Beazley plc results for year end 31 December 2025

Beazley PLC

04 March 2026

 

Press Release

Disciplined underwriting delivers combined ratio of 81% and profits in excess of $1bn for third year running

London, 4 March 2026

Beazley plc results for period ended 31 December 2025

•    Profit before tax of $1,146.5m (2024: $1,423.5m)

•    Insurance written premiums of $6,100.7m (2024: $6,164.1m)

•    Net insurance written premiums of $5,198.7m (2024: $5,152.3m)

•    Undiscounted combined ratio of 81% (2024: 79%)

•    Discounted combined ratio of 77% (2024: 75%)

•    Return on equity of 19% (2024: 27%)

•    Interim dividend per share of 25.0p (2024: 25.0p)

•    As things stand, our exposure to the unfolding events in the Middle East is limited, and we do not expect to be materially impacted.

•    The Board announced on 2 March that it has agreed terms of a recommended all-cash offer for the purchase of Beazley by Zurich.

	Year ended 31 December 2025	Year ended 31 December 2024	% movement
Insurance Written Premiums ($m)	6,100.7	6,164.1	(1)%
Net Insurance Written Premiums ($m)	5,198.7	5,152.3	1%
Insurance Service Result ($m)	1,169.1	1,236.0	(5)%
Profit before tax ($m)	1,146.5	1,423.5	(19)%
Earnings per share (pence)	113.4	137.0	(17)%
Net assets per share (pence)	612.0	570.5	7%
Net tangible assets per share (pence)	583.9	545.9	7%

Adrian Cox, Chief Executive Officer, said:

"In 2025, Beazley delivered another strong profit, amidst a volatile global backdrop and in a softening insurance rating environment. In these conditions, our robust underwriting discipline and active cycle management continued to ensure our success.

As we start 2026, we continue to see a similar pattern of competitive insurance pricing and global instability. In this environment, we remain resolutely focused on profitable underwriting and innovating into growth opportunities, particularly with our new Bermuda entity and insurance solutions for the energy transition.

On 2 March 2026, Beazley's Board announced it had agreed the terms of a recommended acquisition by Zurich Insurance Group Ltd of Beazley plc. As Beazley continues its exciting journey as a leading specialty insurer, our focus remains on business as usual, working in the interests of our clients, strengthening our relationships with brokers and continuing to attract and retain the best talent."

ENDS

For further information:

Investors and analysts

Sarah Booth

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Media

Sam Whiteley

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Note to editors:

Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, North America, Latin America, Bermuda and Asia. Beazley manages six Lloyd's syndicates and, in 2025, underwrote gross premiums worldwide of $6,100.7million. All Lloyd's syndicates are rated A by A.M. Best.

Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., a carrier licensed in all 50 states and its subsidiary, Beazley America Insurance Company, Inc. In the surplus lines market, coverage is provided by Beazley Excess and Surplus Insurance, Inc. All US carriers are rated A by A.M. Best.

Beazley's European insurance company, Beazley Insurance dac, is regulated by the Central Bank of Ireland and is A rated by A.M. Best and A+ by Fitch.

Beazley's Bermuda entity, Beazley Bermuda Insurance Limited, is A rated by A.M. Best and regulated by the Bermuda Monetary Authority.

Beazley is a market leader in many of its chosen lines, which include Directors & Officers, Financial Lines, Cyber, Property, Marine and Aviation, Reinsurance, Accident and Life, and Political Risks and Contingency business.

For more information please go to: www.beazley.com

Cautionary statement regarding forward looking information

Where this announcement (including information incorporated by reference in this announcement) contains "forward-looking statements", they are based on the current expectations and assumptions, and speak only as of the date they are made. Such statements and forecasts involve risk and uncertainty because they are based on current expectations and assumptions but relate to events and depend upon circumstances in the future; you should not place reliance on them.

Without limitation, any statements preceded or followed by or that include the words "targets", "plans", "expects", "is expected", "is subject to", "budget", "estimates", "forecasts", "intends", "anticipates", "sees", "believes", "aims", "confident", "will have", "will be", "will ensure", "likely", "foresee" or the negative of these terms or other similar terms are intended to identify such forward-looking statements. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. Forward-looking statements and forecasts are based on the Directors' current view and information known to them at the date of this statement. The Directors do not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The Company and its affiliates (the Group) cautions investors that a number of factors, including matters referred to in this document, could cause actual results to differ materially from those expressed or implied in any forward-looking statement. Such factors include, but are not limited to: UK domestic and global economic conditions and changes of a geo-political and/or macroeconomic nature, risk of loss arising from uncertainties and deviations of the occurrence, frequency, amount and timing of insurance premium and claim liabilities relative to the assumptions at the time of underwriting, risk of loss resulting from fluctuations in the level and in the volatility of market prices of assets, liabilities and financial instruments, risk of loss arising from default in obligations due or changes in the credit standing of either issuers of securities, counterparties or any debtors which Beazley is exposed to, the contagion risk than an action or inaction of one part of the Group adversely affects another part or parts, investments and/or other assets are not available or inadequate in order to settle financial obligations when they fall due, non-compliance with regulatory and/or legal requirements, failing to operate in line with the relevant regulatory framework in the territories where the Group operates, failure of peoples, processes and systems or the impact of an external event on operations and the risk of loss resulting from ineffective strategic direction and implementation that leads to inadequate profitability, insufficient capital, financial loss and/or reputational damage.

Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward-looking statements. Neither the Group, nor any of its Directors, officers or employees, provides any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur. Undue reliance should not be placed on these forward-looking statements. Beazley expressly disclaim any obligation or undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required to do so by applicable law or regulation.

Statement of the Chair

Long-term value creation

Beazley remains a consistently profitable insurance business, focused on creating long-term value. The clarity of purpose that defines our strategy - expertise, platform strength and product diversification - ensures we continued to deliver value for all our stakeholders in 2025.

Certainty in uncertain times

2025 reaffirmed that global risk dynamics are changing at pace. From January 2025's catastrophic wildfires through ongoing geopolitical uncertainty and the growing sophistication of cyber criminals targeting supply chains; the year offered little relief from the volatility facing businesses worldwide.

88% of business leaders, surveyed for our annual Risk & Resilience research, believe the global political landscape will impact their business' ability to trade profitably in the coming year. With this high level of concern, we leveraged our expertise to support businesses navigate uncertainty and invest for the future.

Performance comes from connection

Our people bring powerful expertise to our Company, which is our key strength. We have built a distinct working culture that prizes innovation and has a laser like focus on underwriting excellence, which supports us in achieving our strategic goals.

Together our people and culture are the cornerstone of what makes Beazley one of the most exciting specialty insurance brands. We endeavour to live by our values of being bold, striving for better and doing the right thing. This is exemplified by our diverse employee-run networks, which cover broad initiatives and concerns from Early Careers to Veterans and from Race to Pride.

Underwriting excellence and innovation across the globe

Building for the future has been at the core of the work of the Board in 2025. Our focus has been on ensuring we achieve operational effectiveness and efficiency to continue our strong growth trajectory in 2026 and beyond. We are establishing an insurance entity in Bermuda, which will give us increased access to risk in its specialist reinsurance and alternative risk transfer markets (ART).

In December 2025, I was delighted to announce that our Group Chief Underwriting Officer, Paul Bantick, would join the Board from 1 January 2026. Paul's entrepreneurial spirit and track record in the global insurance industry will strengthen the Board's technical depth and reinforce underwriting expertise as a core driver of Beazley's success.

Creating long-term shareholder value

In 2025 we achieved earnings per share of 113.4p (2024: 137.0p) and net assets per share of 612.0p (2024: 570.5p). In total, since 1 January 2024 we have distributed $1.2bn to our shareholders through dividends and share buybacks. I am proud of our achievements and want to thank our shareholders for the trust they place in us. The opportunity for our business is significant and I am confident of the long-term value we are creating for our investors.

Zurich offer

Further information on the Offer is set out in the announcement dated 2 March 2026 which can be found on the Group's website.

Group Chief Executive Officer's statement

Achieving long-term outperformance

Our resilient business model combines operational strength, product specialisation and diverse access to risk as the foundation of our success. 2025 was a volatile year, conditions which play to Beazley's strengths, allowing us to deliver a strong profit before tax of $1,146.5m (2024: $1,423.5m), an undiscounted combined ratio of 81.2% (2024: 79.0%) and an investment return of 5.2% (2024: 5.2%). As we entered softening market conditions, we exercised robust underwriting discipline, ensuring we delivered profitable results and long‑term value to our brokers, clients and shareholders.

These results come amidst a volatile global backdrop. From the California wildfires at the beginning of 2025, to a geopolitical landscape in flux, we also saw sophisticated ransomware attacks escalate, striking multiple sectors, from retailers to manufacturers. These disruptive forces are visibly straining resilience across the economy, reinforcing the need for specialty insurance and risk management solutions.

Track record of effective cycle management

In parallel with these global disruptions, the insurance market has become increasingly competitive. However, it is in the soft insurance cycle that I believe Beazley's expertise and focus on innovation comes to the fore.

There are two decisive factors in our underwriting which make us different. Firstly, we focus on delivering underwriting alpha - consistent, long-term outperformance through rigorous underwriting and disciplined execution. This balances our managing of risk with dynamically allocating capital to areas of opportunity.

Secondly, is our commitment to idiosyncratic growth by driving innovation and delivering new products and solutions for volatile, complex and evolving risks. It is this approach to long-term investment in underwriting innovation that saw us pioneer the cyber market two decades ago.

We deliver these underwriting differentiators through a business model built around three pillars: expertise, product diversification and platform strength. Expertise sees empowered, expert decision-makers, backed by deep technical knowledge, ensure disciplined risk selection and effective claims handling. Our continuously evolving portfolio of over 50 specialty products, combined with strong broker relationships and the global reach achieved across our platforms, give us unmatched access to risk and the ability to act decisively.

Innovation leads the way forward

Innovation is central to our growth strategy and we are acting decisively in areas of structural opportunity. We are establishing a presence in Bermuda with a plan to reach $400m in written premiums by 2030. This is a multi-strand strategy covering ART for large corporates and captives, specialty reinsurance, including mortgage indemnity, selected specialty insurance classes, property reinsurance and cyber ILS.

We are leaders in cyber, having created the first cyber catastrophe bond in 2023 and are now leading the development of the cyber ILS market. Our next step is to move beyond issuance, and into securitisation and transformation, supported by a dedicated ILS fund which will come into effect during 2026.

The energy transition represents a multi-trillion-dollar growth opportunity for the economy, and will require an estimated $7.5tn in investment by 2030. These projects need insurance capital to ensure their success from investment funding, through construction to operation, meaning demand for insurance for transition projects is projected to reach $10-15bn by 2030.

We have extensive capabilities in underwriting transition risks, from renewable projects to carbon capture and storage and complex cyber risks and by bringing this experience together across property, cyber, liability and environmental risk, amongst other classes of insurance, we are delivering integrated solutions that support owners of these complex transition projects to seize the opportunity that they offer.

Leading where it matters

2025 reinforced the urgency of cyber resilience amid a rapidly evolving threat landscape. Despite heightened investment in cyber security, breaches continued to grow - driven by social engineering and supply chain vulnerabilities.

As the cyber threat environment became ever more dangerous, competition in the North American market also became excessive and we believe that much of the US cyber market is operating at unprofitable levels. In this market, we have chosen to lead - by holding firm on rate and terms and conditions and not following the market down. This approach is designed to ensure our clients have consistent access to our leading cyber security and insurance ecosystem - Full Spectrum Cyber - which provides proactive defence throughout the lifecycle of a cyber incident.

We have continued to grow in Property Risks and MAP Risks where the flexibility of our business model allows us to pull the right levers and lean into those market segments where conditions are most favourable.

Talent and expertise

One of our biggest assets is our people. Our teams thrive on complexity, motivated by the challenge of solving clients' toughest problems. We align pay and performance rigorously, fostering a culture of accountability that encourages long-term thinking.

Our claims teams are made up of empowered decision-makers and subject matter experts that continue to set the standard for responsiveness and expertise, ensuring clients receive swift, fair outcomes when it matters most. We were pleased to be recognised for this high standard by winning the Gracechurch award for outstanding service for London Market claims for the 10th year in a row.

In 2025, we strengthened our Executive Committee with the appointment of Jonathan Burdett as our Group Chief Risk Officer.

Around the World in 80 Years: building stakeholder relationships

Our two-year "Around the World in 80 Years" campaign was built to celebrate our long track record of success and the foundational strength of our business model. Importantly, the campaign is designed to expand Beazley's reach with our broker partners and clients and add further fuel to our long-term growth trajectory. Our pink bowler bus tour of North America headed coast to coast and the numbers so far speak for themselves, with quotes for insurance up amongst brokers that attended.

With the North America reunion, alongside the Europe and Asia Pacific leg, being well underway, we're continuing to use this campaign to invest in relationships and expand our market presence.

Responsibility beyond underwriting

In 2025, we launched the Beazley Foundation which is grounded in our ongoing commitment to social responsibility and sustainable development. It is structured around three key pillars:

•     Local Lives - focused on empowering employees to make a difference in local communities through volunteering.

•     Global Systems - builds on our partnership with Humanity Insured which supports vulnerable climate risk-exposed communities with subsidised insurance solutions.

•     Cyber Futures - leverages Beazley's expertise as a leader in cyber insurance to use digital means to advance social impact and help communities become more digitally resilient.

