| Consolidated statement of profit or loss for the year ended 31 December 2022 | Notes | 2022 $m |
2021 $m |
|---|---|---|---|
| Gross premiums written | 3 | 5,268.70 | 4,618.90 |
| Written premiums ceded to reinsurers | -1,392.50 | -1,106.50 | |
| Net premiums written | 3 | 3,876.20 | 3,512.40 |
| Change in gross provision for unearned premiums | -507.3 | -545 | |
| Reinsurers’ share of change in the provision for unearned premiums | 245.3 | 179.9 | |
| Change in net provision for unearned premiums | -262 | -365.1 | |
| Net earned premiums | 3 | 3,614.20 | 3,147.30 |
| Net investment (loss)/income | 4 | -179.7 | 116.4 |
| Other income | 5 | 32.1 | 28.2 |
| Gain from sale of business | – | 54.4 | |
| -147.6 | 199 | ||
| Revenue | 3,466.60 | 3,346.30 | |
| Insurance claims | 3,046.30 | 2,734.30 | |
| Insurance claims recoverable from reinsurers | -1,089.90 | -908.1 | |
| Net insurance claims | 3 | 1,956.40 | 1,826.20 |
| Expenses for the acquisition of insurance contracts | 3 | 952.1 | 821.8 |
| Administrative expenses | 3 | 303.7 | 283 |
| Foreign exchange loss | 3 | 24 | 7.2 |
| Operating expenses | 1,279.80 | 1,112.00 | |
| Expenses | 3 | 3,236.20 | 2,938.20 |
| Results of operating activities | 230.4 | 408.1 | |
| Finance costs | 8 | -39.4 | -38.9 |
| Profit before income tax | 191 | 369.2 | |
| Income tax expense | 9 | -30.2 | -60.5 |
| Profit for the year attributable to equity shareholders | 160.8 | 308.7 | |
| Earnings per share (cents per share): | 10 | 26.3 | 50.9 |
| Basic | |||
| Diluted | 10 | 25.9 | 50.3 |
| Earnings per share (pence per share): | 10 | 21.1 | 37 |
| Basic | |||
| Diluted | 10 | 20.8 | 36.5 |
| Statements of financial position as at 31 December 2022 | 2022 | 2021 | |||
|---|---|---|---|---|---|
| Notes | Group $m |
Company $m |
Group $m |
Company $m |
|
| Assets | |||||
| Intangible assets | 12 | 128.8 | – | 123.5 | – |
| Plant and equipment | 13 | 14.9 | – | 19.2 | – |
| Right of use assets | 29 | 60.5 | – | 75.5 | – |
| Deferred tax asset | 28 | 35.2 | – | 16.3 | – |
| Investment in subsidiaries | 31 | – | 724.6 | – | 724.6 |
| Investment in associates | 14 | 0.4 | – | 0.6 | – |
| Deferred acquisition costs | 15 | 550.1 | – | 477.8 | – |
| Retirement benefit asset | 27 | 4.6 | – | 18.1 | – |
| Reinsurance assets | 19, 24 | 3,286.60 | – | 2,386.40 | – |
| Financial assets at fair value | 16, 17 | 8,345.60 | – | 7,283.50 | – |
| Insurance receivables | 18 | 1,811.70 | – | 1,696.10 | – |
| Other receivables | 30 | 196.4 | 919.1 | 106.7 | 315 |
| Current income tax asset | 11.7 | 0.3 | 11.9 | 0.7 | |
| Cash and cash equivalents | 20 | 652.5 | 3.4 | 591.8 | 0.3 |
| Total assets | 15,099.00 | 1,647.40 | 12,807.40 | 1,040.60 | |
| Equity | |||||
| Share capital | 21 | 46.6 | 46.6 | 42.9 | 42.9 |
| Share premium | 9.7 | 9.7 | 5.3 | 5.3 | |
| Merger reserve | – | 55.4 | – | 55.4 | |
| Foreign currency translation reserve | -109.4 | 0.7 | -97.2 | 0.7 | |
| Other reserves | 22 | -7.6 | -14.3 | -4 | -7.6 |
| Retained earnings | 2,634.20 | 1,545.10 | 2,183.80 | 943.2 | |
| Total equity | 2,573.50 | 1,643.20 | 2,130.80 | 1,039.90 | |
| Liabilities | |||||
| Insurance liabilities | 24 | 10,354.20 | – | 8,871.80 | – |
| Financial liabilities | 16, 17, 25 | 562.5 | – | 554.7 | – |
| Lease liabilities | 29 | 72.7 | – | 84.3 | – |
| Current income tax liability | 8.6 | – | 24.5 | – | |
| Other payables | 26 | 1,527.50 | 4.2 | 1,141.30 | 0.7 |
| Total liabilities | 12,525.50 | 4.2 | 10,676.60 | 0.7 | |
| Total equity and liabilities | 15,099.00 | 1,647.40 | 12,807.40 | 1,040.60 | |
No income statement is presented for the parent company as permitted by Section 408 of the Companies Act 2006. The profit after tax of the parent company for the period was $303.6m (2021: $37.2m).
