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2023 Annual Report

Insurance. Just different.

Annual report and accounts 2023

Chief Executive's Q&A

"The key strengths that have led to this positive result are our expertise-led, specialty underwriting and our knowledge based, client focused claims service."

Adrian Cox

Chief Executive Officer

Chief Executive's Statement

Our 2023 highlights

It's been a successful year, here are our key highlights from 2023. For more information download our Highlights and KPIs using the link below.

Insurance written premiums

$5,601.4m

(2022: $5,246.3m)
Net insurance written premiums

$4,696.2m

(2022: $3,772.4m)
Insurance service result

$1,251.0m

(2022: $822.9m)
Net investment income/(loss)

$480.2m

(2022: $(179.7)m)
Cash and investments

$10,477.8m

(2022: $8,998.1m)
Investment return

4.9%

(2022: (2.1)%)
Rate increase on renewals

4%

(2022: 14%)
Profit before tax for the financial year

$1,254.4m

(2022: $584.0m)
Undiscounted combined ratio

74%

(2022: 82%)

Download our Highlights (PDF)

Our business model

Download our business model

Insurance.
Just different.

Our vision is to be the highest performing sustainable specialty insurer.

To deliver this we have built a business that operates around the globe and across multiple platforms. We are a diversified insurer, underwriting multiple lines of specialty insurance products from aviation to cyber and directors & officers liability to property risks.

Ambitious for our business, we are focused on long-term sustainable growth that delivers real value to all our stakeholders, fulfilling our purpose of helping them to explore, create and build.

Bringing different to life

Our people, values and culture underpin our success. They shape the way we show up, how we approach our business and - how we treat each other. It's by working with us that you'll experience the Beazley difference, bringing to life what sets us apart.

Being Bold

across all our activities

We enjoy the freedom and encouragement to confidently question the status quo and push the edges. We dare to be difference and explore bold possibilities to create more innovative, fair and satisfying outcomes for our people, our clients, partners and investors.

Striving for better

by always going above and beyond

Good is a start, but we go all out for better. We actively champion and support each other to be the best we can - a community of driven individuals relentlessly pushing the needle and creating value.

Doing the right thing

for our people, partners and planet

Acting with integrity in a straightforward, decent way is instinctive. Open and honest with each other, we show respect and empathy however challenging the situation. Doing the right thing makes for a fair-minded, rewarding environment and makes work and life better for all.

How different drives competitive advantage

Platform diversification

Our strategy is to achieve a successful intersection of platforms and products the offers our brokers and client access to our expertise and specialist underwriting capacity where and when they do business. We believe that a mix of internactional wholesale and domestic business is the most effective way to deliver this.

Brand positioning

Our distinctive brand, and the perceptions it generates, help us to grow our business, sustain relationships and attract and retain talented people.

Product specialisation

We complement our platform strength with a product set focused on markets where issues can be complex, changing or emerging and terms and conditions and pricing are sustainable. We commit to these markets for the long term as we see demand grow for specialist insurance capacity.

Deep stakeholder partnerships

We build strong, long-term relationships with like-minded stakeholders - of which clients and brokers are key - whose principles align with ours and through which each partner benefits./p>

Financial strength

Enabling us to support both long-term strategies for navigating change whilst positioning us to take advantage of market opportunities and focus on innovating.

Responsible business

We lead by example on the creation of responsible business practices and a framework for measuring our progress. It is a complex journey of delivering progressive solutions with tangible results over time, with the goal of building better resilience for our clients, our communities and shareholders.

How different
delivers value

Investors

Long-term record of consistent underwriting performance and dividend record.

Colleagues

Enabling our people to learn, develop and progress. We employ talented people and invest in expanding their skills and helping them build rewarding careers.

Brokers and clients

To ensure the best possible experiences and outcomes, we continue to monitor broker and client perceptions of our service in a variety of ways, including through detailed surveys.

Average for last 10 years

95%

Combined Ratio

34.2c

Earnings per share

19.6%

Total shareholder return per annum

85%

Strong employee engagement

Outstanding Service Quality Marque

For the sixth year running, we have been awarded the Outstanding Service Quality Marque 2022 for claims service by Gracechruch Consulting, the independent insurance research consultancy.

Our business model

Insurance. Just different.

Bringing different to life

How different drives competitive advantage

Platform diversification

Our strategy is to achieve a successful intersection of platforms and products the offers our brokers and client access to our expertise and specialist underwriting capacity where and when they do business. We believe that a mix of internactional wholesale and domestic business is the most effective way to deliver this.

Brand positioning

Our distinctive brand, and the perceptions it generates, help us to grow our business, sustain relationships and attract and retain talented people.

Product specialisation

We complement our platform strength with a product set focused on markets where issues can be complex, changing or emerging and terms and conditions and pricing are sustainable. We commit to these markets for the long term as we see demand grow for specialist insurance capacity.

Deep stakeholder partnerships

We build strong, long-term relationships with like-minded stakeholders - of which clients and brokers are key - whose principles align with ours and through which each partner benefits./p>

Financial strength

Enabling us to support both long-term strategies for navigating change whilst positioning us to take advantage of market opportunities and focus on innovating.

Responsible business

We lead by example on the creation of responsible business practices and a framework for measuring our progress. It is a complex journey of delivering progressive solutions with tangible results over time, with the goal of building better resilience for our clients, our communities and shareholders.

How different delivers value

Download our business model

Statement of the Chair

"Our track record is for strong financial results which deliver excellent returns for our investors and shareholders."

Clive Bannister
Chair
- Statement of the Chair
Financial Review

"It is pleasing to see the growth of prior years materialising in a strong underwriting and investment performance in 2023."

Sally Lake
Group Finance Director
Executive Sponsor of the Women in Finance Charter
- Financial Review
Chief Underwriter's Report

"This strong result is based on long-term investment into understanding how risk is evolving so we can seize underwriting opportunities as they develop."

BOB QUANE
Chief Underwriting Officer
Executive Sponsor of Beazley Families
- Chief Underwriter's Report

Responsible business

We are committed to doing the right thing for our people, partners and the planet. Beyond our deep understanding of specialist risks, we are defined by our culture that values being bold, striving for better, and doing the right thing. Ambitious for our business, we are focused on long term sustainable growth that delivers real value to all our stakeholders, fulfilling our purpose of helping them to explore, create and build.

Responsible culture

27%

People of colour representation in workforce from 25% in 2022.
GHG

47%

Reduction of Greenhouse Gas emissions from 2019 levels.
Positive procurement

44.4

(Tonnes C02e/$m sales) from 49.9 in 2022.
Enhancing livelihoods

$602,932

(Charitable donations)

Downloads

Annual Report 2023 Sections

Insurance. Just different.

Chief Executive's Q&A

Adrian CoxChief Executive Officer

Our 2023 highlights

Our business model

Insurance.Just different.

Our vision is to be the highest performing sustainable specialty insurer.

Bringing different to life

Being Bold

Striving for better

Doing the right thing

How different drives competitive advantage

Platform diversification

Brand positioning

Product specialisation

Deep stakeholder partnerships

Financial strength

Responsible business

How differentdelivers value

Investors

Colleagues

Brokers and clients

Our business model

Statement of the Chair

Financial Review

Chief Underwriter's Report

Responsible business

Downloads

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Adrian Cox

Chief Executive Officer

Insurance.
Just different.

How different
delivers value