Insurer Beazley keeps guidance after solid Q1 premiums growth.
Insurance group Beazley said that first-quarter results were in line with guidance with insurance written premiums (IWP) growing at high single digits.
Beazley
29 April 2024 07:25:59
Source: Sharecast
IWP were up 7% at $1.48bn, matching the full-year target growth rate. Meanwhile, investments and cash jumped by 19% to $10.83bn, while the investment return held steady at 1.2%.
Chief executive Adrian Cox said the board was confident of delivering gross IWP guidance for the full year of high single-digit growth, after IWP increased 7% in 2023 to $5.60bn.
The 2024 combined ratio guidance was also maintained at a low-80s percentage on an undiscounted basis, up from 74% in 2023.
"We remain optimistic about the outlook for our business in 2024 and beyond, focussing on continued, targeted growth and active capital management as the rate environment normalises," he said.
Halifax is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.
