Beazley has posted a 31% decline in pre-tax profits in its opening half results, after they slumped to $502.5m.

In the six months to 30 June, the insurer’s earnings per share also slipped by 24% from 68.7p at the halfway point last year, to 52.5p this time around.

Beazley did post a 2% rise in insurance written premiums in its H1 figures, increasing to $3.2bn.

As a result of the performance in H1, the group stated that its full year premium growth guidance had been updated to “low-to-mid single digits”.

Beazley CEO, Adrian Cox, commented that the group was “very proud” of its overall performance.

“Growth of 2% reflects our disciplined approach and is fully aligned with our strategy of prioritising rate adequacy and long-term profitability over short-term income,” said Cox. “This commitment to delivering strong profit through the market cycle is demonstrated by our 84.9% undiscounted combined ratio.

“Our depth of experience in operating within a cyclical environment means we know when to take risk, and when to pull back. This phase is no exception.

“As ever we are focused on accessing the right opportunities, backed by the strength of our people, platforms and product set, all of which underpin our ability to adapt with confidence during periods of elevated uncertainty.”

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