LONDON (dpa-AFX) - Beazley plc. (BEZ.L) reported that its profit before tax for the six months ended 30 June 2018 dropped to $57.5 million from $158.7 million last year.
Profit attributable to equity shareholders was $47.6 million or 8.9 cents per share, down from $131.7 million or 24.6 cents per share in the previous year.
Net premiums written was $1.11 billion, up from $936.4 million in the previous year. Net earned premiums grew to $990.2 million from $886.7 million in the prior year.
Revenue grew to $1.01 billion from $983.1 million last year.
The board has declared a first interim dividend of 3.9 pence (3.7 pence paid last year), in line with our strategy of delivering 5-10% dividend growth. This will be paid on 30 August 2018 to shareholders on the register at 5.00pm on 3 August 2018.
The company said it remains on target to achieve double digit premium growth this year, led by its specialty lines and catastrophe related business. Following the catastrophes of 2017, the company will experience below average reserve releases from prior years during 2018. Provided that the claims environment is reasonably in line with its expectations, a combined ratio in the low to mid nineties should be achievable for the full year.
Separately, Beazley said that Martin Bride, Group Finance Director has informed the Board of his decision to retire from the company in the second-quarter of 2019. The Nomination committee will undertake a comprehensive search process to identify a replacement, which will start immediately.
The company also said that Catherine Woods has been appointed to the Nomination and Remuneration committees with effect from 1 October 2018.
In addition, Beazley announced the appointment of EY as its new auditor with effect from the year commencing 1 January 2019. EY will conduct the audit of the Company's financial statements for the financial year ending 31 December 2019. The appointment is subject to approval by shareholders at the next Annual General Meeting of the Company, to be held in 2019.
KPMG will resign as auditor of the Company following completion of the 31 December 2018 audit. They did not participate in the tender process due to the rules on the mandatory rotation of auditors.
Copyright RTT News/dpa-AFX