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Beazley
(LSE:BEZ)
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Rating:78Outperform
Price Target:
1,474.00 p
▲(13.56% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by strong fundamentals (growth, profitability, improving leverage and ROE) tempered by historical volatility in earnings and cash flows. Technicals are supportive with an uptrend and constructive momentum, while valuation looks reasonable with a modest dividend. Corporate events are mildly positive due to increased institutional ownership, with limited dilution from employee-share issuances.
Positive Factors
Conservative leverage and strong ROE
Beazley’s lower leverage provides financial resilience and greater flexibility to support underwriting growth, absorb claims volatility, and allocate capital. Strong recent returns on equity also indicate that management is using the balance sheet productively rather than relying primarily on additional borrowing.
Negative Factors
Earnings and cash-flow volatility
Material swings in operating cash flow and earnings make Beazley’s financial performance less predictable, even when recent results are favorable. This variability can complicate capital planning, dividend decisions, and assessment of sustainable earnings power across insurance and claims cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage and strong ROE
Beazley’s lower leverage provides financial resilience and greater flexibility to support underwriting growth, absorb claims volatility, and allocate capital. Strong recent returns on equity also indicate that management is using the balance sheet productively rather than relying primarily on additional borrowing.
Read all positive factors
Beazley (BEZ) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£7.75B
Dividend Yield1.92%
Average Volume (3M)3.11M
Price to Earnings (P/E)15.6
Beta (1Y)0.41
Revenue Growth-3.16%
EPS Growth-29.27%
CountryUK
Employees2,555
SectorFinancial
Sector Strength70
IndustryInsurance - Specialty
Share Statistics
EPS (TTM)1.13
Shares Outstanding601,906,740
10 Day Avg. Volume4,013,609
30 Day Avg. Volume3,109,743
Financial Highlights & Ratios
PEG Ratio-0.77
Price to Book (P/B)1.40
Price to Sales (P/S)6.47
P/FCF Ratio7.15
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.3
Revenue Forecast (FY)£6.30B
Beazley Business Overview & Revenue Model
Company Description
Established in London in 1986, Beazley plc is a global provider of specialized insurance and reinsurance offerings, serving clients across the United States, Europe, and other international markets. The company's diverse portfolio is structured in...
How the Company Makes Money
Beazley makes money primarily through (1) underwriting income and (2) investment income generated from investing premiums (“float”). Underwriting income comes from writing specialty insurance and reinsurance policies: Beazley collects premiums upf...
Beazley Earnings Call Summary
Earnings Call Date:Aug 13, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Mar 10, 2027
Earnings Call Sentiment Neutral
The earnings call reflects a strong financial performance with significant profit and investment returns. However, challenges in growth rates and competitive market conditions, particularly in cyber, were noted. Despite these challenges, the company's strategic management of its portfolio and investments provides a positive outlook.Positive Updates
Strong Profit Performance
Generated a profit of $503 million, significantly above consensus, with an annualized return on equity of over 18% and a combined ratio of just under 85%.
Negative Updates
Slow Growth Rate
Reported a modest growth of 2% in the first half, below the expected mid-single-digit growth, due to increased competition and deliberate product selection.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong Profit Performance
Generated a profit of $503 million, significantly above consensus, with an annualized return on equity of over 18% and a combined ratio of just under 85%.
Read all positive updates
Company Guidance
In the 2025 Interim Results Presentation, Beazley provided guidance on various metrics, reflecting a robust financial performance, despite a challenging market environment. The company reported a profit of $503 million, with an annualized return on equity exceeding 18% and a combined ratio of 84.9%. This strong result is attributed to effective underwriting and claims management, particularly in the face of increased large and catastrophic losses. While the company experienced a modest growth of 2% in the first half of the year due to competitive market conditions, it expects mid-single-digit growth for the full year, focusing on sectors with adequate rates and favorable risk-reward dynamics. Investment performance was also strong, with a return of 2.7% in the first half, contributing to a significant investment profit of over $300 million. Beazley maintained a robust Solvency II ratio of 287%, including a $500 million share buyback, and is on track to complete a $700 million capital return program by year-end. The company expects continued underwriting discipline and market opportunities to support future growth and profitability.Beazley Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
73
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 6.59B | 1.06B | 5.91B | 5.10B | 3.47B | 3.29B |
| Gross Profit | 4.43B | 2.16B | 5.91B | 584.70M | 3.47B | 3.29B |
| EBITDA | 923.27M | 1.23B | 1.42B | 1.25B | 613.90M | 409.60M |
| Net Income | 678.65M | 932.56M | 1.13B | 1.03B | 483.30M | 308.70M |
Balance Sheet | ||||||
| Total Assets | 16.34B | 16.20B | 15.42B | 13.67B | 15.10B | 12.81B |
