Insurer Beazley keeps guidance after solid Q1 premiums growth

29th Apr 2024 07:08

(Sharecast News) - Insurance group Beazley said that first-quarter results were in line with guidance with insurance written premiums (IWP) growing at high single digits.

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.