I'm proud that at Beazley we are making these commitments and investment into the Foundation. We know sustainability underpins resilience and builds stakeholder trust which are both vital to the success of our business and the wider communities we serve.

Opportunity ahead in 2026

Looking ahead, our priorities are clearly defined. We will create new long-term growth opportunities through the establishment of our Bermuda entity initially through our Property Treaty business. However, longer term we will also be leveraging our cyber leadership here, amongst wider expertise, to build new opportunities in the cyber ILS space, working closely with captives, and developing new revenue streams in ART products.

We are also bringing our expert teams together to help businesses meet the trillion dollar opportunity that the energy transition offers. The insurance market is in the soft part of the cycle and we continue to exercise robust underwriting discipline, ensuring we deliver consistent outperformance through 2026 and beyond.

Since 2011 we have returned over $2.5bn to shareholders and achieved an average return on equity of 15.5% over the last 10 years and 22.2% over the last 5 years, supported by disciplined underwriting. These results demonstrate the resilience of our business model and the effectiveness of our cycle management strategy. With a strong operating model and a culture built for agility, we are confident in our ability to sustain profitability and deliver long-term shareholder value.

Group Chief Underwriting Officer's statement

Where discipline meets innovation

2025 marked my first full year as Group Chief Underwriting Officer - a year defined by disciplined execution achieving a discounted combined ratio 77.3% (2024: 74.8%). Insurance written premiums were $6,100.7m (2024: $6,164.1m) reflecting our commitment to actively managing the cycle and not chasing unprofitable growth. My focus has been on harnessing the expertise of our exceptional team of underwriters and risk professionals to ensure we maintain our position as the market's leading specialty underwriting business.

Managing risk through the cycle

At Beazley, delivering profitable growth, regardless of what part of the insurance cycle we are in, is our key driver. Growth is more challenging in the soft part of the insurance cycle, and to maintain our commitment to profitability we exercise robust underwriting discipline while continuously focusing on innovation and evolving our business model to support our long-term growth trajectory.

We are experts in actively selecting risks and building portfolios that outperform, with a business model that provides us with the flexibility to do that. Where rate dynamics vary by product and geography at any given time, access across our three core platforms and broad offerings is essential.

This is what underpins our annual business planning process, which is rigorous, data-driven and robustly challenged. Decisions about growing, maintaining or de-risking focus on achieving consistent profitability.

We also emphasise learning lessons and constant improvement, and in 2025 this saw us establish a Geopolitical Risk Council, which built on the success of our Cyber Threat Council. During the year we also established an AI-specific workstream to address the potential systemic risks of this growing technology.

Innovation for long-term growth

Innovation is our tool for structural, long-term underwriting growth. We underwrite only in areas where the risks are complex, volatile or changing, and where the pool of risk is naturally growing.

Across 2025, we channelled our skills as cyber market leaders to step further into the Cyber ILS space. Supporting growth in this specialist segment of alternative risk will help equip the cyber insurance sector with the capital and capacity necessary for its growth.

Transition risks fit all our core underwriting criteria and are an underwriting priority. During the year, we began bringing together our existing specialist products and services, and combining them with expertise from across the Company to create a dedicated transition team. This will enable us to bring a holistic proposition to transition project owners; one that is focused on how insurance can support in reducing the risk profile of their projects, and make them more financially viable and attractive to investors.

As an example, renewable energy projects don't just need traditional renewable energy cover. They're increasingly exposed to cyber threats and long-term environmental liabilities amongst others. Our initial focus is on complex construction risks, particularly across industrial or manufacturing facilities. We also see distinct opportunities in data centres, power and utilities developments, and manufacturing plants.

Insurance written premiums
	2025 $m	2024 $m
Cyber Risks	1,164.0	1,275.9
Digital	231.5	246.6
MAP Risks	995.6	950.3
Property Risks	1,732.8	1,703.2
Specialty Risks	1,976.8	1,988.1
Total	6,100.7	6,164.1

Net insurance written premiums
	2025 $m	2024 $m
Cyber Risks	891.7	860.5
Digital	207.4	207.0
MAP Risks	898.1	859.3
Property Risks	1,410.2	1,454.9
Specialty Risks	1,791.3	1,770.6
Total	5,198.7	5,152.3

Cyber Risks

Softening rating conditions are not an indication that cyber threats are relenting. The many high-profile incidents across the retail and manufacturing sectors during the year attest to this. Nevertheless, in this challenging risk and rating environment we maintain a disciplined, vigilant approach to our underwriting and this is reflected in our discounted combined ratio of 75.6% (2024: 64.4%), our focus on discipline led to a 8.8% shrinkage (2024: 7.7% growth) in our cyber underwriting.

This was delivered with active risk selection and an absolute determination to achieve rate adequacy. This is achieved via a relentless focus on leveraging data and analytics to further refine our risk selection criteria as the risk landscape continues to be complex and constantly evolving. At the same time we're carefully managing accumulation risk and protecting ourselves with robust reinsurance protection that includes insurance linked securities and traditional reinsurance.

Throughout the year, our international business was the clear engine of growth, with Europe and Asia Pacific maintaining strong, rate-adequate pricing. As a market leader, our appetite for cyber risk remains unchanged, but we are responding to the US market conditions, where we believe the rating environment is now unsustainable, by maintaining underwriting discipline and rate adequacy.

The claims environment shows increasing data liability and class action cases which are costly and complex to handle and which need careful and active management of the individual claims. Our experience also shows that businesses often need immediate cash support while it recovers from an attack, leading us to speed up and streamline claims payments for business interruption claims. In 2026 this will see us roll out, across certain territories, an immediate cash payment when a cyber‑triggered interruption lasts more than five business days.

Our Full Spectrum Cyber proposition extends beyond traditional insurance, delivering integrated protection through enhanced supply chain assessments and advanced managed extended detection and response solutions. In 2025 this also saw the addition of Beazley Security's proprietary Security Posture Report which is given to every client and supports them to improve their cyber hygiene. This approach moves clients beyond tick-box compliance, and into more proactive risk management and mitigation. Beazley Security - responsible for providing our state-of-the-art cyber security services - continued expanding its footprint, building a fee-based pipeline, while staying true to its commitment to supporting our insureds.

Looking ahead, we see no let-up in demand for comprehensive cyber protection as weak cyber insurance penetration, underinsurance and lack of resilience all remain a challenge our market needs to address.

Digital

Digital trading continued scaling in 2025. This was underpinned by sustained investment in our platform and data capabilities; and brokers pursuing their own digital initiatives to strengthen client experience. This resulted in submissions and binds growing across channels and geographies, cycle times shortened and broker experience improved.

Amidst strong competition across our specialist small‑business offerings, disciplined underwriting and deep risk insights ensured profitable and sustained differentiation. To strengthen our digital edge, we partnered with Beazley Security to introduce new SME posture reports and remediation advisory. With digital trading for the small business segments now embedded within our trading teams, this will be the last year we report Digital separately as we move into the business as usual phase with our specialist digital capabilities part of our underwriting divisions and managed on that basis from 2026.

MAP Risks

In a year marked by geopolitical turbulence and shifting trade dynamics, MAP Risks has stood firm - leveraging deep expertise, disciplined underwriting and strategic agility to deliver a discounted combined ratio of 75.2% (2024: 80.9%). The division's underwriting excellence has been in demand, particularly in political risks and renewable energy, which has helped deliver growth of 4.8% (2024: 1.5% shrinkage).

The marine market is facing the double pressure of excess capacity and altered trading patterns, and this is particularly true of the marine war market. As a market leader we are focused on supporting our clients with cover to manage the trade challenge, whilst we continue our laser-like focus on rate adequacy.

Transition underwriting is a key topic across Beazley and in marine underwriting. We are working to ensure our underwriting and risk management advice for the shipping industry offers the right support to manage the additional risks that come with moving to alternative fuels.

Renewables are a strategic priority, and we continue to look to expand our underwriting footprint with new hires in London and Singapore. During 2025 we supported the Sustainable Markets Initiative in its efforts to look at how insurance can support the commercial implementation of fusion energy projects, and we are hopeful that 2026 will see the first successful test of a commercial nuclear fusion facility.

The Portfolio Underwriting team is firmly established as a market leader for broker facilities and Fast Follow underwriting. The team has returned unbroken profitability to Beazley and third‑party capital investors since it was established in 2018, and given this strong track record, we expect further profitable growth in 2026.

Looking ahead we see ongoing geopolitical change bringing continued demand for our specialist product suite. In transition underwriting, we see a significant opportunity to drive growth by working across the division and the Company as a whole.

Property Risks

The rate increases of the past three years continued to ease in 2025, signalling a more moderate pricing environment. Our strong foundations of robust technical pricing and rate adequacy continue to provide an effective baseline from which we were able to continue to grow our portfolio by 1.7% (2024: 26.0%). This discipline has enabled our underwriting teams to navigate a more normalised pricing environment and continue to drive profit with a discounted combined ratio of 64.5% (2024: 72.9%).

We continue to see ongoing long-term growth opportunities as property is evolving into an increasingly specialist class of insurance. This is where we excel, bringing our expertise as a specialist insurer.

January 2025's terrible Californian wildfires and July's deadly floods in Texas highlighted that climate-related risk is not going away, and the impact of sudden natural disasters remains as destructive as ever. Added to this, inflation continues to drive materials, labour and insured values, which lead to the complexities of rebuilding after an event.

In 2025 we have also continued to grow our Parametric and Structured Solutions team with key expertise and resources. This planned strategy will enhance and strengthen our ability to support clients and brokers with dynamic solutions to help solve their risk and insurance challenges.

Meanwhile, our European expansion is gaining traction at a faster pace than anticipated, with large and multi-national accounts being particularly attractive as we continue to broaden our global footprint. In North America, we still expect substantial opportunity and demand for our specialist approach across the market, as the risk landscape and needs of property owners are becoming increasingly more complex.

Looking ahead to 2026, the property rating environment continues to be highly competitive, and underwriting discipline and expertise will remain key. Climate risk and rising property values, however, mean maintaining rate adequacy and underwriting discipline is critical, and our specialised underwriting approach remains key to our ongoing growth and success.

Specialty Risks

2025 saw Specialty Risks shrink by 0.6% (2024: 6.1% growth). This was driven by our approach to active cycle management where we de-risk in products which do not meet our targets, which is how we outperform as a specialty insurer over the market cycle. Specialty Risks delivered a discounted combined ratio of 90.2% (2024: 79.2%) as we strengthened prior year reserves on certain classes.

Our Directors & Officers (D&O) business remains our cornerstone and saw stabilising rates in 2025. The European D&O market remains stable but does show signs of legal and regulatory shifts. Emerging claims trends in this market mirror those we are used to in the US, as boardrooms increasingly become a target for litigation.

Capital markets activity remained in flux during 2025. This led to our highly specialist M&A team experiencing a later than expected surge in business through the second and third quarters, as investors began to move forward with long‑postponed transactions.

We continue to respond to market uncertainty with agility, offering higher limits and more capacity through consortia arrangements, to areas such as European IPOs. As well as delivering cross-class solutions through our flex product, combining our cyber and financial lines to meet the specialist needs of our clients. We see the potential for long‑term growth in both areas.

Our Safeguard risk management and insurance solution saw ongoing growth, as dealing with the scourge of sexual molestation and misconduct rightly remained high up organisations' agendas.

Looking ahead, our focus remains on staying ahead of the evolving risk environment - including an increasingly litigious environment for boardrooms and innovating where new risk areas are emerging.

Performance by Division 2025

	Cyber Risks			Digital			MAP Risks			Property Risks			Specialty Risks
Insurance written premiums ($m)	1,164.0			231.5			995.6			1,732.8			1,976.8
Net insurance written premiums ($m)	891.7			207.4			898.1			1,410.2			1,791.3
Segment result ($m)	234.9			63.6			211.8			471.0			206.1
Claims ratio	46.3	%		31.6	%		41.0	%		29.7	%		58.1	%
Expense ratio	29.3	%		36.9	%		34.2	%		34.8	%		32.1	%
Combined ratio	75.6	%		68.5	%		75.2	%		64.5	%		90.2	%
Undiscounted combined ratio	78.9%			70.3%			77.9%			65.7	%		97.5%
Rate change	(5.8	)	%	(1.3	)	%	(1.3	)	%	(7.3	)	%	0.8	%

Performance by Division 2024

	Cyber Risks			Digital			MAP Risks		Property Risks		Specialty Risks
Insurance written premiums ($m)	1,275.9			246.6			950.3		1,703.2		1,988.1
Net insurance written premiums ($m)	860.5			207.0			859.3		1,454.9		1,770.6
Segment result ($m)	355.4			57.1			182.6		391.2		476.5
Claims ratio	39.4	%		28.7	%		44.2	%	41.9	%	47.5	%
Expense ratio	25.0	%		45.6	%		36.7	%	31.0	%	31.7	%
Combined ratio	64.4	%		74.3	%		80.9	%	72.9	%	79.2	%
Undiscounted combined ratio	68.1%			77.3%			83.2	%	74.6	%	87.1%
Rate change	(5.5	)	%	(3.2	)	%	1.3	%	1.3	%	1.4	%

Group Chief Financial Officer's statement

Specialist knowledge, long-term value

This year's results reflect the continued strength and resilience of our business model, underpinned by disciplined underwriting, prudent capital management and a clear focus on long-term value creation. In an environment characterised by ongoing macroeconomic uncertainty and heightened scrutiny of capital allocation, we have remained consistent in our approach: protecting profit margin performance today while investing selectively to sustain attractive returns over the cycle.

