London-based specialty insurer Beazley has reported a $191m pre-tax profit for 2022, despite being hit by claims related to the war in Ukraine and a substantial investment loss.
The figure is well down on the $369.2m pre-tax profit it earned in 2021.
Beazley’s 2022 earnings were affected by a net investment loss of $179.7m.
Its marine income is included in its marine, accident and political (MAP) risks segment for financial reporting.
The MAP division reported premium of $1.1bn, compared with $897.5m in the previous year, and a profit of $91.6m, well down on 2021’s figure of $167.5m.
“The 2022 result was impacted by the war in Ukraine, and this has represented a potentially material loss to our book, which remains unchanged since our 2022 interim report,” chief executive Adrian Cox said in the earnings report.
“Despite this, MAP Risks delivered a profit for 2022, which is a credit to the expertise and hard work of our team, who have been focusing on helping clients as they have faced extraordinary difficulties.”
Cox said Beazley’s marine expertise had been able to assist during the conflict in Ukraine, giving claims handling support to those affected by the war, and providing insurance cover for ships exporting food under the United Nations Black Sea Grain Initiative.
“From our claims team’s support for mariners injured by missiles in the conflict zone, or enabling shipments of grain needed by some of the world’s poorest people, to offering clients reassurance as they navigate a complex sanctions regime — the innovation and responsiveness of the Beazley team has shone through,” he said.