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Beazley Plc Six-month Profit Rises

Posted on 23 Jul 2010

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Lloyd's of London insurer Beazley Plc announced a six-month pre-tax profit that surged to $115.5 million from $30.1 million last year. Profit after income tax stood at $97.9 million, higher than $31.2 million a year earlier.

Earnings per share for the half year improved to 18.1 cents from 7.1 cents in the previous year. Earnings per share for the period advanced to 12.6 pence from 4.9 pence in the prior year.

Revenue for the six months ended June 30, 2010 increased to $701.6 million from $588.2 million in the comparable period.

In April 2010, the company announced a change to its reporting currency to US dollars, reflecting the growth of its dollar denominated premiums and the fact that the capital supporting the business is largely held in dollars.