Our capital position remains robust, enabling us to balance near-term returns to shareholders with targeted investment in areas where we see durable structural opportunity. While we recognise the importance of short-term capital deployment, our decisions are guided by the long-term interests of the business and our shareholders. This includes investing in specialist capabilities that enhance our underwriting relevance, deepen client relationships and position us to capture profitable growth as market conditions evolve.

Establishing a presence in Bermuda reflects this philosophy. It is a measured, capital disciplined investment designed to strengthen our participation in specialist markets where we believe our technical underwriting knowledge and expertise can continue to generate attractive returns. Importantly, this investment is aligned with our commitment to growth and margin integrity and does not detract from our ability to balance these objectives with returning capital to shareholders.

Consistent financial performance through the cycle

Our priorities remain unchanged: to deliver sustainable earnings, protect underwriting profitability and compound value over time as we have done throughout our history.

This is demonstrated by our delivery of an average return on equity over the last 10 years of 15.5% with a five year average of 22.2%.

We believe this approach positions the Group well to navigate the current environment and to continue delivering for stakeholders across the cycle.

Group Performance

Statement of profit or loss

	2025	2024
	$m	$m
Insurance service result	1,169.1	1,236.0
Net investment income	607.5	574.4
Net insurance finance expense	(233.3)	(55.9)
Net insurance and financial result	1,543.3	1,754.5
Other income	73.4	106.0
Operating expenses	(426.0)	(388.6)
Foreign exchange (losses)/gains	(3.3)	(9.1)
Finance costs	(40.9)	(39.3)
Profit before tax	1,146.5	1,423.5
Income tax expense	(233.1)	(293.2)
Profit after tax	913.4	1,130.3
Claims ratio	44.5%	43.1%
Expense ratio	32.8%	31.7%
Combined ratio (discounted)	77.3%	74.8%
Combined ratio (undiscounted)	81.2%	79.0%
Rate decrease	(3.6)%	(0.5)%
Investment return	5.2%	5.2%

Premiums

Insurance written premiums decreased by 1.0% in 2025 to $6,100.7m (2024: $6,164.1m). Rates on renewal business on average decreased by 3.6% across the portfolio (2024: decreased by 0.5%) as the market continued to soften. We have actively managed our premiums in 2025, ensuring that we maintained rate adequacy where needed. Our approach has always been to grow profitably and, where that is not achievable, maintain underwriting discipline, which came to the fore in 2025.

Our net insurance written premiums increased by 0.9% in 2024 to $5,198.7m (2024: $5,152.3m). The higher growth seen in our net insurance written premium is primarily driven by the higher reinsurance spend in Cyber Risks during 2024 compared to 2025. This is as a result of purchasing cyber catastrophe bonds, which were multi-year contracts, as well as a Cyber Industry Loss Warranty (ILW). Given the multi-year aspect of these, the corresponding spend has been reduced.

Insurance service result

The Group achieved an insurance service result of $1,169.1m (2024: $1,236.0m). Insurance revenue of $6,064.8m (2024: $5,678.1m), a 6.8% increase, reflecting the growth seen in insurance written premiums throughout 2024 being recognised in 2025.

Our claims ratio of 44.5% (2024: 43.1%) increased due to an overall strengthening of reserves relating to past service. This was offset by improved performance on current year losses, driven by our focus on rate adequacy as well as experiencing a more benign catastrophe season compared to 2024. The expense ratio increased to 32.8% (2024: 31.7%) as we continued to invest in the future of Beazley through upgrades to technology and also the remuneration of our staff based on the profitability of the recent years.

The allocation of reinsurance premium increased by 18.5% to $906.4m (2024: $764.9m) driven by the purchase of ILW and catastrophe bonds in Cyber Risks and excess of loss contracts in Property Risks, which have materialised in the 2025 profit and loss statement as the relevant service is recognised. Amounts recoverable from reinsurers for incurred claims increased to $ 447.3m (2024: $255.8m) in line with the gross claims. Reinsurers' share of directly attributable expenses has increased to $5.4m (2024: $4.4m).

Combined ratio

The combined ratio of an insurance company is a measure of its performance from transacting (re)insurance contracts. Under IFRS 17, this represents the ratio of its insurance service expense less amounts recoverable from reinsurers for incurred claims, to the total insurance revenue less allocation of reinsurance premium. This is all on a discounted basis and excludes operating expenses which are non-directly attributable and excluded from the insurance service result.

A combined ratio under 100% indicates a profit on the insurance service result. Beazley has continued to deliver profitable underwriting with a combined ratio of 77.3% in 2025 (2024: 74.8%). For further information, please see the APMs section.

Reserve confidence level

Beazley has a consistent reserving philosophy, with initial reserves being set to include a risk adjustment that may be released over time as and when any uncertainty reduces.

We maintain a preferred confidence level of between 80th and 90th percentile. This percentile indicates the strength of reserves held across both the best estimate and risk adjustment for non-financial risk. IFRS 17 outlines the key principles in order to calculate the risk adjustment for non-financial risk. There are two principles that are particularly important, and thus worth highlighting. First, the level needs to be consistent with how Beazley considers the risk at the point of underwriting. The second principle states that the risk adjustment level should make the firm neutral to running off the obligations or selling them.

At the end of 2025, our confidence level was at the 84th percentile (2024: 84th percentile).

Past service development

Net past service development saw a net increase of $16.1m in 2025 (2024: net release of $(144.5)m), which represented 0.3% (2024: (2.9)%) of insurance revenue less allocation of reinsurance premiums.

The largest movements were from:

•     Specialty Risks, with reserves being strengthened by$159.6m (2024: net release of $(37.7)m); partially offset by

•     Property Risks, with reserves being released by $(149.0)m (2024: net release of $(68.4)m).

Specialty Risks experienced deteriorations on several prior underwriting years, together with deteriorations on US health and medical covers partially attributed to ongoing social inflation.

Property Risks saw experienced favourable attritional claims experience, most notably in the US market.

Cyber Risks released $(10.0)m (2024: net release of $(63.0)m). The reduction in release relative to last year has been driven by an increase in the severity of ransomware claims.

In MAP risks, reserves have strengthened by $34.9m (2024: net increase of $55.7m) due to ongoing geopolitical uncertainty. Despite this, MAP has still delivered an undiscounted COR of 77.9% (2024: 83.2%) and remains a highly profitable part of our business.

Digital released $(19.4)m (2024: $(31.1)m), driven by favourable attritional claims experience.

	2025	2024
Net	$m	$m
Cyber Risks	(10.0)	(63.0)
Digital	(19.4)	(31.1)
MAP Risks	34.9	55.7
Property Risks	(149.0)	(68.4)
Specialty Risks	159.6	(37.7)
Total	16.1	(144.5)
Net strengthening/(release) as a percentage of insurance revenue less allocation of reinsurance premiums	0.3%	(2.9	)	%

Discounting impacts

During 2025, the net finance expense was $233.3m (2024: $55.9m), which predominantly comprises of an expense for the unwind of discounting recognised on existing business of $261.7m (2024: expense $292.1m). This has been offset by $28.4m (2024: $236.2m) of income from changes in financial assumptions which is less than 2024 mainly due to decreasing yield curves.

Total expenditure

The expense ratio, which under IFRS 17 only includes expenses directly attributed to insurance activities, increased to 32.8% for 2025 (2024: 31.7%) For 2025, non-directly attributable expenses of $426.0m (2024: $388.6m) fall outside the insurance result. Taking these items together, total expenses for 2025 totalled $2,121.2m (2024: $1,946.7m).

We continue to focus on our total expense base, allowing for additional expenses where aligned to underlying business growth or to the enhancement of our business model. The overall increase to the total expense ratio to 41.1% (2024: 39.6% ) in part reflects our desire to continue to invest in the business to deliver future efficiencies through technological advancements across our systems, processes and underwriting.

Foreign exchange

The majority of Beazley's business is transacted in US dollars (80%), which is the currency we have reported in since 2010 and the currency in which we aim to hold the Company's net assets. Changes in the US dollar exchange rate with sterling, the Canadian dollar and the euro do have an impact as we receive premiums in those currencies and a material number of our staff receive their salaries in sterling. Beazley's foreign exchange movement, taken through the statement of profit or loss in 2025, was a $3.3m loss (2024: $9.1m loss).

Tax

Beazley is liable to corporation tax in a number of jurisdictions, notably the UK, the US and Ireland. Beazley's effective tax rate is thus a composite tax rate mainly driven by the Irish, UK and US tax rates. The weighted average of 19.4% (2024: 18.6%) is higher than last year due to this year's composition of profit and losses across the Group.

The effective tax rate has decreased in 2025 to 20.3% (2024: 20.6%).

Investment performance

Beazley's investment performance generated a return of $607.5m or 5.2% in 2025 (2024: a return of $574.4m or 5.2%). Our financial assets were $12.0bn as at the 31 December 2025 (2024: $11.5bn). Returns were driven by strong performance from our credit and equity holdings, and from the decline in treasury yields in our fixed income portfolio which matches the interest rate sensitivity of our liabilities.

The macroeconomic backdrop proved resilient. Despite an uptick in market volatility earlier in the year and a backdrop of elevated geopolitical risk, the US economy performed well supported by investment and consumption growth. The Federal Reserve cut rates by 0.75% over the year which created a favourable backdrop for short dated fixed income, while long dated bond yields saw smaller declines which resulted in a steepening of the overall yield curve. Our exposure to investment grade corporate bonds benefited from tightening credit spreads, brought about by the stable macroeconomic environment and resilient corporate fundamentals. Our holdings in collateralised loan obligations also performed well, offering incremental credit spread in well-diversified and high-quality structures.

The portfolio benefited from its exposures to equity markets. Following a weak start in Q1, equities recovered well led by corporate earnings growth and supportive monetary policy. We added regional diversification to our equity holdings, which are now closely aligned to global indices. Our exposure to high yield also added value as spreads rallied in the second half of the year. Hedge funds generated positive excess returns, offering an additional diversified source of return. We continue to target incremental exposure to credit in public and private forms, and intend to scale up our impact portfolio holdings.

The yield of our fixed income portfolio at 31 December 2025 was 3.9% with a duration of 1.7 years. This level of yield is a positive starting point for fixed income investment returns. Our investment portfolio remains diversified and well-positioned for a range of market outcomes.

The table below details the breakdown of our portfolio by asset class:

	31 Dec 2025			31 Dec 2024
	$m	%		$m	%
Cash and cash equivalents	1,368.5	11.4		882.1	7.7
Fixed and floating rate debt securities
- Government issued	4,427.8	37.0		4,289.1	37.3
- Corporate bonds
- Investment grade	3,602.0	30.1		3,862.3	33.6
- High yield	682.9	5.7		662.4	5.8
- Securitised
- Collateralised loan obligations	587.5	4.9		480.0	4.2
Syndicate loans	-	-		29.5	0.3
Derivative financial assets	0.8	-		11.2	0.1
Core portfolio	10,669.5	89.1		10,216.6	89.0
Equity funds	421.8	3.5		348.7	3.0
Hedge funds	742.1	6.2		752.0	6.5
Illiquid assets	143.0	1.2		175.4	1.5
Total capital growth assets	1,306.9	10.9		1,276.1	11.0
Total	11,976.4	100.0		11,492.7	100.0

Comparison of return by major asset class:

	31 Dec 2025			31 Dec 2024
	$m	%		$m	%
Core portfolio	512.3	4.9		457.9	4.7
Capital growth assets	95.2	7.4		116.5	9.9
Overall return	607.5	5.2		574.4	5.2

Capital Structure

Effective capital utilisation

When deciding on the appropriate level of capital, we consider several criteria. Firstly, we aim to maintain a solvency ratio in excess of 170% of solvency capital requirement (SCR). We also seek to absorb volatility to ensure financial resilience should a 1-in-250 event occur as well as assessing the impact of interest rate movements. Finally, we consider the opportunities for growth, which encompass the business plan for the following year as well as the opportunities for growth in the medium term (subsequent 1-2 years) whilst ensuring we can swiftly take advantage of unforeseen opportunities.

In the past, our primary focus has been on organic growth, particularly in recent years given the extraordinary market conditions across many lines of our business. However, we are open to opportunities for inorganic growth in the form of bolt on acquisitions where it aligns with our strategy and competence.

Our aim is to continue to deliver value to our shareholders while navigating the dynamic market landscape. Looking ahead, we remain committed to maintaining a strong capital discipline. We make decisions to support value creation. Whilst ensuring consistency and predictability in our results, we intend to continue to leverage our strong financial foundation to drive sustainable growth.

Capital structure

Given the global business and structure of Beazley, the Group and subsidiaries need to adhere to several regulatory requirements. Capital is required to support underwriting at Lloyd's, in the US and through our European branches, and is subject to prudential regulation by local regulators (the Prudential Regulation Authority, Lloyd's, the Central Bank of Ireland (CBI), the US state level supervisors, and the Bermuda Monetary Authority). Beazley is subject to the capital adequacy requirements of the European Union (EU) Solvency II regime.

The capitalisation ensures we achieve adequate ratings from A.M. Best and/or Fitch for Beazley Insurance Company, Inc. (BICI), Beazley America Insurance Company Inc. (BAIC), Beazley Excess and Surplus Insurance Company, Inc (BESI), Beazley Insurance dac (BIDAC) and Beazley Bermuda Insurance Limited (BBIL) in order to be able to conduct business freely with our preferred client base.

