13 August 2025), the firm secured a profit of £380.6m ($502.5m) in the six months to 30 June 2025, down from £552.2m ($728.9m) in the same period last year.

The fall came despite a 2% growth in insurance written premiums, which climbed to £2.42bn ($3.19bn) in the first half of the year – net insurance written premiums likewise saw a minor increase, up 1% to £1.97bn ($2.60bn).

Meanwhile, the firm’s undiscounted combined operating ratio (COR) rose from 80.7% to 84.9% year-on-year.

Long-term profitability

Adrian Cox, chief executive at Beazley, said: “We are very proud of our overall performance. Growth of 2% reflects our disciplined approach and is fully aligned with our strategy of prioritising rate adequacy and long-term profitability over short-term income.

“This commitment to delivering strong profit through the market cycle is demonstrated by our 84.9% undiscounted combined ratio.”

He continued: “Our depth of experience in operating within a cyclical environment means we know when to take risk and when to pull back. This phase is no exception.

“As ever we are focused on accessing the right opportunities, backed by the strength of our people, platforms and product set, all of which underpin our ability to adapt with confidence during periods of elevated uncertainty.”