Beazley 2010 results
Beazley plc consolidated results year ended 31 December ● / US$ mn Category 2006 2007 2008 2009 2010 Gross written premium 1,458.4 1,549.8 1,279.9 1,751.3 1,741.6 Net written premium 1,124.1 1,295.1 1,082.1 1,331.3 1,402.1 Increased NWP % 34.9 13.6 13.5 - 5.3 Retention % 77.1 83.6 84.5 76.0 80.5 Net earned premium 997.4 1,225.6 998.4 1,313.6 1,405.2 Claims incurred 529.8 610.4 586.2 742.6 738.2 Claims incurred % NEP 53.1 49.8 58.7 56.5 52.5 Operating expenses 351.5 471.4 346.8 472.4 500.6 Operating expenses % NWP 31.3 36.4 32.1 35.5 35.7 Underwriting result 116.1 143.8 65.3 98.6 166.4 Underwriting result % NWP 10.3 11.1 6.0 7.4 11.9 Combined ratio %* 90.0 90.0 90.0 90.0 88.0 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 51.9 100.5 90.3 54.5 50.6 Net realised gains/(losses) 25.5 14.7 (72.4) 23.2 (19.3) Pre-tax result 169.9 275.0 127.5 158.1 250.8 Pre-tax % NWP 15.1 21.2 11.8 11.9 17.9 Net result 117.2 199.4 94.1 138.8 217.0 Shareholders' funds 625.4 791.5 603.2 995.9 1,082.9 Solvency margin 55.6 61.1 55.7 74.8 77.2 Unearned premium reserve 541.0 618.4 543.6 616.8 613.1 Outstanding claims reserve 1,166.8 1,603.0 1,592.9 2,250.8 2,398.8 Total technical provisions 1,707.7 2,221.2 2,496.5 2,867.6 3,011.9 Technical reserves as % NWP 151.9 171.5 230.7 215.4 214.8 Overall coverage as % NWP 207.6 232.6 286.4 290.2 292.0 Note: In 2010, Beazley announced a change in its functional currency from sterling to the US dollar.