| Cash, Cash Equivalents and Short-Term Investments | 1.12B | 1.37B | 882.10M | 593.30M | 652.50M | 591.80M |
| Total Debt | 624.22M | 626.93M | 615.60M | 624.90M | 620.70M | 631.90M |
| Total Liabilities | 11.42B | 11.33B | 10.81B | 9.78B | 12.53B | 10.68B |
| Stockholders Equity | 4.92B | 4.87B | 4.61B | 3.88B | 2.57B | 2.13B |
Cash Flow | ||||||
| Free Cash Flow | 939.97M | 957.07M | 572.10M | 338.00M | 1.10B | 1.17B |
| Operating Cash Flow | 950.99M | 970.75M | 634.90M | 393.20M | 1.10B | 1.17B |
| Investing Cash Flow | -288.08M | 264.54M | -62.80M | -55.20M | -1.25B | -839.20M |
| Financing Cash Flow | -537.69M | -774.92M | -515.60M | -190.80M | 235.70M | -48.00M |
Beazley Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | £7.75B | 15.57 | 13.86% | 1.92% | -3.16% | -29.27% | |
77 Outperform | £415.27M | 11.35 | 14.67% | 8.26% | -10.22% | -5.62% | |
75 Outperform | £1.54B | 6.65 | 21.73% | 17.59% | -1.60% | 36.00% | |
74 Outperform | £11.69B | 17.04 | 45.59% | 4.21% | 0.12% | -15.35% | |
70 Outperform | £156.03M | 7.79 | 11.72% | 3.08% | ― | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | £5.95B | 13.02 | 16.17% | 2.09% | 4.50% | 7.58% |
* Financial Sector Average
GB:BEZ
Beazley
1,301.50
522.37
67.05%
GB:ADM
Admiral
3,816.00
654.67
20.71%
GB:HUW
Helios Underwriting
227.50
32.67
16.77%
GB:LRE
Lancashire Holdings
630.00
137.71
27.97%
GB:HSX
Hiscox
1,878.00
614.36
48.62%
GB:SBRE
Sabre Insurance Group plc
172.00
44.64
35.05%
Beazley Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Beazley Updates Voting Rights as Global Specialty Insurer Maintains Rated Platforms
Neutral
Sep 1, 2026
Beazley plc, the London-listed parent of specialist insurance businesses operating through Lloyd’s and regulated carriers in the U.S., Europe and Bermuda, continues to leverage its A and A+ rated platforms to write a diversified book across ...
Business Operations and StrategyRegulatory Filings and Compliance
Zurich Insurance Lifts Voting Stake in Beazley to Just Over 8%
Positive
Aug 27, 2026
Zurich Insurance Group has increased its holding in Beazley plc, crossing a key disclosure threshold on 26 August 2026 and now controls 8.022% of the insurer’s voting rights attached to shares. This represents a rise from a previously report...
Business Operations and Strategy
Beazley Employee Trust Lifts Stake With Share Purchase
Positive
Aug 10, 2026
Beazley plc has disclosed that its Employee Benefit Trust purchased 294,139 ordinary shares on 7 August 2026 at 1291.73p per share, increasing the trust’s holding to 6,325,822 shares. This stake now represents 1.05% of the insurer’s is...
Business Operations and StrategyRegulatory Filings and Compliance
Zurich Insurance Lifts Stake in Beazley Beyond 7% Threshold
Positive
Aug 6, 2026
Beazley plc has disclosed that Zurich Insurance Group Ltd, through Zurich Insurance Company Ltd, has increased its shareholding in the insurer, crossing a regulatory threshold of 7.047% of voting rights as of 5 August 2026. This marks a rise from ...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
Beazley Adds Employee Scheme Shares to London Listing
Positive
Aug 5, 2026
Beazley plc has admitted 1,059 new ordinary shares of 5 pence each to trading on the London Stock Exchange’s Main Market, issued under existing block admissions. The move increases the total number of Beazley ordinary shares in issue to 601,...
Business Operations and StrategyFinancial Disclosures
Beazley Profit Halves as Soft Market Bites, Innovation Push Gains Pace
Negative
Aug 5, 2026
Specialist insurer Beazley reported a sharp year-on-year drop in first-half 2026 profit before tax to $237.7m as softening specialty insurance rates and an uptick in large losses weighed on performance. Insurance written premiums fell 4.3% and the...
Regulatory Filings and Compliance
Beazley Confirms Total Voting Rights Following Share Capital Update
Neutral
Aug 3, 2026
Beazley plc has confirmed that its issued ordinary share capital stood at 601,534,725 shares of 5p each as of 31 July 2026, giving the company an equal number of total voting rights. This disclosure provides investors with the official denominator...
Business Operations and StrategyRegulatory Filings and Compliance
Zurich Insurance Lifts Voting Stake in Beazley to Just Over 6%
Positive
Jul 6, 2026
Beazley plc has disclosed a change in its shareholder base following a notification from Zurich Insurance Group Ltd, a major global insurer headquartered in Zurich, Switzerland. The filing shows that Zurich Insurance Group and its subsidiary Zuric...
Business Operations and StrategyDelistings and Listing Changes
Beazley Adds Shares to LSE Under Employee Schemes
Positive
Jul 2, 2026
Beazley plc has admitted 70,632 new ordinary shares of 5p each to trading on the Main Market of the London Stock Exchange, bringing its total number of shares in issue to 601,533,666. The new shares are fully fungible with existing stock and were ...
Regulatory Filings and Compliance
Beazley Confirms Total Voting Rights Following Share Capital Update
Neutral
Jul 1, 2026
Beazley plc has confirmed that, as of the close of business on 30 June 2026, its issued ordinary share capital comprised 601,533,666 shares of 5p each, representing an equal number of voting rights. This disclosure provides investors and other sta...
Business Operations and StrategyRegulatory Filings and Compliance
Zurich Lifts Beazley Stake Above 5% Voting Threshold
Positive
Jun 16, 2026
Zurich Insurance Group has increased its shareholding in Beazley plc, crossing the 5% threshold of voting rights attached to Beazley’s issued share capital. The stake rose from 4.006% to 5.033%, equivalent to 30,272,126 voting rights, with n...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.