Beazley annual profit drops as prepares for Zurich Insurance takeover

Beazley PLC on Wednesday said it does not expect to be ‘materially impacted’ by events in the Middle East as it reported mixed 2025 results.

The London-based insurer on Monday accepted a £8.2 billion takeover approach from Zurich Insurance Group AG. The agreed terms value each Beazley share at 1,335 pence each, including a 25p per share dividend.

In 2025, Beazley said pretax profit fell 20% to $1.15 billion from $1.43 billion in 2024.

Earnings per share fell 17% to 113.4 pence from 137.0p, while net tangible assets per share grew 7.0% to 583.9p from 545.9p.

Insurance written premiums fell 1.0% to $6.10 billion from $6.16 billion while net insurance written premiums grew 2.9% to $5.20 billion from $5.15 billion.

‘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,’ said Chief Executive Adrian Cox.

‘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,’ he added.

The undiscounted combined ratio of declined to 81% in 2025 from 79% the year prior. The discounted combined ratio increased to 77% from 75%.

The FTSE 100 listing said that as things stand, ‘our exposure to the unfolding events in the Middle East is limited, and we do not expect to be materially impacted.’

Beazley declared a 25 pence per share dividend, unchanged year-on-year. No dividend was paid alongside half-year results released in August.

Shares in Beazley were unchanged at 1,290.00p each in London on Wednesday.

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