Beazley Plc · LSE:BEZ
Beazley — Investor Day (November 2025)
54 slides from Beazley's investor day presentation, Nov 25, 2025
Slide 1: Capital Markets Day
Capital Markets Day
Slide 2: 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: Why Beazley?
Why Beazley? Consistent financial performance Cycle management excellence Beazley’s business model enables delivery of Disciplined growth in soft cycle, discipline consistent financial performance throughout every cycle and accelerated growth in hard market Product diversification Platform strength
Slide 4: Beazley's Business model
Beazley’s Business model Adrian Cox
Slide 5: The power of specialism
Our business model The power of specialism We focus on areas of risk that are changing, complex, new, or volatile in areas which are structurally growing, where we can leverage our underwriting expertise at the point of sale to add real value to our brokers and clients. A continually evolving underw
Slide 6: Product driven business with platforms creating optionality at every point in the cycle
Product driven business with platforms creating optionality at every point in the cycle Global Europe (1) North America (1) Wholesale via Lloyd’s (1) Increasing Both admitted and Global wholesale demand for non admitted access via Lloyd’s specialist access licenses products 39% 9% 79% 52% 21% Excess
Slide 7: Consistent financial performance through the cycle
Consistent financial performance through the cycle Barbara Plucnar Jensen
Slide 8: We deliver long-term growth throughout the insurance cycle
We deliver long-term growth throughout the insurance cycle… 7,000 35% 6,000 30% Accelerating growth executing on investment and leaning into hard 5,000 market 25% 4,000 20% Disciplined growth during last soft cycle 3,000 15% 2,000 10% 1,000 5% 0 0% $m (1,000) -5% 2010 2011 2012 2013 2014 2015 2016 2
Slide 9: Consistent through-cycle return on equity
…..as well as a consistent through-cycle return on equity 7,000 20% 19% 6,000 • Cross cycle ROE 18% target of 15% 5,000 17% • 10 year average ROE 15.5% 16% 4,000 RoE %ge • 5 year average $m 15% ROE 17.7% 3,000 14% 13% 2,000 12% 1,000 11% 0 10% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2
Slide 10: Investment Return
Investment income provides second arm in profit generation 600.0 6.0% Investments 500.0 5.0% ▪ Asset portfolio in excess of 400.0 322 4.0% $11.7bn (1) ▪ Portfolio doubled in size since 300.0 336 3.0% 2019 Investment Return 94 ▪ Average yield of 4.0% as at 30 200.0 2.0% % $m September 2025 105 252 30
Slide 11: Maintaining our approach to capital discipline
Maintaining our approach to capital discipline Bolt on 800 acquisition 100 90 700 80 600 70 Dividend and share buyback $m 500 Payout per share (p) 60 400 First State 50 integrated Leviathan- US Subsea Creechurch – Canada 40 300 30 200 20 100 10 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2
Slide 12: 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 13: Capital is primarily deployed for value creation
Capital is primarily deployed for value creation Investments in organic growth • Optimisation of RoE based on resilient integrated business plan aligned to Capital deployed take advantage of growth opportunities first for Dividend • Progressive ordinary dividend per share Investments in inorganic gr
Slide 14: Maximising opportunities throughout the cycle
Maximising opportunities throughout the cycle Paul Bantick
Slide 15: Achieving consistent profitability drives the business planning process
Achieving consistent profitability drives the business planning process… Cross-cycle ROE target guides 2026 Plan ¹ tactical decisions across the portfolio: • ROE > 15% Growth and investment • ROE 10-15% Continue: close monitoring 17% 30% and improvement plan in place • ROE < 10% Retrenchment or real
Slide 16: An agile mix of business adapted to market conditions
…This delivers an agile mix of business adapted to market conditions $1,741.6m $6,164.1m 100% Our portfolio mix 90% changes over time 80% 70% as we grow in areas 60% where market 50% conditions are 40% attractive 30% 20% 10% 0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 20
Slide 17: Product diversification & agility
Product diversification & agility
Slide 18: MAP Risks - Diverse product suite maintains growth trajectory
MAP Risks - Diverse product suite means growth trajectory can be maintained as events and market conditions change 300 1,800 1,600 War and Terrorism, Contingency, Cargo and Hull 250 1,400 Gaza War 200 1,200 Russia / Ukraine Decile 10 1,000 MAP $m $m 150 800 100 600 COVID -19 400 50 200 - - 2018 2019
Slide 19: Property Risks - Underwriting agility allows us to seize immediate opportunities
