Slide 1: Results for the period ended 30th June 2025
Results for the period ended 30th June 2025 13th August 2025
Slide 2: Presenters: Adrian Cox, Barbara Plucnar Jensen, Paul Bantick
Adrian Cox Group Chief Executive Officer Barbara Plucnar Jensen Group Chief Financial Officer Paul Bantick Group Chief Underwriting Officer 2
Slide 3: Contents
Contents 05 Highlights 07 Underwriting 17 Financial performance 25 Outlook 29 Appendix 3
Slide 4: Disclaimer notice
Disclaimer notice Certain statements made in this presentation, both oral and written, are or may constitute “forward looking statements” with respect to the operation, performance and financial condition of the Company and/or the Group. These forward-looking statements are not based on historical f
Slide 5: Highlights 2025 HY
Highlights 2025 HY 13th August 2025
Slide 6: Performance overview H1 2025
Performance overview H1 2025 84.9% combined ratio Robust investment Share buyback - Strong profit of – demonstrating return $308.5m $235m of $500m $503m underwriting equivalent to 2.7% completed as at 30 excellence June 2025 Underwriting growth Intentional Active claims Growth concentrated in recent
Slide 7: Our underwriting
Our underwriting 13th August 2025
Slide 8: Diversified portfolio – enabling cycle resilience
Diversified portfolio – enabling cycle resilience • Diversified product portfolio is instrumental in enabling cycle management • 4 main divisions, 18 business lines and over 50 individual products provides agility to focus on greatest risk reward dynamic 8
Slide 9: Platform reach – supporting market responsiveness
Platform reach – supporting market responsiveness Europe North America Global Wholesale Via Lloyd’s Long term Multi decade Long-term growth typically Growth at same rate trajectory growth journey above market trend as the market 39% % group premium share 9% 21% 79% 52% Admitted Excess & surplus H1 o
Slide 10: Property Risks – evolving access and opportunity in North America
Property Risks – evolving access and opportunity in North America $1,025.7m • Exceptionally strong COR performance IWP demonstrative of expertise and underwriting (2024 HY: $1,008.4m) discipline Growth 1.7% (2024 HY: 25.2%) • Rate environment and growth opportunities in North America providing great
Slide 11: Cyber Risks – Shifting dynamics across markets
Cyber Risks – Shifting dynamics across markets $544.3m • Competition highest in North America and with IWP continued heightened frequency and severity, (2024 HY: $577.8m) underwriting discipline is key Growth (5.8)% (2024 HY: 6.7%) • Opportunity greatest internationally, with European business growi
Slide 12: Cyber Risks – evolving risks, disciplined response
Cyber Risks – evolving risks, disciplined response 2024 – Events which impact multiple insureds 2025 – Events which impact individual insureds • CrowdStrike 2024 - faulty software update • M&S - ransomware • Change Health cyber attack 2024 - software • LVMH - data breach vulnerability resulting in m
Slide 13: Cyber Risks – protection tailored to threat
Cyber Risks – protection tailored to threat $1,200m Cyber Cat Bond 3 Industry Loss $800m Warranty Proportional RI Cyber Cat Cyber Cat Bond 1 Bond 2 $500m Traditional Excess of Loss cover Catastrophe Loadings within reserves Net Retention Reinsurance covers both malicious and non-malicious events 13
Slide 14: Cyber Risks – $1bn protection
Cyber Risks– $1bn protection Attritional Risk Protection • Proportional RI – share premiums and losses proportionally, helping smooth out frequent, low-severity claims • Cyber Aggregate Stop Loss – Caps total cyber- related losses over a period, protecting against cumulative attritional impacts Syst
Slide 15: Specialty Risks – strong Q2 growth, moderating outlook
Specialty Risks – strong Q2 growth, moderating outlook • Specialty risks flat in Q1, impacted by subdued IWP $946.8m capital markets activity amid US tariff concerns (2024 HY: $903.4m) 4.8% • Exceptional Q2 growth, driven by short term surge Growth in IPO and capital markets activity (2024 HY: (4.0)
Slide 16: MAP Risks – underwriting discipline, long term value
