Beazley reports profit plunge, raises outlook on booming cyber business

LONDON, July 22 (Reuters) - Lloyd's of London insurer Beazley BEZG.L on Friday reported first-half profits fell on hits to its investment portfolio from market volatility, but raised its full-year profitability guidance on an increase in cyber risk premiums.

Beazley, a major cyber insurer, said it now expects its combined ratio - a measure of an insurer's profitability - to be between 85% and 90% for 2022, much better than analysts' forecasts of a figure of around 90%.

A level below 100% indicates an underwriting profit and a lower percentage indicates higher earnings.

Beazley reported a first-half pretax profit of $22 million, down from $167 million the year before, due to hefty losses on its investment portfolio.

The specialist insurer said cyber premiums almost doubled to $473 million from $267 million in the first half of 2021.

"Cyber premiums have increased so much because exposures have increased due to the rise of cyber criminality in the last four or five years," Chief Executive Adrian Cox told Reuters in an interview.

Demand has also risen as more companies see the need for protection from cyber attack, he said, while improvements to Beazley's ability to assess risk means its frequency of losses has fallen.

While the insurer's capital levels have grown as income improved, Cox said Beazley was unlikely to pay special dividends in the near term, believing there would be opportunities to write new business instead.

Beazley separately said on Thursday that Chairman David Roberts will step down from the board in the autumn of 2022 to become chair of the Court of the Bank of England.
Reporting by Sinchita Mitra in Bengaluru and Lawrence White in London; editing by John Stonestreet

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。


本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。