Beazley plc (BEZ) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you. Good morning, everyone. And thank you for joining us on the call to go through our 2024 half year results. It's been a busy week for insurance results and it's a busy day today. So we very much appreciate you taking the time to dial in. I'm Adrian Cox, CEO, and I'm joined by Barbara, our CFO for the first time. So welcome, Barbara. Thank you. So here are the contents. I'll go through some highlights. Barbara will take us through some more details on the financial performance and then hand back to me to talk a little bit about some of the underwriting. And then we'll finish with an outlook and then move to Q&A. Please note the disclaimer. And so... been a very positive year so far for us our six-month profits of just under 730 million are by some margin our best ever from first half and it's pleasing to note that um just as for the full year last year all the parts of the beasley machine have been contributing a good investment result a good underwriting result with profits coming from all the divisions across the group and i think It speaks both to the underwriting DNA at Beazley and the fact that despite the fact that this is definitely not a benign claims environment, we are getting paid properly for the risks that we are taking. So we have an insurance service result of £558 million up from £342 last year, investment income of £252 up from £144 last year, and an undiscounted combined ratio of 81, markedly better than the 88 that we posted this time last year. Our growth of 7% is in line, I think, with the high single digits guidance we've been giving. and the net growth a little bit higher of 10 as we complete our strategy of aligning our reinsurance purchasing to the larger balance sheet that we now enjoy. Property continues to lead the way, growing by...