Specialist insurer Beazley posted full-year 2025 pre-tax profit of $1.15 billion, despite increased global volatility and a weak ratings environment, with an undiscounted combined ratio of 81%.
While gains were slightly lower than in 2024, the group said the year highlighted an accelerating shift in global risk dynamics, from January’s catastrophic wildfires to ongoing geopolitical tensions and increasingly sophisticated cyberattacks targeting supply chains, making it nearly impossible for businesses to escape the effects of volatility.
Against this backdrop, Beazley said it is using its expertise to help clients navigate uncertainty while continuing to invest for the future.
With this in mind, the company’s claims ratio in 2025 is 44.5%, up from 43.1% in 2024.
This loss was reportedly offset by an improvement in current-year losses driven by Beazley’s focus on rate adequacy and a milder disaster season compared to 2024.
The expense ratio rose to 32.8% from 31.7%, which the company attributed to continued investment in technology upgrades in recent years and higher employee compensation tied to strong profitability.
Meanwhile, Beazley’s written premiums fell slightly to $6.1 billion in 2025 from $6.16 billion in 2024, while net written premiums increased to $5.2 billion from $5.15 billion a year ago.
Of the total premiums written in 2025, professional risks accounted for $1.98 billion and property risks accounted for $1.73 billion. MAP Risks contributed $1 billion, Cyber Risks contributed $1.16 billion, and Digital contributed $230 million.
Meanwhile, Beazley’s insurance services results were $1.17 billion, down from $1.24 billion in the same period last year.
However, insurance revenue grew 6.8% from $5.68 billion in 2024 to $6.06 billion in 2025, reflecting recognition of full-year premium growth in 2024.
By segment, professional risk generated $1.96 billion in revenue, followed by property risk ($1.69 billion), cyber risk ($1.22 billion), MAP risk ($970 million) and digital risk ($230 million).
Barbara Plucnar Jensen, Beazley Group Chief Financial Officer, commented: “This year’s results reflect the continued strength and resilience of our business model, driven by disciplined underwriting, prudent capital management and a clear focus on long-term value creation.
“In an environment of continued macroeconomic uncertainty and heightened capital allocation scrutiny, our approach remains consistent: protect current margin performance while selectively investing to sustain attractive returns throughout the cycle.
“Our capital position remains strong, allowing us to balance short-term returns to shareholders with targeted investments in areas where we see durable structural opportunities. While we recognize the importance of short-term capital deployment, our decisions are guided by the long-term interests of the business and shareholders.
“This includes investing in specialized capabilities to enhance our underwriting relevance, deepen client relationships and enable us to grow profitably as market conditions change.
“Opening an office in Bermuda reflects this philosophy. It is a prudent, capital-disciplined investment to strengthen our participation in the specialty market and we believe our technical underwriting knowledge and expertise can continue to generate attractive returns.
“Importantly, this investment is consistent with our commitment to growth and profit integrity and does not compromise our ability to balance these objectives with returning capital to shareholders.
“Our top priority remains the same: to deliver sustainable earnings, protect underwriting profitability and compound value over time, as we have historically done.
“We believe this approach positions the group well to navigate the current environment and continue to serve its stakeholders throughout the cycle.”
Beazley chief executive Adrian Cox said: “Beazley once again delivered strong profits in 2025, against a volatile global backdrop and a weak insurance ratings environment. Our rigorous underwriting discipline and proactive cycle management continued to ensure our success under these conditions.
“As we move into 2026, we continue to see similar patterns of insurance pricing competition and global instability.
“In this environment, we remain firmly focused on profitable underwriting and innovative growth opportunities, particularly our new Bermuda entity and insurance solutions for the energy transition.
“On March 2, 2026, the Beazley Board announced that it had agreed to the terms of the proposed acquisition of Beazley plc by Zurich Insurance Group Ltd.
“As Beazley continues its exciting journey as a leading specialty insurer, our focus remains on business as usual, working for the benefit of our clients, strengthening our relationships with brokers and continuing to attract and retain the best talent.”
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