As of 31 December 2025, our Solvency II coverage is estimated at 281% (31 December 2024: 264%, net of share buyback and dividends). The capital requirement (SCR) is established using our Solvency II approved internal model approved by the CBI and reflects the business we expect to write through to the end of 2026 as per our business plan.

The draft year-end Group Solvency II ratio of 281% takes into account the interim dividend of 25.0p.

	2025 Estimate*	2024
	$m	$m
Eligible Tier 1 capital	5,037.0	4,291.3
Eligible Tier 2 capital	608.8	564.9
Total Solvency II eligible own funds	5,645.8	4,856.2
Capital requirement	2,006.1	1,837.1
Group Solvency II ratio	281%	264%

*The final 2025 ratio is subject to review and audit and will be published in the Group 2025 Solvency and Financial Condition Report (SFCR).

Our funding comes from a mixture of Tier 1 basic own funds and $608.8m of Tier 2 own funds. This is predominantly $565.0m of Tier 2 subordinated debt ($550.0m after capitalised borrowing costs and fair value adjustments).

Both Tier 2 subordinated debt issuances in 2016 and 2019 are issued by BIDAC, which maintains an Insurer Financial Strength (IFS) rating of "A+" by Fitch.

Scenario sensitivity analysis

The table below shows the impact on the Group's estimated Solvency II ratio as of 31 December 2025 in the event of the scenarios shown. The impact on the Group's Solvency II ratio could arise from movements in both the Group's SCR and own funds.

	Impact on Solvency II ratio
Cyber 1-in-250 Cyber scenario*	(24)%
Nat Cat 1-in-250 Combined scenario	(27)%
50 bps decrease in interest rates**	(13)%
*Based on Cyber Probabilistic Model **This considers the impact on the SCR in isolation to the impact on eligible own funds

Medium term cross cycle expectations

Premium

We believe in profitable growth at Beazley and will continue to target that as a priority, ensuring we maintain rate adequacy and use the flexibility of our diversified portfolio to choose the lines of business which give us the greatest margin. As previously mentioned, we also consciously assess prospects for inorganic growth opportunities which can provide access to capacity and distribution which acts as a catalyst for further growth, alongside looking at new locations and platforms to enhance our access to business. By following this strategy we believe that mid single digit growth should be achievable across the cycle.

Undiscounted Combined Ratio

Delivery of profitable results is at the forefront of what we do at Beazley and we constantly review business which doesn't meet our strict profitability targets that we hold for ourselves. This is achieved through a cross-business peer review challenge process which consists of discussions between individuals from underwriting, claims, actuarial and general management. We believe this process not only allows us to actively manage the business but provides real time feedback to our underwriters around the business they are writing in the market. By using this methodology of actively managing the business, we look to achieve a mid 80s undiscounted combined ratio across the cycle.

Return on Equity (ROE)

As a specialty insurer, the risks we underwrite are volatile, complex and changing. However, we aim to deliver a consistent financial performance by exercising underwriting discipline to ensure rate adequacy as well as deploying capital across our diversified portfolio in areas which allow us to deliver a strong return. Whilst the nature of our business is cyclical, predictability of our results is important to us and we target a cross-cycle ROE of 15%.

Consolidated statement of profit or loss for the year ended 31 December 2025

	2025	2024
	$m	$m
Insurance revenue	6,064.8	5,678.1
Insurance service expenses	(4,436.6)	(3,933.0)
Allocation of reinsurance premium	(906.4)	(764.9)
Amounts recoverable from reinsurers for incurred claims	447.3	255.8
Insurance service result	1,169.1	1,236.0
Net investment income	607.5	574.4
Net finance expense from insurance contracts issued	(298.3)	(89.1)
Net finance income from reinsurance contracts held	65.0	33.2
Net insurance and financial result	1,543.3	1,754.5
Other income	73.4	106.0
Operating expenses	(426.0)	(388.6)
Foreign exchange losses	(3.3)	(9.1)
Results from operating activities	1,187.4	1,462.8
Finance costs	(40.9)	(39.3)
Profit before tax	1,146.5	1,423.5
Tax expense	(233.1)	(293.2)
Profit after tax for the year	913.4	1,130.3
Earnings per share (cents per share):
Basic	149.4	175.1
Diluted	144.8	170.4
Earnings per share (pence per share):
Basic	113.4	137.0
Diluted	109.8	133.3

Consolidated statement of comprehensive income for the year ended 31 December 2025

	2025	2024
	$m	$m
Profit after tax for the year	913.4	1,130.3
Items that will never be reclassified to profit or loss:
Loss on remeasurement of retirement benefit obligations	-	(0.6)
Tax expense on defined benefit obligation	-	(0.2)
Items that may be reclassified subsequently to profit or loss:
Foreign exchange translation gains	34.4	1.2
Total other comprehensive income	34.4	0.4
Total comprehensive income recognised	947.8	1,130.7

Consolidated statement of changes in equity for the year ended 31 December 2025

	Share capital	Share premium	Foreign currency translation reserve	Other reserves	Retained earnings	Total
	$m	$m	$m	$m	$m	$m
Balance as at 01 January 2024	46.7	10.6	(104.1)	(12.8)	3,941.7	3,882.1
Total comprehensive income	-	-	1.2	-	1,129.5	1,130.7
Dividend paid	-	-	-	-	(120.5)	(120.5)
Share buyback	(2.4)	-	-	2.4	(330.0)	(330.0)
Issue of shares	0.3	7.3	-	-	-	7.6
Equity settled share-based payments	-	-	-	40.5	-	40.5
Acquisition of own shares held in trust	-	-	-	(14.0)	-	(14.0)
Tax on share option vestings	-	-	-	7.1	3.3	10.4
Transfer of shares to employees	-	-	-	(11.4)	11.4	-
Balance at 31 December 2024	44.6	17.9	(102.9)	11.8	4,635.4	4,606.8
Total comprehensive income	-	-	34.4	-	913.4	947.8
Dividend paid	-	-	-	-	(211.0)	(211.0)
Share buyback	(2.8)	-	-	2.8	(503.1)	(503.1)
Issue of shares	0.1	2.9	-	-	-	3.0
Equity settled share-based payments	-	-	-	56.2	-	56.2
Acquisition of own shares held in trust	-	-	-	(33.6)	-	(33.6)
Tax on share option vestings	-	-	-	1.4	3.9	5.3
Transfer of shares to employees	-	-	-	(20.5)	20.5	-
Balance at 31 December 2025	41.9	20.8	(68.5)	18.1	4,859.1	4,871.4

Consolidated statement of financial position as at 31 December 2025

	2025	2024
	$m	$m
Intangible assets	223.9	198.0
Plant and equipment	26.2	28.9
Right-of-use assets	58.8	49.8
Deferred tax asset	177.8	191.8
Retirement benefit asset	4.1	4.0
Insurance contract assets	17.8	20.2
Reinsurance contract assets	3,023.8	2,666.6
Financial assets at fair value	10,607.9	10,610.6
Other assets	528.1	681.4
Current tax asset	156.4	85.6
Cash and cash equivalents	1,368.5	882.1
Total assets	16,193.3	15,419.0
Share capital	41.9	44.6
Share premium	20.8	17.9
Foreign currency translation reserve	(68.5)	(102.9)
Other reserves	18.1	11.8
Retained earnings	4,859.1	4,635.4
Total equity	4,871.4	4,606.8
Deferred tax liability	393.2	387.2
Financial liabilities	559.6	576.0
Lease liabilities	77.6	66.9
Insurance contract liabilities	9,494.2	8,814.3
Reinsurance contract liabilities	479.0	297.1
Current tax liability	29.0	27.9
Other liabilities	289.3	642.8
Total liabilities	11,321.9	10,812.2
Total equity and liabilities	16,193.3	15,419.0

Consolidated statement of cash flows for the year ended 31 December 2025

	2025	2024
	$m	$m
Cash flows from operating activities:
Profit before tax	1,146.5	1,423.5
Adjustments for non-cash items:
Interest and dividends receivable on financial assets	(370.0)	(313.2)
Finance costs payable	40.9	39.3
Net fair value gains on financial assets	(217.9)	(227.3)
Other non-cash items1	(17.3)	99.2
Changes in operational assets and liabilities:
Increase in net insurance and reinsurance contract liabilities	507.0	627.1
(Decrease)/Increase in other liabilities	(353.5)	32.3
Decrease/(Increase) in other assets	153.3	(327.2)
Purchases of investments	(9,490.6)	(8,598.9)
Proceeds from sale of investments	9,787.1	7,870.0
Repayment of syndicate loans	29.5	7.7
Interest and dividends received on financial assets	357.3	303.6
Tax paid	(257.5)	(301.2)
Net cash inflows from operating activities	1,314.8	634.9
Cash flows from investing activities:
Purchase of plant and equipment	(13.4)	(17.8)
Expenditure on software development and other intangible assets	(53.5)	(45.0)
Net cash outflows from investing activities	(66.9)	(62.8)
Cash flows from financing activities:
Acquisition of own shares in trust	(33.6)	(14.0)
Lease payments - principal portion	(8.4)	(11.8)
Lease payments - interest portion	(2.9)	(2.9)
Share buyback	(503.1)	(330.0)
Other finance costs paid	(38.0)	(36.4)
Dividend paid	(211.0)	(120.5)
Net cash outflows from financing activities	(797.0)	(515.6)
Net increase in cash and cash equivalents	450.9	56.5
Opening cash and cash equivalents	882.1	812.3
Effect of exchange rate changes on cash and cash equivalents	35.5	13.3
Closing cash and cash equivalents	1,368.5	882.1

1    Other non-cash items includes amounts relating to depreciation, amortisation and foreign exchange differences.

1 General information

1a Nature of operations

Beazley plc registered number 09763575, is a public limited company incorporated in England and Wales. The Company's registered address is 22 Bishopsgate, London, EC2N 4BQ, United Kingdom. The principal activity of the Company and its subsidiaries (the "Group") is to participate as a specialist insurer which transacts primarily in commercial lines of business through its subsidiaries and Lloyd's syndicates. The Group's consolidated financial statements for the year ended 31 December 2025 comprise the parent company, its subsidiaries and the Group's interest in associates.

1b Basis of preparation

The financial information set out within this release does not constitute statutory accounts for the years ended 31 December 2025 or 2024 but is derived from those accounts. Statutory accounts for 2024 have been delivered to the registrar of companies, and those for 2025 will be delivered in due course. The Group's external auditor has reported on those accounts; for 2024 their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. For 2025 their report was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, aside from in relation to the material uncertainty in relation to going concern set out below and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

The Group's consolidated financial statements have been prepared in accordance with UK adopted International Accounting Standards (IAS) and the requirements of the Companies Act 2006. These are prepared on the historical cost basis, with the exception of financial assets and derivative financial instruments which are stated at their fair value; insurance and reinsurance contracts which are measured at expected fulfilment cash flows plus the contractual service margin; and the defined benefit pension asset which is measured at the fair value of plan assets less the present value of the defined benefit pension obligation. All amounts are presented in US dollars and millions unless stated otherwise.

1c Going concern

The consolidated financial statements of Beazley plc have been prepared on a going concern basis. In adopting the going concern basis, the Board has reviewed the Group's current and forecast solvency and liquidity positions for the 12 months from the date that the financial statements are authorised for issue.

In assessing the Group's going concern position, the Directors have considered a number of factors, including:

•     the current statement of financial position and in particular the adequacy of the estimate of the liability for incurred claims;

•     the Group's strategic and financial plan, taking account of possible changes in trading performance and funding retention;

•     the Group's capital forecast, which takes into account the capital requirements of major subsidiaries and their current external credit rating and outlook, including the ability of the Group to repay its $250m Tier 2 debt instrument maturing in late 2026;

•     the Group's liquidity at both a Group and material subsidiary level;

•     stress testing and scenario analysis assessing the impact of natural and cyber catastrophe events on the Group's capital and liquidity positions and reverse stress test scenarios designed to render the business model unviable; and

•     other qualitative factors, such as the market environment, the Group's ability to raise additional capital and/or liquidity, and climate change.

Aside from the significant uncertainty relating to the offer from Zurich Insurance Group Ltd announced on 2 March 2026 set out below, as a result of the Directors' assessment, no other material uncertainty in relation to the Group's ability to continue as a going concern has been identified. As at its most recent regulatory submission, the Group's capital ratios and its total capital resources are comfortably in excess of regulatory solvency requirements, and internal stress testing indicates that the Group can withstand severe economic and competitive stresses.

Based on the going concern assessment performed, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence over a period of 12 months from the date of this report being authorised for issue, and therefore believe that the Group is well-placed to manage its business risks successfully. Accordingly, the Group continues to adopt the going concern basis in preparing the consolidated financial statements.

Material uncertainty in relation to going concern

On 2 March 2026, the Boards of the Company and Zurich Insurance Group Ltd (Zurich) announced that they had agreed the terms of a recommended offer (Offer) by Zurich to purchase the entire issued and to be issued share capital of the Company, subject to certain conditions including regulatory and shareholder approval.

The Directors cannot be certain about whether the Offer will be approved by shareholders and whether regulatory approvals will be obtained, the potential timing for transfer of the business to the potential new owners or Zurich's potential plans for the business should the Offer complete.

The Directors have considered Zurich's stated aims for the Group, including that the transaction would combine two highly complementary businesses and would establish a leading, global specialty platform, headquartered in the UK, which would also leverage the Group's existing Lloyd's of London presence.

