(Bloomberg) -- Beazley Plc kicked off the earnings season for European insurers by announcing pretax earnings that more than doubled.
The insurer that operates seven syndicates at Lloyd's of London posted profit before tax that jumped 189% to $166.4 million in the six months through June, according to a statement. The result was driven by a surge in investment income to $170.3 million from $8 million in the year-earlier period.
Beazley's gross premiums written -- the revenue it generates from insurance policies -- rose 12% to $1.5 billion. The London-headquartered company's combined ratio climbed to 100% from 95%, meaning that its costs matched its income from premiums in the period.
“Claims concentrated largely in our marine and reinsurance divisions drove our combined ratio to 100%, but premium rates have adjusted accordingly and margins in many lines of business now look healthier than they have in some years,” Chief Executive Officer Andrew Horton said in the statement. “We expect to achieve double-digit growth over the full year, while continuing to reserve prudently.”
To contact the reporter on this story: Will Hadfield in London at whadfield@bloomberg.net
To contact the editors responsible for this story: Shelley Robinson at ssmith118@bloomberg.net, James Hertling
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