LONDON (dpa-AFX) - Beazley Plc (BEZ.L), a British insurance provider, on Thursday registered a turnaround to profit for the fiscal 2021, with a growth across all of its lines of business, especially in the cyber market, where it continued to witness a major rate improvement.
For the fiscal 2021, the London headquartered company reported pre-tax and post-tax profits of $369.2 million and $308.7 million, respectively, compared to losses of $50.4 million and $46.1 million, reported for the fiscal 2020.
The insurance provider posted its earnings per share at 37 pence as against loss per share of 6.3 pence.
Net earned premiums of the company moved up by 17 percent to $3.14 billion, whereas net premiums written climbed by 20 percent to $3.51 billion.
Gross premiums written for the 12-month period to December 31, 2021 rose by 30 percent to $4.61 billion.
With the spike in claims seen in 2020, due to the Covid-19 pandemic, the last fiscal delivered a claims environment which was more in line with the company's long term average. The claims ratio for 2021 reduced to 58 percent, from last year's 73 percent, with its estimate for first party Covid-19 claims remaining at $340 million.
For the full year 2021, the company's Board has approved the declaration of an interim dividend of 12.9 pence. Premiums written for the cyber and executive risk business of the Group increased by 49 percent, to $1.51 billion, year-on-year basis.
Owing to an increase in demand for insurance products and services, the company's revenue also moved up by 15 percent, to $3.34 billion.
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