However, whilst the Directors consider it reasonable to expect that Zurich will continue to derive value from the Group's operations and operate the Group as a going concern, they acknowledge that decisions as to the future of the Group and Company, including any potential legal entity restructuring, will be outside of their control.

The firm offer, therefore, gives rise to a material uncertainty related to events or conditions that may cast significant doubt on the Group and Company's ability to continue as a going concern. Notwithstanding this, the financial statements have been prepared on a going concern basis and therefore do not contain the adjustments that would result if the Group and/or Company were unable to continue as a going concern. The Directors do not expect this to impact the continued operation of the Group's regulated subsidiaries in the 12 months from the date of approval of these financial statements. In addition, the Directors are confident in the prospects of the Group and Company should the transaction be terminated for any reason.

Notwithstanding the uncertainty set out above, and for the reasons set out above, the Directors are satisfied that it is appropriate to prepare the Group and Company financial statements on a going concern basis.

1d Key estimates

Measurement of insurance contract liabilities - Future cash flows

The Group has estimated the amount, timing and probability of future cash flows. Estimates are formed by applying assumptions about past events, current conditions and forecasts of future conditions. These have been outlined below:

•     Future expected premium cash flows are based on data entered into underwriting systems. These have a level of estimate embedded for certain contracts, with payment/settlement patterns used to determine timing. Gross and reinsured claims payments are determined using an approach whereby cash flows are set at a year of account and reserving class level based on the latest quarterly reserving exercise.

•     Expenses are deemed to be within the contract boundary, and therefore included in the cash flows, when these are directly attributable to fulfilling insurance contracts.

•     Lapses/cancellations are projected by applying assumptions determined through statistical measures based on the Group's experience. These vary by product type, policy duration and sales trends.

For carrying values of insurance contracts by measurement component (including future cash flows), refer to Note 14.

Measurement of insurance contract liabilities - Discount rates

The discount rates applied to expected future cash flows in measuring insurance contract liabilities have been determined using the bottom-up approach. This method takes the risk-free rates and adjusts for an illiquidity premium.

•     Risk-free rates are derived using government yield curves denominated in the same currency as the product being measured, which are sourced from Moody's. These are based on quarter-start and quarter-end rates.

•     The Group's illiquidity premium is also sourced from Moody's and is adjusted to reflect the Group's own asset portfolio. This represents the differences in the liquidity characteristics between the financial assets used to derive the risk-free yield and the insurance contract liability characteristics. The illiquidity premium applied by management is a flat percentage which varies by currency. For the USD discount rate, which is the dominant currency of the Group, as at 31 December 2025 this was 0.2% (2024: 0.3%).

The discount rates applied in discounting the Group's insurance and reinsurance assets/liabilities are as follows.

31 December 2025	1 year	3 year	5 year
USD	3.8%	3.8%	4.0%
CAD	2.8%	3.1%	3.4%
GBP	3.8%	4.0%	4.2%
EUR	2.0%	2.3%	2.6%

31 December 2024	1 year	3 year	5 year
USD	4.5%	4.6%	4.7%
CAD	3.4%	3.3%	3.4%
GBP	4.6%	4.6%	4.6%
EUR	2.4%	2.3%	2.5%

Measurement of insurance contract liabilities - Risk adjustment

Estimation of the risk adjustment for non-financial risk is based on various inputs and assumptions, particularly relating to non-financial risk components of the Solvency Capital Ratio (SCR) from the Solvency II internal model which captures all material exposure elements for the Group. IFRS 17 does not prescribe a specific methodology for the calculation of the risk adjustment for non-financial risk and the Group has elected to use a Cost of Capital (CoC) approach. This is determined by comparing the required return by each class of business within the internal model. Our overall cross-cycle return on capital target is 15%. Projected capital amounts are derived from the annual business plan, with adjustments made to factor in emerging risks and uncertainties. The risk adjustment therefore differs between portfolios depending on the inherent risk associated with each. Diversification is considered between business types (to allow for negative/positive correlation between risks) and between years (to allow for the different kind of risk written across years).

The risk adjustment calculations as defined above are performed on a net basis, and the resulting risk adjustment percentage is then applied separately to insurance contracts issued and reinsurance contracts held.

The reserve confidence level determined by the actuarial department is considered as part of a quarterly reserve review exercise. These meetings are attended by senior management, senior underwriters and representatives from actuarial, claims and finance. The reserve confidence level was deemed to be at the 84th percentile for the 2025 year end as per output from the latest governed reserve review (2024: 84th percentile). This is in line with the preference that the Group maintains a reserve confidence level in the 80th to 90th percentile range.

2 Segmental reporting

The calculation bases for the claims, expense and combined ratios are disclosed within the APMs section.

	Year ended 31 December 2025
	Cyber Risks	Digital	MAP Risks	Property Risks	Specialty Risks	Total
2025	$m	$m	$m	$m	$m	$m
Insurance revenue	1,218.3	227.8	965.6	1,693.7	1,959.4	6,064.8
Insurance service expense	(782.0)	(147.8)	(784.0)	(957.5)	(1,765.3)	(4,436.6)
Current year claims	(565.4)	(99.4)	(381.3)	(660.3)	(1,007.1)	(2,713.5)
Adjustments to prior year claims	39.7	25.1	(98.9)	183.1	(183.0)	(34.0)
(Loss on)/reversal of onerous contracts	(0.2)	0.4	0.7	-	(0.2)	0.7
Insurance acquisition cash flows amortisation and other directly attributable expenses	(256.1)	(73.9)	(304.5)	(480.3)	(575.0)	(1,689.8)
Allocation of reinsurance premium	(336.8)	(26.5)	(74.8)	(305.0)	(163.3)	(906.4)
Amounts recoverable from reinsurers for incurred claims	115.8	10.0	113.7	62.3	145.5	447.3
Current year claims	147.5	15.9	50.1	98.2	123.1	434.8
Adjustments to prior year claims	(29.7)	(5.7)	64.0	(34.1)	23.4	17.9
Share of expenses and other amounts	(2.0)	(0.2)	(0.4)	(1.8)	(1.0)	(5.4)
Insurance service result	215.3	63.5	220.5	493.5	176.3	1,169.1
Net investment income	111.4	18.6	82.6	106.9	288.0	607.5
Net finance expense from insurance contracts issued	(61.7)	(5.5)	(30.1)	(26.8)	(174.2)	(298.3)
Net finance income/(expense) from reinsurance contracts held	22.7	1.2	(1.1)	3.0	39.2	65.0
Net insurance and financial result	287.7	77.8	271.9	576.6	329.3	1,543.3
Other income	32.3	1.9	8.2	14.3	16.7	73.4
Other operating expenses	(84.4)	(16.0)	(67.8)	(119.0)	(138.8)	(426.0)
Foreign exchange losses	(0.7)	(0.1)	(0.5)	(0.9)	(1.1)	(3.3)
Segment result	234.9	63.6	211.8	471.0	206.1	1,187.4
Finance costs						(40.9)
Profit before tax						1,146.5
Tax expense						(233.1)
Profit after tax						913.4
Claims ratio	46.3%	31.6%	41.0%	29.7%	58.1%	44.5%
Expense ratio	29.3%	36.9%	34.2%	34.8%	32.1%	32.8%
Combined ratio	75.6%	68.5%	75.2%	64.5%	90.2%	77.3%

	Year ended 31 December 2024
	Cyber Risks		Digital		MAP Risks		Property Risks		Specialty Risks		Total
2024	$m		$m		$m		$m		$m		$m
Insurance revenue	1,156.7		234.7		917.4		1,518.1		1,851.2		5,678.1
Insurance service expenses	(784.8)		(160.0)		(716.8)		(919.6)		(1,351.8)		(3,933.0)
Current year claims	(641.8)		(104.0)		(383.9)		(678.4)		(977.5)		(2,785.6)
Adjustments to prior year claims	85.0		37.7		(29.7)		158.4		149.8		401.2
Reversal of/(loss on) onerous contracts	2.6		0.3		2.9		0.2		(0.9)		5.1
Insurance acquisition cash flows amortisation and other directly attributable expenses	(230.6)		(94.0)		(306.1)		(399.8)		(523.2)		(1,553.7)
Allocation of reinsurance premium	(231.1)		(28.5)		(81.1)		(225.4)		(198.8)		(764.9)
Amounts recoverable from reinsurers for incurred claims	189.1		6.8		40.0		(22.4)		42.3		255.8
Current year claims	212.0		13.5		67.2		68.5		155.7		516.9
Adjustments to prior year claims	(22.0)		(6.6)		(26.0)		(90.0)		(112.1)		(256.7)
Share of expenses and other amounts	(0.9)		(0.1)		(1.2)		(0.9)		(1.3)		(4.4)
Insurance service result	329.9		53.0		159.5		350.7		342.9		1,236.0
Net investment income	108.2		17.7		72.3		112.8		263.4		574.4
Net finance expense from insurance contracts issued	(29.6)		(1.5)		(5.8)		(4.5)		(47.7)		(89.1)
Net finance income from reinsurance contracts held	6.3		-		3.8		10.2		12.9		33.2
Net insurance and financial result	414.8		69.2		229.8		469.2		571.5		1,754.5
Other income	21.6		4.4		17.1		28.3		34.6		106.0
Other operating expenses	(79.2)		(16.1)		(62.8)		(103.9)		(126.6)		(388.6)
Foreign exchange losses	(1.8)		(0.4)		(1.5)		(2.4)		(3.0)		(9.1)
Segment result	355.4		57.1		182.6		391.2		476.5		1,462.8
Finance costs											(39.3)
Profit before tax											1,423.5
Tax expense											(293.2)
Profit after tax											1,130.3
Claims ratio	39.4	%	28.7	%	44.2	%	41.9	%	47.5	%	43.1%
Expense ratio	25.0	%	45.6	%	36.7	%	31.0	%	31.7	%	31.7%
Combined ratio	64.4	%	74.3	%	80.9	%	72.9	%	79.2	%	74.8%

3 Insurance revenue

Insurance revenue represents the total changes in the liability for remaining coverage that relate to services for which the Group expects to receive consideration. This includes the difference between the claims and other expenses expected at the beginning of the year versus those actually incurred (per Note 4), after the loss component allocation.

	2025	2024
	$m	$m
Amounts relating to changes in the liability for remaining coverage:
Expected incurred claims and other expenses after loss component allocation	3,360.7	3,223.6
Change in risk adjustment for non-financial risk for the risk expired after loss component allocation	242.4	271.5
CSM recognised in profit or loss for services provided	1,045.3	807.3
Other amounts including experience adjustments	315.5	366.5
Insurance acquisition cash flows recovery	1,100.9	1,009.2
Total insurance revenue	6,064.8	5,678.1

4 Insurance service expenses

The table below shows the insurance service expenses recognised on groups of insurance contracts issued by the Group. These are recognised in the consolidated statement of profit or loss as they are incurred.

	2025	2024
	$m	$m
Incurred claims and other directly attributable expenses	3,302.4	3,330.1
Changes that relate to past service - adjustments to the LIC	34.0	(401.2)
Losses on onerous contracts and reversal of those losses	(0.7)	(5.1)
Insurance acquisition cash flows amortisation	1,100.9	1,009.2
Total insurance service expense	4,436.6	3,933.0

5 Net expenses from reinsurance contracts held

The table below shows the net expenses from reinsurance contracts held, comprising the allocation of reinsurance premium and amounts recoverable from reinsurers for incurred claims.

	2025	2024
	$m	$m
Amounts relating to changes in the remaining coverage:
- Expected claims and other expenses recovery	(522.1)	(494.5)
- Changes in the risk adjustment recognised for the risk expired	(56.7)	(54.0)
- CSM recognised for the services received	(403.1)	(173.1)
- Other amounts including experience adjustments	75.5	(43.3)
Allocation of reinsurance premium	(906.4)	(764.9)
Effect of changes in the risk of reinsurers non-performance	(0.1)	(1.8)
Claims recovered	434.8	516.9
Other incurred directly attributable expenses	(5.4)	(4.4)
Changes that relate to past service - adjustments to incurred claims recovery	18.0	(254.9)
Amounts recoverable from reinsurers for incurred claims	447.3	255.8
Total net expenses from reinsurance contracts held	(459.1)	(509.1)

6 Net financial result

Finance income/expense from insurance contracts issued and reinsurance contracts held represents the interest accreted and the effect of changes in discount rates and other financial assumptions. The net financial result comprises the Group's net investment income and its net insurance finance expense.

	2025	2024
	$m	$m
Interest and dividends on financial assets at fair value	370.0	313.2
Interest on cash and cash equivalents at amortised cost	32.3	43.5
Net realised fair value gains on financial assets at FVTPL	200.8	131.8
Net unrealised fair value gains on financial assets at FVTPL	17.1	95.5
Investment income from financial assets	620.2	584.0
Investment management expenses	(12.7)	(9.6)
Net investment income	607.5	574.4
Interest accreted	(337.1)	(372.5)
Effect of changes in financial assumptions	38.8	283.4
Net finance expense from insurance contracts issued	(298.3)	(89.1)
Interest accreted	75.4	80.4
Effect of changes in financial assumptions	(10.4)	(47.2)
Net finance income from reinsurance contracts held	65.0	33.2
Net insurance finance expense	(233.3)	(55.9)
Net financial result	374.2	518.5

Investment income by category of financial asset

The tables below show the Group's investment income, split by category of financial asset. "Other financial assets" includes cash and cash equivalents and derivative financial instruments.

