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Income Statement

Consolidated statement of profit or loss for the year ended 31 December 2022 Notes 2022
$m
2021
$m
Gross premiums written 3 5,268.70 4,618.90
Written premiums ceded to reinsurers   -1,392.50 -1,106.50
Net premiums written 3 3,876.20 3,512.40
Change in gross provision for unearned premiums   -507.3 -545
Reinsurers’ share of change in the provision for unearned premiums   245.3 179.9
Change in net provision for unearned premiums   -262 -365.1
Net earned premiums 3 3,614.20 3,147.30
Net investment (loss)/income 4 -179.7 116.4
Other income 5 32.1 28.2
Gain from sale of business   54.4
    -147.6 199
Revenue   3,466.60 3,346.30
Insurance claims   3,046.30 2,734.30
Insurance claims recoverable from reinsurers   -1,089.90 -908.1
Net insurance claims 3 1,956.40 1,826.20
Expenses for the acquisition of insurance contracts 3 952.1 821.8
Administrative expenses 3 303.7 283
Foreign exchange loss 3 24 7.2
Operating expenses   1,279.80 1,112.00
Expenses 3 3,236.20 2,938.20
Results of operating activities   230.4 408.1
Finance costs 8 -39.4 -38.9
Profit before income tax   191 369.2
Income tax expense 9 -30.2 -60.5
Profit for the year attributable to equity shareholders   160.8 308.7
Earnings per share (cents per share): 10 26.3 50.9
Basic      
Diluted 10 25.9 50.3
Earnings per share (pence per share): 10 21.1 37
Basic      
Diluted 10 20.8 36.5


The notes form part of these financial statements.

Statement Of Financial Position

Statements of financial position as at 31 December 2022 2022 2021
  Notes Group
$m
Company
$m
Group
$m
Company
$m
Assets          
Intangible assets 12 128.8 123.5
Plant and equipment 13 14.9 19.2
Right of use assets 29 60.5 75.5
Deferred tax asset 28 35.2 16.3
Investment in subsidiaries 31 724.6 724.6
Investment in associates 14 0.4 0.6
Deferred acquisition costs 15 550.1 477.8
Retirement benefit asset 27 4.6 18.1
Reinsurance assets 19, 24 3,286.60 2,386.40
Financial assets at fair value 16, 17 8,345.60 7,283.50
Insurance receivables 18 1,811.70 1,696.10
Other receivables 30 196.4 919.1 106.7 315
Current income tax asset   11.7 0.3 11.9 0.7
Cash and cash equivalents 20 652.5 3.4 591.8 0.3
Total assets   15,099.00 1,647.40 12,807.40 1,040.60
Equity          
Share capital 21 46.6 46.6 42.9 42.9
Share premium   9.7 9.7 5.3 5.3
Merger reserve   55.4 55.4
Foreign currency translation reserve   -109.4 0.7 -97.2 0.7
Other reserves 22 -7.6 -14.3 -4 -7.6
Retained earnings   2,634.20 1,545.10 2,183.80 943.2
Total equity   2,573.50 1,643.20 2,130.80 1,039.90
Liabilities          
Insurance liabilities 24 10,354.20 8,871.80
Financial liabilities 16, 17, 25 562.5 554.7
Lease liabilities 29 72.7 84.3
Current income tax liability   8.6 24.5
Other payables 26 1,527.50 4.2 1,141.30 0.7
Total liabilities   12,525.50 4.2 10,676.60 0.7
Total equity and liabilities   15,099.00 1,647.40 12,807.40 1,040.60

 

No income statement is presented for the parent company as permitted by Section 408 of the Companies Act 2006. The profit after tax of the parent company for the period was $303.6m (2021: $37.2m).

 

The notes form part of these financial statements.

