Beazley plc (LON: BEZ), the London-listed Lloyd’s of London specialist insurer, reported first-half profit before tax down 53% to $237.7m from $502.5m a year earlier. The shares traded flat at 1,291p today, in line with yesterday’s close and within touching distance of its 52-week high of 1,296p, well above its 52-week low of 735.49p.
Beazley published its results for the six months to 30 June earlier today. Insurance written premiums fell 4.3% to $3,050.6m from $3,187.1m, as average rates dropped 6.5% across its lines and 13.2% in Property Risks. The company also booked $33.6m of costs tied to its pending acquisition by Zurich Insurance Group, agreed in March and expected to complete by the end of the year.
The undiscounted combined ratio, which measures claims and costs as a share of premiums with anything above 100% signalling underwriting losses, worsened to 93.3% from 84.9%. Annualised return on equity fell to 7.6% from 18.2%, and earnings per share dropped to 23.2p from 52.5p, as a return to an active large-loss environment followed a benign 2024-25. The investment result also declined, to $211.6m from $308.5m, amid heightened market volatility.
Chief executive Adrian Cox said: “As we expected, the first half of 2026 saw rapidly softening conditions in the specialty insurance market.”
With Beazley’s cash offer from Zurich due to close by year-end, the stock is effectively anchored to deal terms rather than today’s earnings, leaving completion of that takeover as the next event likely to move it.