	Debt securities and syndicate loans	Capital  growth assets	Other  financial assets	Total
2025	$m	$m	$m	$m
Interest and dividends received	363.9	6.1	32.3	402.3
Net realised gains/(losses)	81.3	120.8	(1.3)	200.8
Net unrealised fair value gains/(losses)	44.9	(27.8)	-	17.1
Total investment income from financial assets	490.1	99.1	31.0	620.2

	Debt securities and syndicate loans	Capital  growth assets	Other  financial assets	Total
2024	$m	$m	$m	$m
Interest and dividends received	308.8	4.4	43.5	356.7
Net realised gains	39.6	87.6	4.6	131.8
Net unrealised fair value gains/(losses)	84.2	28.4	(17.1)	95.5
Total investment income from financial assets	432.6	120.4	31.0	584.0

7 Other income

	2025	2024
	$m	$m
Income from third-party syndicates	10.4	28.1
Managing agent profit commissions	37.7	42.4
Cyber services income	22.0	9.4
Other income	3.3	26.1
Total other income	73.4	106.0

Income from third-party syndicates

This primarily relates to commissions received from third-party syndicates by Group service companies writing business on their behalf. Remuneration is triggered by incurring expenses irrespective of volume of business gained. Fees are recognised as the services are provided and therefore the performance obligations of the contracts are met.

This also includes managing agent fees which represent amounts payable by third-party syndicates to their managing agent, Beazley Furlonge Limited, in return for management services. Fees are calculated as a percentage applied to syndicate capacity for each year of account. No other variable consideration is attached (for example: discounts, rebates, refunds, incentives). Fees are recognised as the services are provided and therefore the performance obligations of the contracts are met.

Managing agent profit commissions

The underlying agreements are in place between the third-party capital syndicates managed by the Group and their managing agent, Beazley Furlonge Limited. Under these agreements, the transaction price represents a fixed percentage on profit by year of account. As such, the profitability of the syndicates is a performance criterion. No other variable consideration is attached.

Cyber services income

Cyber services income represents the revenue generated from the Group's cyber risk management services.

8 Operating expenses

	2025	2024
	$m	$m
Staff costs	676.4	656.8
Professional fees	213.9	174.0
IT costs	60.5	55.2
Depreciation and amortisation1	44.7	27.6
Other administrative expenses	238.4	247.6
Total administrative expenses	1,233.9	1,161.2
Recharged to third-party syndicates	(107.5)	(129.9)
Expenses reclassified within the insurance service result	(700.4)	(642.7)
Total operating expenses	426.0	388.6

1 Comprised of depreciation of $20.4m (2024: $16.5m) and amortisation of $24.3m (2024: $11.1m).

Net staff costs

	2025	2024
	$m	$m
Wages and salaries	355.0	302.2
Short-term incentive payments	184.9	235.3
Social security	49.7	53.8
Share-based remuneration	58.2	40.1
Costs relating to defined contribution pension schemes	28.6	25.4
Staff costs	676.4	656.8
Recharged to third-party syndicates	(73.3)	(98.8)
Net staff costs	603.1	558.0

Average number of employees

A breakdown by category of employee is disclosed below.

	2025	2024
Directors	11	11
Senior managers	149	157
Other employees	2,498	2,324
Total average number of employees	2,658	2,492

9 Tax expense

	2025	2024
	$m	$m
Current tax expense
Current tax expense	225.1	219.3
Prior year adjustment	(24.1)	14.2
Pillar Two tax expense*	10.0	13.1
	211.0	246.6
Deferred tax expense
Origination and reversal of temporary differences	6.6	50.8
Prior year adjustments	15.5	(4.2)
	22.1	46.6
Tax expense	233.1	293.2

* Pillar Two tax expense relates to Qualified Domestic Minimum Top-Up Tax in Ireland.

Reconciliation of tax expense

The Group makes the majority of its profit in Ireland, the UK and the US. The weighted average of statutory tax rates based on the profits earned in each country in which the Group operates is 19.4% (2024: 18.6%), whereas the tax charged for the year ended 31 December 2025 as a percentage of profit before tax is 20.3% (2024: 20.6%). The reasons for the difference are explained below:

	2025	2025		2024	2024
	$m	%		$m	%
Profit before tax	1,146.5			1,423.5
Tax calculated at the weighted average of statutory tax rate	223.0	19.4		264.6	18.6
Effects of:
- non-deductible expenses	3.5	0.3		1.9	0.1
- tax charge on remuneration	5.0	0.4		1.4	0.1
- (over)/under provided in prior years	(8.4)	(0.7)		10.1	0.7
- effect of tax rates in foreign jurisdictions	-	-		2.1	0.2
- Pillar Two tax expense	10.0	0.9		13.1	0.9
Tax expense for the year	233.1	20.3		293.2	20.6

10 Earnings per share

	2025	2024
Profit after tax ($m)	913.4	1,130.3
Weighted average number of shares in issue (m)1	611.2	645.5
Adjusted weighted average number of shares in issue (m)	631.0	663.3
Basic (cents)	149.4c	175.1c
Diluted (cents)	144.8c	170.4c
Basic (pence)	113.4p	137.0p
Diluted (pence)	109.8p	133.3p

1          Decreased in the year due to the share buyback programme. Refer to Note 13 for further details.

Basic earnings per share (EPS) is calculated by dividing profit after tax of $913.4m (2024: $1,130.3m) by the weighted average number of shares in issue during the year of 611.2m (2024: 645.5m). The weighted average number of shares in issue is calculated by taking into account daily movements including the allotment of shares to satisfy employee share schemes and the cancellation of shares under the buyback programme.

Diluted earnings per share is calculated by dividing profit after tax of $913.4m (2024: $1,130.3m) by the adjusted weighted average number of shares of 631.0m (2024: 663.3m) in issue. This assumes conversion of dilutive potential ordinary shares, being shares from equity settled employee compensation schemes. Share options with performance conditions attaching to them have been excluded from the weighted average number of shares to the extent that these conditions have not been met at the reporting date.

Note that both calculations exclude the shares held in the Employee Benefit Trust of 10.5m (2024: 9.1m) until such time as they vest unconditionally with the employees.

11 Dividends per share

On 2 March 2026 the Board approved the payment of an interim dividend of 25.0p per share covering the whole of 2025 (2024: 25.0p per share) which will be paid on 1 May 2026 to Beazley plc shareholders registered on 20 March 2026. The Group expects the total amount to be paid in respect of the interim dividend to be approximately £147.3m. These financial statements do not provide for the interim dividend as a liability. A dividend of 25.0p per ordinary share, totalling $211.0m, was paid to eligible shareholders on 2 May 2025 in respect of the year ended 31 December 2024.

12 Financial assets and liabilities

12a Carrying values of financial assets and liabilities

Financial assets - carrying values

Set out below are the carrying values of the Group's "financial assets at fair value" per the statement of financial position. These amounts exclude the following financial assets, which are carried at amortised cost and presented separately:

•     cash and cash equivalents; and

•     amounts due from managed syndicates and other receivables

	2025	2024
	$m	$m
Debt securities:
- Government issued	4,427.8	4,289.1
- Corporate bonds
- Investment grade	3,602.0	3,862.3
- High-yield	682.9	662.4
- Securitised
- Collateralised loan obligations	587.5	480.0
Syndicate loans	-	29.5
Total debt securities and syndicate loans	9,300.2	9,323.3
Equity funds	421.8	348.7
Hedge funds	742.1	752.0
Illiquid assets	143.0	175.4
Total capital growth assets	1,306.9	1,276.1
Total financial investments at fair value through statement of profit or loss	10,607.1	10,599.4
Derivative financial assets	0.8	11.2
Total financial assets at fair value	10,607.9	10,610.6

The fair value of these assets at 31 December 2025 excludes an unfunded commitment of $29.4m (2024: $33.6m).

Financial liabilities - carrying values

Set out below are the carrying values of the Group's "financial liabilities" per the statement of financial position. These amounts exclude lease liabilities and other liabilities which are carried at amortised cost and presented separately.

	2025	2024
	$m	$m
Tier 2 subordinated debt (2026)	249.9	249.7
Tier 2 subordinated debt (2029)	299.2	299.0
Derivative financial liabilities	10.5	27.3
Total financial liabilities	559.6	576.0

The Group has given a fixed and floating charge over certain of its investments and other assets to secure obligations to Lloyd's in respect of its corporate member subsidiary.

12b Fair values of financial assets and liabilities

The following table shows the fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. The fair value of the Group's subordinated debt excludes any accrued interest to allow comparability with the carrying value in the Group's financial statements. The Group's cash and cash equivalents, other receivables, lease liabilities, and other payables have been excluded from these tables. These instruments are measured at amortised cost and their carrying values are deemed to be reasonable approximations of fair values at the reporting date

	Level 1	Level 2	Level 3	Total
2025	$m	$m	$m	$m
Financial assets carried at fair value
Fixed and floating rate debt securities
- Government issued	3,341.0	1,086.8	-	4,427.8
- Corporate bonds
- Investment grade	1,911.7	1,690.3	-	3,602.0
- High-yield	682.9	-	-	682.9
- Securitised
- Collateralised loan obligations	-	587.5	-	587.5
Equity funds	421.8	-	-	421.8
Hedge funds	-	742.1	-	742.1
Illiquid assets	-	-	143.0	143.0
Derivative financial assets	0.8	-	-	0.8
Total financial assets carried at fair value	6,358.2	4,106.7	143.0	10,607.9
Financial liabilities carried at fair value
Derivative financial liabilities	10.5	-	-	10.5
Total financial liabilities carried at fair value	10.5	-	-	10.5
Fair value of financial liabilities carried at amortised cost
Tier 2 subordinated debt (2026)	-	252.7	-	252.7
Tier 2 subordinated debt (2029)	-	304.9	-	304.9
Total fair value of financial liabilities carried at amortised cost	-	557.6	-	557.6

	Level 1	Level 2	Level 3	Total
2024	$m	$m	$m	$m
Financial assets carried at fair value
Fixed and floating rate debt securities
- Government issued	3,235.9	1,053.2	-	4,289.1
- Corporate bonds
- Investment grade	1,819.5	2,042.8	-	3,862.3
- High-yield	662.4	-	-	662.4
- Securitised
- Collateralised loan obligations	-	395.4	84.6	480.0
Syndicate loans	-	-	29.5	29.5
Equity funds	348.7	-	-	348.7
Hedge funds	-	752.0	-	752.0
Illiquid assets	-	-	175.4	175.4
Derivative financial assets	11.2	-	-	11.2
Total financial assets carried at fair value	6,077.7	4,243.4	289.5	10,610.6
Financial liabilities carried at fair value
Derivative financial liabilities	27.3	-	-	27.3
Total financial liabilities carried at fair value	27.3	-	-	27.3
Fair value of financial liabilities carried at amortised cost
Tier 2 subordinated debt (2026)	-	250.6	-	250.6
Tier 2 subordinated debt (2029)	-	294.0	-	294.0
Total fair value of financial liabilities carried at amortised cost	-	544.6	-	544.6

13 Share capital

	2025		2024
	No. of shares (m)	$m	No. of shares (m)	$m
Ordinary shares of 5p each
Issued and fully paid	599.5	41.9	639.0	44.6
Balance at 01 January	639.0	44.6	672.5	46.7
Issue of shares to satisfy employee share schemes	3.2	0.1	3.8	0.3
Share buyback	(42.7)	(2.8)	(37.3)	(2.4)
Balance at 31 December	599.5	41.9	639.0	44.6

There are no limits to the authorised share capital of the Company. There are no additional rights, preferences or restrictions attached to the ordinary shares.

On 4 March 2025, Beazley plc announced to the market its intention to return up to $500m of surplus capital to its shareholders through a share repurchase programme (the buyback). Purchases began on 5 March 2025 and the buyback was completed on 21 October 2025, with 42.7m ordinary shares repurchased for a total consideration of $500.0m. At 31 December 2025, there were 599.5m ordinary shares in issue.

The purchase price of shares, plus directly attributable transaction costs of $3.1m (such as stamp duty, commissions, legal costs and registrar fees), are recognised through retained earnings. On their cancellation, the nominal value of the ordinary shares is deducted from share capital and the equivalent amount is recognised within the capital redemption reserve.

In 2024, Beazley plc repurchased an additional 37.3m of ordinary shares for a total consideration of $327.8m. Directly attributable transaction costs were $2.2m.

14 Insurance and reinsurance contracts

14a Reconciliations by measurement component

This section shows how the net carrying amounts of insurance contracts issued and reinsurance contracts held by the Group have changed during the year, as a result of changes in cash flows and amounts recognised in profit or loss.

i.) Insurance contracts issued

The tables below set out the estimated present value of future cash flows, the risk adjustment for non‑financial risk and the CSM for insurance contracts issued.