Property Risks - Underwriting agility allows us to seize immediate opportunities and build for the long-term 1,800 25% 1,600 20% 1,400 1,200 15% 1,000 RARC $m 800 10% 600 400 5% 200 0 0% 2019 2020 2021 2022 2023 2024 Property Risks ($m) ¹ RARC ² (1) Gross Written Premium (2) Risk Adjusted Rate Chang
Slide 20: Specialty Risks – 25+ diverse products across division
Specialty Risks – 25+ diverse products across division ensures success as market conditions change • Underwriting expertise means we know when to lean Specialty Risks Diversification 90% in and when to derisk in individual lines. 80% • Broad and diverse, niche and growing classes of specialist liabi
Slide 21: Specialty Risks – Safeguard: creating and scaling an innovative product
Specialty Risks – Safeguard: creating and scaling an innovative specialist new product that meets demand from clients 120 100 Market leading product aimed at minimizing the risk of sexual Wrote first abuse and effectively responding 80 Australian if an event occurs risk Hired US based $100 million u
Slide 22: Platform Optionality
Platform Optionality
Slide 23: North America - Investment in talent and capabilities
North America - Investment in talent and capabilities - supported by strategic acquisitions - drives our expansion …. 6,000 ~ 43% Of Expansion into 5,000 Canada with Beazley Group premiums acquisition of Creechurch 17% Acquisition of Underwriters 4,000 surplus lines insurer First State completed CAG
Slide 24: Replicated on our European platform
…and is being replicated on our European platform Premium 450 ~8% Of doubles to $400 million+ in 3 years 400 Beazley Group premiums 350 300 10% Premium growth in 2024 250 $m European insurance company 200 150 7 Office locations started 100 50 0 200+ Employees 2017 2018 2019 2020 2021 2022 2023 2024
Slide 25: Cyber Risks – three platforms allow optionality when placing business
Cyber Risks – three platforms allow for optionality when placing business - leaning into European cyber as North America sees excess competition 1,400 1,200 Global Wholesale via Lloyd's Europe 1,000 North America 800 600 400 Gross Premium $m 200 0 2019 2020 2021 2022 2023 2024 The bars reflect Gross
Slide 26: Platform strength – European growth
Platform strength – European growth 26
Slide 27: Expertise
Expertise
Slide 28: Property Risks – refining underwriting delivers outperformance
Property Risks – consistently refining our underwriting delivers outperformance Loss Ratio (1) as % of Property Income Graph Key California Wildfires Highest loss ratio Market range representing 25th to 75th percentile of loss ratios Milton Helene Lowest loss ratio Beazley When losses are combined f
Slide 29: Cyber - Leadership continues to outperform the market
Cyber - Leadership continues to outperform the market Financial Year Combined Ratio • Gross combined ratios across global peers¹ 180% shows a wide range with market average exceeding 100% in 2025 160% 140% • Beazley continues to outperform the market average 120% 100% • Market demonstrating upward t
Slide 30: Cyber Risks - Leading in today's market cycle
Cyber Risks - Leading in today’s market cycle • Beazley understands the claims drivers Cyber Market Ransomware Loss and impact on losses. Ratio (%), 2018 – 2023 • Remain disciplined and prioritise rate 60 adequacy, particularly in North America 50 which is currently challenged. • Claims drivers are
Slide 31: Marine – Deep technical knowledge outperforms the market
Marine – Deep technical knowledge outperforms the market Marine Classes Performance vs Lloyd’s 120% 100% Incurred Loss Ratio (ILR) 80% 60% 40% 20% 0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Beazley ILR Lloyd's ILR (1) Source: Lloyd’s Insight Hub 31
Slide 32: Specialty Risks – outperforms peers in liability classes
Specialty Risks – outperforms peers in liability classes that need high levels of expertise Environmental, Recall and M&A Performance vs Lloyd’s 90% 80% 70% 60% Incurred Loss Ratio 50% 40% 30% 20% 10% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Beazley ILR Lloyd's ILR (1) Source: Lloyd
Slide 33: Profit Related Pay (PRP) - aligning underwriting with long term profitability
Profit Related Pay (PRP) - aligning underwriting approach with long term profitability Target setting Years 1 to 3 Years 4 to 10 Commutation • Profit targets are set through the • Closing profit position measured • Profit position is remeasured at • After 10 years a final position is business planni
Slide 34: Aligning underwriter's interest drives long term profitability
Aligning underwriter's interest with the business drives long term profitability PRP vs Target Plan Profit (%) 250% Contingency 200% Cargo North American Commercial Property 150% PRP Payout (%) International Cyber 100% US Management 50% Liability Property Wholesale via Lloyd’s Political 0% Global He
Slide 35: Why Beazley?