The notes form part of these financial statements.
| Statements of financial position as at 31 December 2022 | 2022 | 2021 | |||
|---|---|---|---|---|---|
| Notes | Group $m |
Company $m |
Group $m |
Company $m |
|
| Cash flow from operating activities | |||||
| Profit before income tax | 191 | 303.3 | 369.2 | 36.4 | |
| Adjustments for: | |||||
| Amortisation of intangibles | 12 | 14.3 | – | 20.5 | – |
| Equity settled share based compensation | 22 | 15.7 | 15.7 | 11 | 11 |
| Net fair value loss/(gain) on financial assets | 4 | 274.4 | – | -45.8 | – |
| Depreciation of plant and equipment | 13 | 3.3 | – | 4.9 | – |
| Depreciation of right of use assets | 29 | 12.3 | – | 15 | – |
| Impairment/(write back) of reinsurance assets recognised | 2 | 17.8 | – | -3.3 | – |
| Increase/(decrease) in insurance and other payables | 1,868.60 | 3.5 | 1,900.80 | -3.1 | |
| (Increase) in insurance, reinsurance and other receivables | -1,105.50 | -3.4 | -950.1 | -47.1 | |
| (Increase) in deferred acquisition costs | -72.3 | – | -92.9 | – | |
| Interest and dividends received on investments | 4 | -101.1 | -305 | -76.5 | -40 |
| Finance costs | 8 | 39.4 | 4.8 | 38.9 | 3.6 |
| Income tax paid | -61.1 | – | -22.2 | – | |
| Net cash from/(used in) operating activities | 1,096.80 | 18.9 | 1,169.50 | -39.2 | |
| Cash flow from investing activities | |||||
| Purchase of plant and equipment | 13 | -1 | – | -4.5 | – |
| Expenditure on software development and other intangible assets | 12 | -22.7 | – | -17.7 | – |
| Purchase of investments | -6,645.40 | – | -7,979.10 | – | |
| Proceeds from sale of investments | 5,325.30 | – | 7,037.10 | – | |
| Proceeds from sale of business | – | – | 54.4 | – | |
| Loan to subsidiary | – | -600.7 | – | – | |
| Interest and dividends received | 4 | 94.2 | 305 | 70.6 | 40 |
| Net cash (used in)/from investing activities | -1,249.60 | -295.7 | -839.2 | 40 | |
| Cash flow from financing activities | |||||
| Acquisition of own shares in trust | 22 | -17.8 | -17.8 | – | – |
| Payment of lease liabilities | 29 | -11.6 | – | -12.8 | – |
| Equity raise | 21 | 404.4 | 404.4 | – | – |
| Finance costs | 8 | -36.3 | -4.8 | -35.2 | -3.6 |
| Dividend paid | -103 | -103 | – | – | |
| Net cash from/(used in) financing activities | 235.7 | 278.8 | -48 | -3.6 | |
| Net increase/(decrease) in cash and cash equivalents | 82.9 | 2 | 282.3 | -2.8 | |
| Cash and cash equivalents at beginning of year | 591.8 | 0.3 | 309.5 | 0.9 | |
| Effect of exchange rate changes on cash and cash equivalents | -22.2 | 1.1 | – | 2.2 | |
| Cash and cash equivalents at end of year | 20 | 652.5 | 3.4 | 591.8 | 0.3 |
The notes form part of these financial statements.
| Rated Entity | A.M.Best | Fitch | Standard & Poor's | |||
|---|---|---|---|---|---|---|
| Type of Rating | Rating | Type of Rating | Rating | Type of Rating | Rating | |
| Syndicate 623/2623/3622/3623 | Best Syndicate Rating | A Excellent "Positive Outlook" | ||||
| Financial Size Category | Class XV $2bn+ | |||||
| Lloyd’s Market Rating (which applies to all Beazley managed syndicates) | Lloyd's Market Rating | A Excellent "Positive Outlook" | Lloyd's Market Rating | AA- Very Strong "Stable Outlook" | Lloyd's Market Rating | AA- Very Strong "Stable Outlook" |
| Financial Size Category | Class XV $2bn+ | Issuer Default Rating | A+ "Stable Outlook" | |||
| Beazley Insurance dac (formerly known as Beazley Re Designated Activity Company) | Financial Strength Rating | A Excellent "Stable Outlook" | Financial Strength Rating | A+ "Stable Outlook" | ||
| Financial Size Category | Class XV $2bn+ | Issuer Default Rating | A "Stable Outlook" | |||
| Beazley Insurance Company, Inc. | Financial Strength Rating | A Excellent "Stable Outlook" | ||||
| Financial Size Category | Class XV $2bn+ | |||||
| Beazley America Insurance Company, Inc. | Financial Strength Rating | A Excellent "Stable Outlook" | ||||
| Financial Size Category | Class XV $2bn+ | |||||
| Beazley Excess and Surplus Insurance, Inc. | Financial Strength Rating | A Excellent "Stable Outlook" | ||||
| Financial Size Category | Class XV $2bn+ |