(Alliance News) - Beazley PLC on Thursday said it remains on track to meet its full-year guidance after reporting a record jump in half-year profit.
Beazley is the parent company of insurance businesses operating in Europe, North America, Latin America and Asia.
In the six months ended June 30, pretax profit rose slightly 0.4% to USD366.4 million from USD364.9 million a year prior, as Beazley swung to a net investment gain of USD143.9 million from a loss of USD193.0 million.
Insurance revenue fell by 11% to USD2.63 billion from USD2.36 billion the year before, while insurance written premiums surged by 14% to USD2.92 billion from USD2.57 billion the year before.
Earnings per share for the half year were 34.9 pence, down 5.9% from 37.1p. Post-tax profit declined to USD284.1 million from USD294.7 million.
The insurance firm did not declare an interim dividend, unchanged from a year ago.
Looking ahead, Beazley said it is on track to deliver full year growth and combined ratio guidance.
Chief Executive Officer Adrian Cox said: "We have had a successful first half of the year, achieving record profits of USD366.4m. Key highlights include significant growth in our North American property business and momentum in cyber across Europe. Our platform strategy and capital position have been important drivers in delivering our ambitious growth targets. Looking ahead, I am confident we are on track to deliver the guidance we set out at the start of the year."
Shares in Beazley were down 6.3% at 507.00 pence each in London on Thursday morning.
By Sabrina Penty; Alliance News reporter
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Beazley (BEZ)