MAP Risks – underwriting discipline, long term value • Contingency business growing with demand for IWP $552.1m events cover continuing to increase (2024 HY: $506.9m) 8.9% • Ongoing global uncertainty driving uptick in Growth demand for specialist terrorism insurance (2024 HY: (3.0)%) solutions 82.4
Slide 17: Financial Performance
Financial Performance 13th August 2025
Slide 18: Financial performance - H1 2025 result
Financial performance - H1 2025 result HY 2025 HY 2024 % movement Insurance written premium ($m) 3,187.1 3,123.3 2.0% Net insurance written premium ($m) 2,600.6 2,586.5 0.5% Net Insurance revenue ($m) 2,512.4 2,395.3 Net Insurance service expense ($m) (2,018.7) (1,837.3) Insurance Service Result ($m
Slide 19: Consistent reserve strength
Consistent reserve strength Reserve Percentile • Reserves at half-year 2025 are at 92% the 85th percentile 90% 88% • Consistent maintenance of reserves within our preferred 86% reserve confidence range of the 84% 80th to 90th percentile 82% 80% 78% 76% 74% HY22 YE22 HY23 YE23 HY24 YE 24 HY25 19
Slide 20: Continued strong investment income
Continued strong investment income 600.0 6% 500.0 5% 400.0 322 4% 300.0 336 3% Investment Return 94 200.0 2% $m 309 % 105 252 100.0 32 1% 170 144 83 84 13 0.0 0% 2019 2020 2021 2023 2024 2025 (100.0) (193) -1% (200.0) -2% 2022 (300.0) -3% 1st Half 2nd Half Annualised Investment Return 20
Slide 21: High quality portfolio – well placed to capture market opportunities
High quality portfolio – well placed to capture market opportunities Portfolio: $11.5bn 45.0% (31 Dec 2024: $11.5bn) 39.5% 40.0% 37.3% 35.0% 33.6% 29.6% 30.0% 25.0% % 20.0% 15.0% 10.0% 8.6% 7.7% 6.5% 6.6% 5.8% 5.8% 4.2% 4.7% 5.0% 3.0% 3.5% 1.5% 1.4% 0.4% 0.3% 0.0% Government Debt Investment Grade Ca
Slide 22: Insurance Finance Expense
Insurance Finance Expense Increase Decrease Total • Yields decreased in H1 2025 and hence we 0.0 see an expense from the update in yield curves (20.0) • $95.8m Insurance Finance Expense is split between: (40.0) ⎻ $116.7m Discount unwind (Expense) ⎻ $31.8m impact of updating yield curves (60.0) (Expe
Slide 23: Beazley approach to capital
Beazley approach to capital Capital strategy • Our aim is to remain above an SCR ratio of 170% • Our priority is to invest in sustainable growth and profitability in a balanced, well diversified business • We factor in growth for the year ahead and opportunities which may emerge in the subsequent 1-
Slide 24: Resilient capital position - able to withstand external shocks
Resilient capital position - able to withstand external shocks Solvency Ratio illustrative sensitivities 350% • Strong coverage even with a simultaneous 300% 287% 1 in 250 event and a 50bps 255% 260% decrease in interest rates 250% 243% 248% • FY SCR expected to be 200% lower than HY position of 287
Slide 25: Outlook
Outlook 13th August 2025 25
Slide 26: Outlook for remainder of 2025 supporting long term profitability
Outlook for remainder of 2025 supporting long term profitability Active claims Underwriting Demand remains Growth focused in environment discipline is essential buoyant for specialty areas which remain continues to protect long term expertise rate adequate profitability Investment yield on Expect mi
Slide 27: Beazley - specialism delivering consistency and long-term outperformance
Beazley - specialism delivering consistency and long-term outperformance Diversified portfolio of Multi-platform Proven Effective risk attractive, specialty risks distribution model innovator management • Highly diversified portfolio, • Business written from three core • Consistently creating soluti
Slide 28: Questions
Questions 13th August 2025 28
Slide 29: Appendices
Appendices 13th August 2025 29
Slide 30: Other Key Information
Other Key Information Undiscounted Combined Ratios HY 25 HY24 YE24 Cyber Risks 82.3% 73.1% 68.1% Digital 64.6% 73.8% 77.3% MAP Risks 82.4% 63.6% 83.2% Property Risks 76.1% 80.8% 74.6% Specialty Risks 95.1% 97.7% 87.1% Total 84.9% 80.7% 79.0% 30
Slide 31: Cross cycle ROE – achieving target over 5 and 10 years
Cross cycle ROE – achieving target over 5 and 10 years 30% 30% 27% • Cross cycle ROE target of 15% 19% 19% 18% 20% 18% 15% • 10 year average 15% 16% ROE 15.4% 9% • 5 year average 10% 5% ROE 22.0% 0% (3%) (10%) (20%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 HY* Investment ROE Insurance
Slide 32: Thank you
beazley Thank you 13 August 2025