Why Beazley? Consistent financial performance Cycle management excellence Beazley’s business model enables delivery of Disciplined growth in soft cycle discipline consistent financial performance throughout every cycle and accelerated growth in hard market Product diversification Platform strength 5
Slide 36: Break
Break 36
Slide 37: Innovation enables Growth
Innovation enables Growth Adrian Cox
Slide 38: Bermuda
Bermuda
Slide 39: Bermuda – Strong growth trajectory to ~$400million premium by 2030
Bermuda¹ – Strong growth trajectory to deliver ~$400million premium by 2030 Alternative Risk Other specialty Transfer (“ART”) insurance • ILS • Captives Specialty Property reinsurance reinsurance • Mortgage Indemnity (1) Subject to regulatory approval
Slide 40: Structurally growing cyber market - seizing the next opportunity
Structurally growing cyber market - seizing the next opportunity 2008 Wrote our first standalone cyber insurance policy 2009 2026 Beazley Breach Response (BBR) service launched 2017 Beazley Cyber ILS Developing cyber ILS products, utilising our leading Lodestone cyber security company founded cyber
Slide 41: Cyber seizing the next market opportunity
Cyber seizing the next market opportunity 41
Slide 42: Building on the lessons of the property catastrophe ILS market
Building on the lessons of the property catastrophe ILS market Laying the foundations ILS proves its value An era of growth Market diversification Pool Re issues first Market milestones Everglades Re terrorism cat bond $1.5bn issuance for Florida Vita Capital I extreme Citizens Beazley launches Over
Slide 43: Captives offer a growing and attractive opportunity
Captives offer a growing and attractive opportunity …presenting long term growth opportunities The captives client segment is large… for Beazley ~6,000 • Presence in Bermuda complements our existing $50-60bn capability to place business with Captives across multiple platforms, including in Wholesale
Slide 44: Bermuda – Strong growth trajectory to ~$400million premium by 2030
Bermuda¹ – Strong growth trajectory to deliver ~$400million premium by 2030 Bermuda plan Alternative Risk Other specialty Transfer ~$200m ³ insurance • ILS • Captives 54% CAGR ² Other Specialty insurance Specialty Reinsurance (mortgage indemnity) ART Property Reinsurance Specialty Property Reinsuran
Slide 45: Transition Underwriting
Transition Underwriting
Slide 46: Transition Underwriting is a structural growth opportunity
Transition Underwriting is a structural growth opportunity 46
Slide 47: Leveraging existing expertise to seize the energy transition opportunity
Innovation enables growth Leveraging existing expertise to seize the energy transition opportunity Amplifying our strategy Product focus • Enhancements to existing • Construction: Data Centres, Solar, Battery Plants, nuclear power products • Renewables: onshore, offshore, green v blue technologies •
Slide 48: Transition is a long-term structural growth opportunity
Innovation - Transition is a long-term structural growth opportunity Annual global capital expenditures in the top climate technologies could account for more than $2.4 trillion by 2030* This is forecast to require $10 billion to $15 billion in insurance premiums on capital expenditures alone by 203
Slide 49: Why Beazley?
Why Beazley? Platform strength Product diversification Increasing our access to risk with new location – Building on our specialist product set to evolve and Bermuda create new products – Cyber ILS Expertise at point of sale Innovation enables growth Underwriting alpha enabling us to capitalise on I
Slide 50: Driving shareholder returns
Driving shareholder returns Adrian Cox
Slide 51: Investing in Beazley delivers long-term value
Investing in Beazley delivers long-term value 2024 total payout >$450m 2025 total payout >$700m 43% payout ratio 64% payout ratio >$2.5bn 15.5% average RoE returned to shareholders in last ten years over the last 10 years Mid 80s undiscounted CoR¹, mid $6.2bn premium in 2024, single digits growth ex
Slide 52: Investing in Beazley delivers long-term value
Investing in Beazley delivers long-term value 400% 350% +345% 300% 250% 200% +218% 150% +141% 100% 50% - 2015 2014 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Beazley UK Peer Group Average US Peer Group Average Note: (1) UK peer group: Lancashire, Hiscox (2) US peer group: Arch, AIG, Axis, Chu
Slide 53: Why Beazley?
Why Beazley? Consistent financial performance Cycle management excellence Beazley’s business model enables delivery of Disciplined growth in soft cycle discipline consistent financial performance throughout every cycle and accelerated growth in hard market Product diversification Platform strength 5
Slide 54: Questions
Questions 54