	Present value of future cash flows	Risk adjustment for non-financial risk	CSM	Total
31 December 2025	$m	$m	$m	$m
Opening insurance contract assets	24.5	(3.9)	(0.4)	20.2
Opening insurance contract liabilities	(7,525.3)	(808.9)	(480.1)	(8,814.3)
Net insurance contract liabilities at 01 January 2025	(7,500.8)	(812.8)	(480.5)	(8,794.1)
CSM recognised in profit or loss for services provided	-	-	1,045.3	1,045.3
Changes in the risk adjustment for non-financial risk for risk expired	-	242.4	-	242.4
Experience adjustments	573.5	(199.7)	-	373.8
Total changes relating to current service	573.5	42.7	1,045.3	1,661.5
Changes in estimates that adjust the CSM	154.5	1.4	(155.9)	-
Changes in estimates that result in onerous contract losses or reversal of such losses	(1.7)	(0.7)	4.6	2.2
Contracts initially recognised in the period	1,235.3	(213.3)	(1,023.5)	(1.5)
Total changes relating to future service	1,388.1	(212.6)	(1,174.8)	0.7
Total changes relating to past service - adjustments to the LIC	(218.8)	184.8	-	(34.0)
Recognised in insurance service result	1,742.8	14.9	(129.5)	1,628.2
Finance expenses from insurance contracts issued	(263.4)	(16.7)	(18.2)	(298.3)
Foreign exchange (losses)/gains	(191.4)	0.8	(6.1)	(196.7)
Other amounts recognised in total comprehensive income	(454.8)	(15.9)	(24.3)	(495.0)
Premiums received net of insurance acquisition cash flows	(5,066.7)	-	-	(5,066.7)
Claims and other directly attributable expenses paid	3,251.2	-	-	3,251.2
Total cash flows	(1,815.5)	-	-	(1,815.5)
Closing insurance contract assets	20.2	(2.1)	(0.3)	17.8
Closing insurance contract liabilities	(8,048.5)	(811.7)	(634.0)	(9,494.2)
Net insurance contract liabilities at 31 December 2025	(8,028.3)	(813.8)	(634.3)	(9,476.4)

	Present value of future cash flows	Risk adjustment for non-financial risk	CSM	Total
31 December 2024	$m	$m	$m	$m
Opening insurance contract assets	103.8	(1.2)	(1.1)	101.5
Opening insurance contract liabilities	(6,874.5)	(774.8)	(342.9)	(7,992.2)
Net insurance contract liabilities at 01 January 2024	(6,770.7)	(776.0)	(344.0)	(7,890.7)
CSM recognised in profit or loss for services provided	-	-	807.3	807.3
Changes in the risk adjustment for non-financial risk for risk expired	-	271.5	-	271.5
Experience adjustments	494.2	(234.2)	-	260.0
Total changes relating to current service	494.2	37.3	807.3	1,338.8
Changes in estimates that adjust the CSM	163.8	5.1	(168.9)	-
Changes in estimates that result in onerous contract losses or reversal of such losses	0.8	(0.1)	9.7	10.4
Contracts initially recognised in the period	1,079.8	(268.7)	(816.4)	(5.3)
Total changes relating to future service	1,244.4	(263.7)	(975.6)	5.1
Total changes relating to past service - adjustments to the LIC	205.0	196.2	-	401.2
Recognised in insurance service result	1,943.6	(30.2)	(168.3)	1,745.1
Finance (expenses)/income from insurance contracts issued	(112.1)	(7.8)	30.8	(89.1)
Foreign exchange gains	27.9	1.2	1.0	30.1
Other amounts recognised in total comprehensive income	(84.2)	(6.6)	31.8	(59.0)
Premiums received net of insurance acquisition cash flows	(5,148.1)	-	-	(5,148.1)
Claims and other directly attributable expenses paid	2,558.6	-	-	2,558.6
Total cash flows	(2,589.5)	-	-	(2,589.5)
Closing insurance contract assets	24.5	(3.9)	(0.4)	20.2
Closing insurance contract liabilities	(7,525.3)	(808.9)	(480.1)	(8,814.3)
Net insurance contract liabilities at 31 December 2024	(7,500.8)	(812.8)	(480.5)	(8,794.1)

ii.) Reinsurance contracts held

The tables below set out the estimates of the present value of future cash flows, risk adjustment for non‑financial risk and CSM for reinsurance contracts held.

	Present value of future cash flows	Risk adjustment for non-financial risk	CSM	Total
31 December 2025	$m	$m	$m	$m
Opening reinsurance contract assets	2,309.7	160.4	196.5	2,666.6
Opening reinsurance contract liabilities	(350.2)	15.0	38.1	(297.1)
Net reinsurance contract assets at 01 January 2025	1,959.5	175.4	234.6	2,369.5
CSM recognised in profit or loss for the services provided	-	-	(403.1)	(403.1)
Changes in the risk adjustment for non-financial risk for the risk expired	-	(56.7)	-	(56.7)
Experience adjustments	(50.8)	33.6	-	(17.2)
Total changes relating to current service	(50.8)	(23.1)	(403.1)	(477.0)
Changes in estimates that adjust the CSM	(32.2)	(7.5)	39.7	-
Contracts initially recognised in the period	(431.3)	45.8	385.5	-
Total changes relating to future service	(463.5)	38.3	425.2	-
Adjustments to incurred claims recovery	40.3	(22.3)	-	18.0
Effect of changes in the risk of reinsurers' non-performance	(0.1)	-	-	(0.1)
Total changes relating to past service	40.2	(22.3)	-	17.9
Recognised in insurance service result	(474.1)	(7.1)	22.1	(459.1)
Finance income from reinsurance contracts held	53.8	3.6	7.6	65.0
Foreign exchange gains	25.5	2.3	0.9	28.7
Other amounts recognised in total comprehensive income	79.3	5.9	8.5	93.7
Premiums paid net of ceding commissions and other directly attributable expenses paid	1,050.5	-	-	1,050.5
Recoveries from reinsurance	(509.8)	-	-	(509.8)
Total cash flows	540.7	-	-	540.7
Closing reinsurance contract assets	2,610.2	170.6	243.0	3,023.8
Closing reinsurance contract liabilities	(504.8)	3.6	22.2	(479.0)
Net reinsurance contract assets at 31 December 2025	2,105.4	174.2	265.2	2,544.8

	Present value of future cash flows	Risk adjustment for non-financial risk	CSM	Total
31 December 2024	$m	$m	$m	$m
Opening reinsurance contract assets	2,143.4	166.2	117.1	2,426.7
Opening reinsurance contract liabilities	(404.4)	58.4	12.5	(333.5)
Net reinsurance contract assets at 01 January 2024	1,739.0	224.6	129.6	2,093.2
CSM recognised in profit or loss for the services provided	-	-	(173.1)	(173.1)
Changes in the risk adjustment for non-financial risk for the risk expired	-	(54.0)	-	(54.0)
Experience adjustments	(71.3)	46.0	-	(25.3)
Total changes relating to current service	(71.3)	(8.0)	(173.1)	(252.4)
Changes in estimates that adjust the CSM	159.0	(42.0)	(117.0)	-
Contracts initially recognised in the period	(498.9)	96.6	402.3	-
Total changes relating to future service	(339.9)	54.6	285.3	-
Adjustments to incurred claims recovery	(157.8)	(97.1)	-	(254.9)
Effect of changes in the risk of reinsurers' non-performance	(1.8)	-	-	(1.8)
Total changes relating to past service	(159.6)	(97.1)	-	(256.7)
Recognised in insurance service result	(570.8)	(50.5)	112.2	(509.1)
Finance income/(expense) from reinsurance contracts held	38.6	1.7	(7.1)	33.2
Foreign exchange losses	(2.8)	(0.4)	(0.1)	(3.3)
Other amounts recognised in total comprehensive income	35.8	1.3	(7.2)	29.9
Premiums paid net of ceding commissions and other directly attributable expenses paid	1,254.7	-	-	1,254.7
Recoveries from reinsurance	(499.2)	-	-	(499.2)
Total cash flows	755.5	-	-	755.5
Closing reinsurance contract assets	2,309.7	160.4	196.5	2,666.6
Closing reinsurance contract liabilities	(350.2)	15.0	38.1	(297.1)
Net reinsurance contract assets at 31 December 2024	1,959.5	175.4	234.6	2,369.5

14b Analysis of the liability for remaining coverage and the liability for incurred claims

i.) Insurance contracts issued

The tables below analyse insurance contract assets and liabilities between the liability for remaining coverage (LRC) and the liability for incurred claims (LIC) for insurance contracts issued.

	LRC		LIC	Total
	Excluding loss component	Loss component
31 December 2025	$m	$m	$m	$m
Opening insurance contract assets	52.4	-	(32.2)	20.2
Opening insurance contract liabilities	(1,243.6)	(3.2)	(7,567.5)	(8,814.3)
Net insurance contract liabilities at 01 January 2025	(1,191.2)	(3.2)	(7,599.7)	(8,794.1)
Insurance revenue	6,064.8	-	-	6,064.8
Insurance service expenses:
- Incurred claims and other directly attributable expenses	(98.6)	-	(3,203.8)	(3,302.4)
- Changes that relate to past service - adjustments to the LIC	-	-	(34.0)	(34.0)
- Losses on onerous contracts and reversal of those losses	-	0.7	-	0.7
- Insurance acquisition cash flows amortisation	(1,100.9)	-	-	(1,100.9)
Recognised in insurance service result	4,865.3	0.7	(3,237.8)	1,628.2
Finance income/(expenses) from insurance contracts issued	11.2	-	(309.5)	(298.3)
Foreign exchange losses	(113.4)	-	(83.3)	(196.7)
Other amounts recognised in total comprehensive income	(102.2)	-	(392.8)	(495.0)
Premiums received net of insurance acquisition cash flows	(5,066.7)	-	-	(5,066.7)
Claims and other directly attributable expenses paid	-	-	3,251.2	3,251.2
Total cash flows	(5,066.7)	-	3,251.2	(1,815.5)
Closing insurance contract assets	55.4	-	(37.6)	17.8
Closing insurance contract liabilities	(1,550.2)	(2.5)	(7,941.5)	(9,494.2)
Net insurance contract liabilities at 31 December 2025	(1,494.8)	(2.5)	(7,979.1)	(9,476.4)

	LRC		LIC	Total
	Excluding loss component	Loss component
31 December 2024	$m	$m	$m	$m
Opening insurance contract assets	101.7	-	(0.2)	101.5
Opening insurance contract liabilities	(848.8)	(8.3)	(7,135.1)	(7,992.2)
Net insurance contract liabilities at 01 January 2024	(747.1)	(8.3)	(7,135.3)	(7,890.7)
Insurance revenue	5,678.1	-	-	5,678.1
Insurance service expenses:
- Incurred claims and other directly attributable expenses	(80.8)	-	(3,249.3)	(3,330.1)
- Changes that relate to past service - adjustments to the LIC	-	-	401.2	401.2
- Losses on onerous contracts and reversal of those losses	-	5.1	-	5.1
- Insurance acquisition cash flows amortisation	(1,009.2)	-	-	(1,009.2)
Recognised in insurance service result	4,588.1	5.1	(2,848.1)	1,745.1
Finance income/(expenses) from insurance contracts issued	96.7	-	(185.8)	(89.1)
Foreign exchange gains	19.2	-	10.9	30.1
Other amounts recognised in total comprehensive income	115.9	-	(174.9)	(59.0)
Premiums received net of insurance acquisition cash flows	(5,148.1)	-	-	(5,148.1)
Claims and other directly attributable expenses paid	-	-	2,558.6	2,558.6
Total cash flows	(5,148.1)	-	2,558.6	(2,589.5)
Closing insurance contract assets	52.4	-	(32.2)	20.2
Closing insurance contract liabilities	(1,243.6)	(3.2)	(7,567.5)	(8,814.3)
Net insurance contract liabilities at 31 December 2024	(1,191.2)	(3.2)	(7,599.7)	(8,794.1)

ii.) Reinsurance contracts held

The tables below analyse reinsurance contract assets and liabilities between the asset for remaining coverage (ARC) and asset for incurred claims (AIC) for reinsurance contracts held.

	ARC¹	AIC	Total
31 December 2025	$m	$m	$m
Opening reinsurance contract assets	573.8	2,092.8	2,666.6
Opening reinsurance contract liabilities	(434.1)	137.0	(297.1)
Net reinsurance contract assets at 01 January 2025	139.7	2,229.8	2,369.5
Allocation of reinsurance premium	(906.4)	-	(906.4)
Amounts recoverable from reinsurers for incurred claims:
- Effect of changes in the risk of reinsurers' non-performance	-	(0.1)	(0.1)
- Claims recovered	-	434.8	434.8
- Other incurred directly attributable expenses	-	(5.4)	(5.4)
- Changes that relate to past service - adjustments to incurred claims recovery	-	18.0	18.0
Net expenses from reinsurance contracts held	(906.4)	447.3	(459.1)
Finance (expenses)/income from reinsurance contracts held	(3.3)	68.3	65.0
Foreign exchange (losses)/gains	(2.5)	31.2	28.7
Other amounts recognised in total comprehensive income	(5.8)	99.5	93.7
Premiums paid net of ceding commissions and other directly attributable expenses paid	1,050.5	-	1,050.5
Recoveries from reinsurance	-	(509.8)	(509.8)
Total cash flows	1,050.5	(509.8)	540.7
Closing reinsurance contract assets	733.0	2,290.8	3,023.8
Closing reinsurance contract liabilities	(455.0)	(24.0)	(479.0)
Net reinsurance contract assets at 31 December 2025	278.0	2,266.8	2,544.8

1      Includes loss recovery component of $0.2m at 01 January 2025 and $0.6m at 31 December 2025.

	ARC1	AIC	Total
31 December 2024	$m	$m	$m
Opening reinsurance contract assets	758.4	1,668.3	2,426.7
Opening reinsurance contract liabilities	(1,080.3)	746.8	(333.5)
Net reinsurance contract assets/(liabilities) at 01 January 2024	(321.9)	2,415.1	2,093.2
Allocation of reinsurance premium	(764.9)	-	(764.9)
Amounts recoverable from reinsurers for incurred claims:
- Effect of changes in the risk of reinsurers' non-performance	-	(1.8)	(1.8)
- Claims recovered	-	516.9	516.9
- Other incurred directly attributable expenses	-	(4.4)	(4.4)
- Changes that relate to past service - adjustments to incurred claims recovery	-	(254.9)	(254.9)
Net expenses from reinsurance contracts held	(764.9)	255.8	(509.1)
Finance (expenses)/income from reinsurance contracts held	(27.3)	60.5	33.2
Foreign exchange losses	(0.9)	(2.4)	(3.3)
Other amounts recognised in total comprehensive income	(28.2)	58.1	29.9
Premiums paid net of ceding commissions and other directly attributable expenses paid	1,254.7	-	1,254.7
Recoveries from reinsurance	-	(499.2)	(499.2)
Total cash flows	1,254.7	(499.2)	755.5
Closing reinsurance contract assets	573.8	2,092.8	2,666.6
Closing reinsurance contract liabilities	(434.1)	137.0	(297.1)
Net reinsurance contract assets at 31 December 2024	139.7	2,229.8	2,369.5

1      Includes loss recovery component of $0.9m at 01 January 2024 and $0.2m at 31 December 2024.

14c New business

i.) Impact of insurance contracts issued in the year

The following tables show the impact of new insurance contracts issued in the period. These are broken down by contracts which were/were not deemed to be onerous on initial recognition.

