LONDON (dpa-AFX) - Beazley Plc (BEZ.L), a British insurance provider, reported Friday that its first-half profit before tax declined 87 percent to $22.3 million from last year's $167.3 million.
Earnings per share were 2.3 cents, down 90 percent from 23.0 cents a year ago. In pounds, earnings per share were 1.7 pence, down 90 percent from 16.7 pence a year ago.
Revenue grew to $1.64 billion from prior year's $1.48 billion.
Gross premiums written increased 26 percent to $2.55 billion from last year's $2.04 billion. Net premiums written was $1.80 billion, higher than prior year's $1.44 billion.
Combined ratio was 87 percent, compared to 94 percent a year ago.
Looking ahead, Adrian Cox, Chief Executive Officer, said, 'Beazley will continue to deliver in line with our vision for the remainder of 2022 and beyond and I look forward to reporting a successful set of full year results to you in February 2023 where our current expectation is a combined ratio in the high 80s assuming an average claims experience for the second half of the year.'
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