February 8, 2018 / 7:25 AM / 5 months ago

BRIEF-Beazley Posts FY Pretax Profit Of $168.0 Mln

Feb 8 (Reuters) - Beazley Plc:

* FY RETURN ON EQUITY OF 9% (2016: 18%)

* FY GROSS PREMIUMS WRITTEN INCREASED BY 7% TO $2,343.8M (2016: $2,195.6M)

* FY COMBINED RATIO OF 99% (2016: 89%)

* FOR FY, ‍RATE REDUCTION ON RENEWAL PORTFOLIO OF 1% (2016: REDUCTION OF 2%)​

* FOR FY, ‍NET INVESTMENT INCOME OF $138.3M (2016: $93.1M)​

* FOR FY, ‍PRIOR YEAR RESERVE RELEASES OF $203.9M (2016: $180.7M)​

* BEAZLEY - “BEAZLEY ACHIEVED AN UNDERWRITING PROFIT IN 2017, A YEAR IN WHICH HURRICANES, EARTHQUAKES AND WILDFIRES GENERATED HEAVY CLAIMS”- CEO

* FOR FY, ‍BEAZLEY RECORDED A COMBINED RATIO OF 99% (2016: 89%) AND A STRONG INVESTMENT RETURN OF 2.9% (2016: 2.0%)​

* ‍SECOND INTERIM DIVIDEND OF 7.4P (2016: 7.0P), TAKING FULL YEAR ORDINARY DIVIDENDS FOR YEAR TO 11.1P​

* “PREMIUMS GREW 7% IN 2017 - A STRONG PERFORMANCE GIVEN MARKET CONDITIONS”- CEO

* “LOOKING AHEAD, WE SEE POTENTIAL FOR DOUBLE DIGIT PREMIUMS GROWTH IN 2018”- CEO

* CAN OFFER PROSPECTIVE CLIENTS IN CONTINENTAL EUROPE A CHOICE OF COVER, BACKED BY DUBLIN-BASED INSURANCE COMPANY OR OUR LLOYD’S SYNDICATES

* BY END OF YEAR WE HAD DISBURSED MORE THAN $110M IN CASH ADVANCES AND CLAIMS SETTLEMENTS TO HELP OUR INSURED

* LARGEST CLAIMS WERE FOCUSED ON OUR REINSURANCE AND PROPERTY DIVISIONS, BUT OUR MARINE DIVISION ALSO INCURRED SOME CARGO CLAIMS IN 2017

* OUR NEWLY AMALGAMATED POLITICAL, ACCIDENT & CONTINGENCY DIVISION (PAC) PICKED UP SOME EVENT CANCELLATION CLAIMS DUE TO STORMS

* LOSSES WE PAID IN 2017 WERE WELL WITHIN SCENARIOS FOR WHICH OUR UNDERWRITING TEAMS ROUTINELY PLAN Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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