Beazley reported full-year profit before tax of $1,146.5 million for 2025, marking its third consecutive year exceeding $1 billion in profits despite challenging market conditions. The specialty insurer's results came as insurance written premiums of $6,100.7 million fell short of analyst expectations by 2.1%, declining 1% year-over-year from $6,164.1m in 2024.

The company achieved an undiscounted combined ratio of 81%, slightly better than guidance and analyst consensus of 81.5%. However, reserve strengthening in the Specialty Risks segment, attributed to US social inflation, impacted results. Net insurance written premiums reached $5,198.7 million, up 1% from the prior year, while return on equity declined to 19% from 27% in 2024.

For the second half of 2025, profit before tax of $644.0 million beat analyst expectations by 1.5%, though diluted earnings per share of 79.4 cents missed consensus by 4.3%. The company's solvency ratio stood at 281%, exceeding expectations. CEO Adrian Cox emphasized the company's robust underwriting discipline in navigating the softening insurance rating environment. The Board maintained the interim dividend at 25.0 pence per share.