Across the insurance industry, the financial impact of the COVID-19 pandemic is finally becoming clearer as insurance businesses reveal their results for the first half of 2020. The British insurer Beazley today disclosed its results for the period ended June 30, 2020 and posted a pretax loss of $13.8 million for this period, compared with a prior-year pretax profit of $166.4 million.
The business also revealed an annualized return on equity of 1%, down greatly from that of 19% last year, as well as a combined ratio which had increased by 7% since last year to 107%. Net income investment for the insurer is also down to $83.2 million from $170.3 million in 2019.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.