Latest Beazley results show 19% profit drop ahead of Zurich takeover

Beazley’s latest full-year financial results have revealed that the firm’s profit before tax fell by 19% in the last year.

The results, released today (4 March 2026) and covering the year ending 31 December 2025, showed the insurer secured $1.15bn (£856m) in the latest period, down from $1.42bn (£1.06bn) in 2024.

The results come amid a transitional period for the firm, having officially agreed to a £8.1bn takeover bid from insurer Zurich on Monday (2 March 2026). The all-cash deal will see shareholders entitled to receive 1,335 pence per Beazley share.

The firm also saw a slight slackening in its combined operating ratios (COR), with undiscounted COR climbing from 79% to 81% between periods and discounted COR up from 75% to 77%.

Shareholders saw a return of equity of 19% across the year – down from 24% the prior year – while interim dividends per share of 25p were announced, the same value as 2024.

Business as usual

Adrian Cox, chief executive at Beazley, said: “In 2025, Beazley delivered another strong profit, amidst a volatile global backdrop and in a softening insurance rating environment. In these conditions, our robust underwriting discipline and active cycle management continued to ensure our success.

“In this environment, we remain resolutely focused on profitable underwriting and innovating into growth opportunities, particularly with our new Bermuda entity and insurance solutions for the energy transition.”

He continued: “On 2 March 2026, Beazley’s board announced it had agreed the terms of a recommended acquisition by Zurich of Beazley.

“As Beazley continues its exciting journey as a leading specialty insurer, our focus remains on business as usual, working in the interests of our clients, strengthening our relationships with brokers and continuing to attract and retain the best talent.”