Statement Of Cashflows

Statements of financial position as at 31 December 2022 2022 2021
  Notes Group
$m
Company
$m
Group
$m
Company
$m
Cash flow from operating activities          
Profit before income tax   191 303.3 369.2 36.4
Adjustments for:          
Amortisation of intangibles 12 14.3 20.5
Equity settled share based compensation 22 15.7 15.7 11 11
Net fair value loss/(gain) on financial assets 4 274.4 -45.8
Depreciation of plant and equipment 13 3.3 4.9
Depreciation of right of use assets 29 12.3 15
Impairment/(write back) of reinsurance assets recognised 2 17.8 -3.3
Increase/(decrease) in insurance and other payables   1,868.60 3.5 1,900.80 -3.1
(Increase) in insurance, reinsurance and other receivables   -1,105.50 -3.4 -950.1 -47.1
(Increase) in deferred acquisition costs   -72.3 -92.9
Interest and dividends received on investments 4 -101.1 -305 -76.5 -40
Finance costs 8 39.4 4.8 38.9 3.6
Income tax paid   -61.1 -22.2
Net cash from/(used in) operating activities   1,096.80 18.9 1,169.50 -39.2
Cash flow from investing activities          
Purchase of plant and equipment 13 -1 -4.5
Expenditure on software development and other intangible assets 12 -22.7 -17.7
Purchase of investments   -6,645.40 -7,979.10
Proceeds from sale of investments   5,325.30 7,037.10
Proceeds from sale of business   54.4
Loan to subsidiary   -600.7
Interest and dividends received 4 94.2 305 70.6 40
Net cash (used in)/from investing activities   -1,249.60 -295.7 -839.2 40
Cash flow from financing activities          
Acquisition of own shares in trust 22 -17.8 -17.8
Payment of lease liabilities 29 -11.6 -12.8
Equity raise 21 404.4 404.4
Finance costs 8 -36.3 -4.8 -35.2 -3.6
Dividend paid   -103 -103
Net cash from/(used in) financing activities   235.7 278.8 -48 -3.6
Net increase/(decrease) in cash and cash equivalents   82.9 2 282.3 -2.8
Cash and cash equivalents at beginning of year   591.8 0.3 309.5 0.9
Effect of exchange rate changes on cash and cash equivalents   -22.2 1.1 2.2
Cash and cash equivalents at end of year 20 652.5 3.4 591.8 0.3


The notes form part of these financial statements.

Statement Of Changes In Equity

  Notes Share capital
$m
Share premium
$m
Foreign currency translation reserve
$m
Other earnings
$m
Retained
$m
Total
$m
Group              
Balance at 1 January 2021   42.9 5.3 -91.3 -9.4 1,862.00 1,809.50
Total comprehensive  (loss) / income recognised   -5.9 319.9 314
Equity settled share based payments 22 11 11
Tax on share option vestings 9 -3.9 -3.9
Transfer of shares to employees 22 -1.7 1.9 0.2
Balance at 31 December 2021   42.9 5.3 -97.2 -4 2,183.80 2,130.80
Balance at 1 January 2022   42.9 5.3 -97.2 -4 2,183.80 2,130.80
Total comprehensive  (loss) / income recognised   -12.2 151 138.8
Dividends paid 11 -103 -103
Issue of shares 21 0.1 0.8 0.9
Equity raise1 21 3.6 3.6 397.2 404.4
Transfer of merger reserve to retained earnings1 21 -397.2 397.2
Equity settled share based payments 22 15.7 15.7
Acquisition of own shares held in trust 22 -17.8 -17.8
Tax on share option vestings 9 3.1 0.6 3.7
Transfer of shares to employees 22 -4.6 4.6
Balance at 31 December 2022   46.6 9.7 -109.4 -7.6 2,634.20 2,573.50

 

1 In November 2022, the Company issued 60,959,017 new ordinary shares of 5 pence each, comprising the ‘Placing Shares’, the ‘Retail Offer Shares’ and the ‘Subscription Shares’. No share premium was recorded in relation to the Placing Shares as merger relief under the Companies Act was available. The premium over the nominal value of these shares was credited to a merger reserve and subsequently recognised in retained earnings as it was deemed to be distributable. Refer to Note 21 for further details.

The notes form part of these financial statements.

Ratings

Rated Entity A.M.Best   Fitch   Standard & Poor's  
  Type of Rating Rating Type of Rating Rating Type of Rating Rating
Syndicate 623/2623/3622/3623 Best Syndicate Rating A Excellent "Positive Outlook"        
  Financial Size Category Class XV $2bn+        
Lloyd’s Market Rating (which applies to all Beazley managed syndicates) Lloyd's Market Rating A Excellent "Positive Outlook" Lloyd's Market Rating AA- Very Strong "Stable Outlook" Lloyd's Market Rating AA- Very Strong "Stable Outlook"
  Financial Size Category Class XV $2bn+ Issuer Default Rating A+ "Stable Outlook"    
Beazley Insurance dac (formerly known as Beazley Re Designated Activity Company) Financial Strength Rating A Excellent "Stable Outlook" Financial Strength Rating A+ "Stable Outlook"    
  Financial Size Category Class XV $2bn+ Issuer Default Rating A "Stable Outlook"    
Beazley Insurance Company, Inc. Financial Strength Rating A Excellent "Stable Outlook"        
  Financial Size Category Class XV $2bn+        
Beazley America Insurance Company, Inc. Financial Strength Rating A Excellent "Stable Outlook"        
  Financial Size Category Class XV $2bn+        
Beazley Excess and Surplus Insurance, Inc. Financial Strength Rating A Excellent "Stable Outlook"        
  Financial Size Category Class XV $2bn+