Specialist insurer Beazley has reported a profit before tax of $1.15 billion for the full year 2025, marking the third consecutive year the company has generated profits exceeding $1 billion, as disciplined underwriting helped offset global volatility and softer insurance pricing conditions.
The insurer recorded an undiscounted combined ratio of 81% for the year, demonstrating continued underwriting performance despite a challenging risk environment shaped by catastrophic wildfires, geopolitical tensions and increasingly sophisticated cyber attacks targeting global supply chains.
While earnings were slightly lower than in 2024, Beazley said the results reflected its ability to navigate rapidly evolving global risk dynamics while continuing to invest in long-term growth initiatives.
The company’s claims ratio increased to 44.5% in 2025, compared with 43.1% a year earlier. However, improved performance on current-year losses and a more benign catastrophe season relative to 2024 helped offset the rise. Beazley attributed the improvement to sustained focus on rate adequacy and underwriting discipline.
The expense ratio rose to 32.8%, up from 31.7% in 2024, which the insurer linked to ongoing investment in technology upgrades and higher staff remuneration following several years of strong profitability.
Gross insurance written premiums edged down slightly to $6.10 billion from $6.16 billion in the prior year, while net insurance written premiums increased to $5.20 billion from $5.15 billion. Specialty Risks contributed $1.98 billion of written premiums, followed by Property Risks at $1.73 billion, Cyber Risks at $1.16 billion, MAP Risks at $1.00 billion and Digital at $0.23 billion.
Insurance revenue increased 6.8% year on year to $6.06 billion, reflecting the earning of premium growth written during 2024. The insurance service result reached $1.17 billion, compared with $1.24 billion in the previous year.
Group Chief Financial Officer Barbara Plucnar Jensen said the results demonstrated the resilience of Beazley’s business model, supported by disciplined underwriting, prudent capital management and a focus on long-term value creation. She added that the company continues to balance shareholder returns with targeted investments in specialist capabilities and growth opportunities.
As part of that strategy, Beazley established a presence in Bermuda, describing the move as a capital-disciplined investment aimed at strengthening participation in specialist markets where technical underwriting expertise can generate sustainable returns.
Chief Executive Officer Adrian Cox said the insurer entered 2026 facing continued competitive pricing and global instability but remained focused on profitable underwriting and innovation, particularly through new energy-transition insurance solutions and its Bermuda platform.
Separately, Beazley confirmed that on March 2, 2026, its board agreed the terms of a recommended acquisition by Zurich Insurance Group Ltd. The company said operations will continue as normal while it progresses through the transaction process, maintaining focus on clients, broker relationships and talent retention.