	Non-onerous contracts originated	Onerous contracts originated	Total
Year ended 31 December 2025	$m	$m	$m
Estimated present value of future cash outflows:
- Insurance acquisition cash flows	(1,037.3)	(21.3)	(1,058.6)
- Claims and other directly attributable expenses	(3,092.8)	(63.9)	(3,156.7)
Estimated present value of future cash inflows	5,363.8	86.8	5,450.6
Risk adjustment for non-financial risk	(210.2)	(3.1)	(213.3)
Contractual service margin	(1,023.5)	-	(1,023.5)
Net increase in insurance contract liabilities	-	(1.5)	(1.5)

	Non-onerous contracts originated	Onerous contracts originated	Total
Year ended 31 December 2024	$m	$m	$m
Estimated present value of future cash outflows:
- Insurance acquisition cash flows	(949.7)	(20.7)	(970.4)
- Claims and other directly attributable expenses	(2,864.4)	(61.5)	(2,925.9)
Estimated present value of future cash inflows	4,890.2	85.9	4,976.1
Risk adjustment for non-financial risk	(259.7)	(9.0)	(268.7)
Contractual service margin	(816.4)	-	(816.4)
Net increase in insurance contract liabilities	-	(5.3)	(5.3)

ii.) Impact of reinsurance contracts held in the year

The following table shows the impact of new reinsurance contracts initially recognised in the period which were not deemed to originate with a loss recovery component. Contracts originating with a loss recovery component were $0.7m (2024: $0.3m).

	2025	2024
	$m	$m
Estimated present value of future cash outflows	(928.3)	(1,035.3)
Estimated present value of future cash inflows	497.0	536.4
Risk adjustment for non-financial risk	45.8	96.6
Contractual service margin	385.5	402.3
Net increase in reinsurance contract assets	-	-

14d Future CSM release

The tables below show when the Group expects to release the closing CSM to the profit or loss in appropriate future time bands. It is presented for both insurance contracts issued and reinsurance contracts held.

	2025	2024
Insurance contracts issued	$m	$m
Number of years until expected to be recognised
1	554.9	421.7
2	30.2	20.1
3	19.1	13.6
4	11.1	8.7
5	7.7	5.5
6-10	11.3	10.9
Total	634.3	480.5

	2025	2024
Reinsurance contracts held	$m	$m
Number of years until expected to be recognised
1	225.3	151.7
2	31.0	49.7
3	3.5	26.2
4	2.1	2.5
5	1.4	1.4
6-10	1.9	3.1
Total	265.2	234.6

14e Claims development

The following tables show the estimates of cumulative ultimate claims for each successive underwriting year from six years prior to the reporting date, reconciled back to LIC. This information has been provided on a gross of reinsurance basis and separately for reinsurance contracts held. Claims development information has only been disclosed from the 2019 underwriting year onward (being five years before the end of the annual reporting period in which IFRS 17 was first applied by the Group). In the below tables, historic periods have been revalued using current exchange rates. The cumulative estimate of claims and recoveries comprises expected claims, reinsurance recovery cash flows and claims handling expenses. It does not include the risk adjustment, premiums or acquisition costs.

		Underwriting year
Insurance contracts issued	2019	2020	2021	2022	2023	2024	2025	Total
2025	$m	$m	$m	$m	$m	$m	$m	$m
At end of underwriting year	1,732.4	2,336.0	2,732.5	3,165.9	3,154.9	3,447.0	3,414.4
1 year later	2,231.2	2,724.2	3,004.2	3,075.0	3,260.6	3,426.5
2 years later	2,260.8	2,830.0	2,815.0	2,941.2	3,224.7
3 years later	2,255.8	2,675.0	2,639.2	2,870.6
4 years later	2,243.5	2,602.6	2,815.9
5 years later	2,273.1	2,608.2
6 years later	2,309.3
Cumulative gross estimate of claims	2,309.3	2,608.2	2,815.9	2,870.6	3,224.7	3,426.5	3,414.4	20,669.6
Cumulative payments to date	(2,012.5)	(2,169.2)	(2,095.8)	(1,775.8)	(1,672.5)	(1,316.4)	(342.5)	(11,384.7)
Carrying amount relating to 2018 and prior underwriting years								619.1
Less liability for remaining coverage claims only								(1,990.7)
Impact of discounting (LIC)								(639.3)
LIC risk adjustment for non-financial risk								705.1
Gross discounted LIC								7,979.1

		Underwriting year
Reinsurance contracts held	2019	2020	2021	2022	2023	2024	2025	Total
2025	$m	$m	$m	$m	$m	$m	$m	$m
At end of underwriting year	(294.1)	(459.7)	(709.2)	(946.7)	(528.4)	(476.9)	(402.0)
1 year later	(416.0)	(641.6)	(718.4)	(896.1)	(560.4)	(439.8)
2 years later	(379.9)	(707.8)	(716.5)	(852.0)	(511.4)
3 years later	(400.5)	(583.5)	(653.8)	(800.5)
4 years later	(428.3)	(591.8)	(769.2)
5 years later	(471.3)	(565.4)
6 years later	(507.7)
Cumulative gross estimate of claims recoveries	(507.7)	(565.4)	(769.2)	(800.5)	(511.4)	(439.8)	(402.0)	(3,996.0)
Cumulative payments to date	350.5	456.6	339.8	347.5	120.3	41.3	8.2	1,664.2
Carrying amount relating to 2018 and prior underwriting years								(258.1)
Less asset for remaining coverage claims only								308.9
Impact of discounting (AIC)								170.7
AIC risk adjustment for non-financial risk								(156.5)
Reinsurance discounted AIC								(2,266.8)

Alternative performance measures (APMs)

Beazley plc uses alternative performance measures (APMs) to help explain its financial performance and position. These measures are not defined under IFRS. The Group is of the view that the use of these measures enhances the usefulness of our financial reporting and allows for improved comparison with industry peers.

Information on APMs used by the Group is set out below. Unless otherwise stated, amounts are disclosed in millions of dollars ($m).

We previously included as an APM the "CSM sustainability index", calculated as the closing CSM divided by the opening CSM. We have decided to discontinue the disclosure of this APM as we do not consider this provides useful information in assessing the Group's financial performance.

Insurance written premiums & net insurance written premiums

Insurance written premiums ($m) is calculated by deducting the reinstatement premiums and profit commissions from the gross premiums written. Net insurance written premiums ($m) is calculated by adding insurance ceded premiums to this result. These APMs represent management's view of premiums written in each period. The primary difference between insurance written premiums and insurance revenue relates to the deferral and earning of income over the period in which coverage is provided.

	2025	2024
	$m	$m
Insurance written premiums	6,100.7	6,164.1
Earnings adjustment	(35.9)	(486.0)
Insurance revenue	6,064.8	5,678.1

	2025	2024
	$m	$m
Insurance ceded premiums	(902.0)	(1,011.8)
Earnings adjustment	(4.4)	246.9
Allocation of reinsurance premiums	(906.4)	(764.9)

	2025	2024
	$m	$m
Insurance written premiums	6,100.7	6,164.1
Add insurance ceded premiums	(902.0)	(1,011.8)
Net insurance written premiums	5,198.7	5,152.3

Claims, expense & combined ratios

Claims ratio (%) is calculated as insurance service expenses less directly attributable expenses, net of reinsurance recoveries, divided by insurance revenue net of reinsurance ceded revenue. Expense ratio (%) is calculated as directly attributable expenses divided by insurance revenue net of reinsurance ceded revenue. Combined ratio (%) is calculated as insurance service expenses net of reinsurance recoveries, divided by the insurance revenue net of reinsurance ceded revenue. This is also the sum of the claims and expense ratios. The combined ratio below is shown both before and after the impact of discounting.

	2025	2024
Insurance service expenses ($m)	4,436.6	3,933.0
Less directly attributable expenses ($m)1	(1,695.2)	(1,558.1)
Amounts recoverable from reinsurers for incurred claims ($m)	(447.3)	(255.8)
Net claims ($m)	2,294.1	2,119.1
Insurance revenue ($m)	6,064.8	5,678.1
Allocation of reinsurance premium ($m)	(906.4)	(764.9)
Divided by net insurance revenue ($m)	5,158.4	4,913.2
Claims ratio	44.5%	43.1%
Directly attributable expenses ($m)1	1,695.2	1,558.1
Divided by net insurance revenue ($m)	5,158.4	4,913.2
Expense ratio	32.8%	31.7%
Combined ratio	77.3%	74.8%
Removal of impact of discounting	3.9%	4.2%
Combined ratio (undiscounted)	81.2%	79.0%

1    Directly attributable expenses are comprised of insurance acquisition cash flows amortisation, other directly attributable expenses, and reinsurers share of expenses and other amounts per Note 2

Net assets per share & net tangible assets per share

Net assets per share (NAVps) is the ratio (in pence and cents) calculated by dividing the net assets or total equity of the Group by the number of shares in issue at the end of the period, excluding those held by the employee benefits trust. Net tangible assets per share excludes intangible assets from net assets in the above calculation.

	2025	2024
Net assets ($m)	4,871.4	4,606.8
Less intangible assets ($m)	(223.9)	(198.0)
Net tangible assets ($m)	4,647.5	4,408.8
Divided by the shares in issue at the period end (millions)1:	589.0	629.9
Net assets per share (cents)	827.0	731.4
Net tangible assets per share (cents)	789.0	699.9
Converted at spot rate:	0.74	0.78
Net assets per share (pence)	612.0	570.5
Net tangible assets per share (pence)	583.9	545.9

1    Shares in issue at the period end exclude those held by the employee benefits trust of 10.5m (2024: 9.1m).

Net assets per share growth

Net assets per share growth (%) is calculated as the NAVps at the end of the reporting period ('closing'), less the NAVps five years prior to the start of the reporting period ('opening'), divided by the NAVps at opening. The NAVps has been calculated on an IFRS 17 basis for the 2022 and subsequent periods, and on an IFRS 4 basis for the 2021 and prior periods.

	2025		2024
Net assets per share (cents) at opening	299.0		309.6
Net assets per share (cents) at closing	827.0		731.4
Movement	528.0		421.8
Net assets per share growth (%)	177	%	136	%

Return on equity (ROE)

Return on equity (%) is calculated by dividing the consolidated profit after tax by the average equity for the period (using an average of the opening and closing equity positions).

	2025	2024
Profit after tax ($m)	913.4	1,130.3
Divided by average total equity ($m)	4,739.1	4,244.5
Return on equity	19.3%	26.6%

Average return on equity

Average return on equity (%) is calculated as the straight average of the ROE (as previously disclosed) over a period of five and ten years from the end of the reporting period. The ROE has been calculated on an IFRS 17 basis for the 2022 and subsequent periods and on an IFRS 4 basis for the 2021 and prior periods.

	2025		2024
31 December 2015	-		19.0	%
31 December 2016	18.0	%	18.0	%
31 December 2017	9.0	%	9.0	%
31 December 2018	5.0	%	5.0	%
31 December 2019	15.0	%	15.0	%
31 December 2020	(3.0	%)	(3.0	%)
31 December 2021	16.0	%	16.0	%
31 December 2022	19.0	%	19.0	%
31 December 2023	30.0	%	30.0	%
31 December 2024	26.6	%	26.6	%
31 December 2025	19.3	%	-
Average ROE over 5 years	22.2	%	17.7	%
Average ROE over 10 years	15.5	%	15.5	%

Investment return

Investment return (%) is calculated by dividing the net investment income by the average financial assets at fair value and cash and cash equivalents held by the Group over the period.

	2025	2024
Net investment income ($m)	607.5	574.4
Opening invested assets:
Financial assets at fair value ($m)	10,610.6	9,665.5
Cash and cash equivalents ($m)	882.1	812.3
Invested assets at the beginning of the period ($m)	11,492.7	10,477.8
Closing invested assets:
Financial assets at fair value ($m)	10,607.9	10,610.6
Cash and cash equivalents ($m)	1,368.5	882.1
Invested assets at the end of the period: ($m)	11,976.4	11,492.7
Divided by average invested assets ($m)	11,734.6	10,985.3
Investment return	5.2%	5.2%

 

END