Details for (BEZ) / Market data / Selftrade

BEAZLEY

(BEZ JE00B64G9089 GBX)

Value 140.000

Change Today +1.80

Updated17/05 16:35

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PROFILE

Registered Number	102680
Registered Address	22 Grenville Street St Helier Jersey JE4 8PX
Head Office	2 Northwood Avenue Northwood Park Santry Demesne; Santry Dublin 9; Ireland JE4 8PX
Phone Number	+353 1 8544700
Fax Number
Website	http://www.beazley.com
Activities	Provides underwriting and claims services
Country of Register	JE
Currency	GBX
Short Name	BEAZLEY
First Day Traded	09/06/2009
Industrial Sector	Property & Casualty Insure
Number of shares	535m

Key People

Jonathan Agnew	Chairman
Dennis Holt	Chairman
Andrew Horton	Chief Executive Officer
Nicholas Furlonge	Director
Neil Maidment	Director
Padraic O'Connor	Non Executive Director
Vincent Sheridan	Non Executive Director
Rolf Tolle	Non Executive Director
Martin Bride	Financial Director
Gordon Hamilton	Non Executive Director
Andrew Pomfret	Non Executive Director
Andrew Beazley	Director
Clive Washbourn	Director
Daniel Jones	Non Executive Director
Adrian Cox	Director
Jonathan Gray	Director

Major Shareholders

Invesco Asset Management Ltd.	19.08%
Jupiter Asset Management Ltd.	7.96%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	685.30	705.50	898.70	948.62	902.08
Premiums Earned	617.20	683.10	836.70	910.15	863.97
Total Investment Income	50.60	61.80	34.70	32.77	34.31
Realized Gains (Losses)	7.40	-49.50	14.80	-12.50	-13.72
Other Operating Income	10.10	10.10	12.50	18.20	17.53
Losses, Claims & Reserves	307.40	401.10	473	478.13	530.54
Losses, Benefits & Adjustments	307.40	401.10	473	478.13	530.54
Long Term Insurance Reserves	0	0	0	0	0
Selling, General & Administrative Expenses & Other	230.50	275.40	294.30	320.22	318.76
Selling, General & Administrative Expenses	237.40	237.30	300.90	324.24	322.69
Other Selling, General & Admin. Expense	58.20	54.70	82.70	77.21	78.97
Underwriting & Commissions	179.20	182.60	218.20	247.03	243.72
Other Operating Expense	-6.90	38.10	-6.60	-4.02	-3.93
Operating Income Before Interest Expense	147.40	29	131.40	150.27	52.77
Interest Expense, Net of Interest Capitalized	11.80	12.20	8.80	8.42	9.86
Interest Expense (excl. Interest Capitalized)	11.80	12.20	8.80	8.42	9.86
Interest Capitalized	0	0	0	0	0
Operating Income After Interest Expense	135.60	16.80	122.60	141.85	42.92
Non-Operating Income (Expense)	2.90	70.40	-21.90	20.60	-3.18
Interest Income	0	0	0	0	0
Miscellaneous Non Operating Expense	2.90	70.40	-21.90	21.18	-3.18
Equity in Affiliates (Pretax)	0	0	0	-0.58	0
Reserves Increase (Decrease)	0	0	0	0	0
Unusual Expense	0	0	0	0	0
Pretax Income	138.50	87.20	100.70	162.44	39.74
Income Taxes	38.10	22.80	12.30	21.89	-1.93
Income Tax - Current - Domestic	18.10	20	26.90	-13.93	4.93
Income Tax - Current - Foreign	0	0	0	0	0
Income Tax - Deferred - Domestic	20	2.80	-14.60	35.82	-6.86
Income Tax - Deferred - Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0	0	0	0	0
Equity in Affiliates	0	0	0	0	-0.62
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	100.40	64.40	88.40	140.55	41.05
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	100.40	64.40	88.40	140.55	41.05
Preferred Dividends	0	0	0	0	0
Net Inc. Avail. To Common - Basic	100.40	64.40	88.40	140.55	41.05
Operational EPS	26.27	17.20	17.77	26.02	7.74
EPS (basic)	26.91	18.01	18.40	27.27	8.11
EPS (diluted)	26.27	17.20	17.77	26.02	7.74

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash Only	39.50	124.40	155.30	51.80	136.67
Total Investment Assets	1,452.30	1,872.50	2,124.80	2,402.32	2,441.61
Total Fixed Income Securities Investment	1,006.50	1,429.90	1,602.30	1,369.72	1,892.48
Bonds	1,006.50	1,429.90	1,602.30	1,369.72	1,892.48
Redeemable Preferred Stock	0	0	0	0	0
Total Equity Securities Investment	54.70	18.10	0	0	0
Common Stocks	54.70	18.10	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Real Estate Assets	0	0	0	0	0
Mortgage, Policy & Other Loans	0	0	0	0	0
Other Investments	391.10	424.50	522.50	1,032.61	549.13
Premium Balance Receivables	199.90	287.80	309.30	336.67	359.50
Net Property, Plant & Equipment	7.20	8.10	7.70	6.13	4.57
Investment in Unconsolidated Subs.	1.30	0	0.90	4.15	5.73
Other Assets (incl. Intangibles)	122.70	159.30	178.50	219.97	210.22
Separate & Variable Account Assets	0	0	0	0	0
Deferred Charges	82	91.50	97.60	106.73	105.72
Tangible Other Assets	12	15.30	15.90	38.51	20.40
Intangible Assets	28.70	52.50	70.50	74.73	84.10
Total Assets	1,827.40	2,458.90	2,782	3,027.11	3,166.33
Insurance Policy Liabilities (Insurance)	1,118.60	1,708.10	1,781.10	1,923.74	2,018.34
Insurance Reserves - (Insurance)	0	0	0	0	0
Unearned Premiums	311.40	371.90	383.10	391.59	390.07
Policy Claims	807.20	1,336.20	1,398	1,532.14	1,628.27
Other Insurance Liabilities	0	0	0	0	0
Total Debt	156.70	177.50	173.10	171.30	171.74
ST Debt & Current Portion of LTD	0	0	0	0	0
Short Term Debt	0	0	0	0	0
Current Portion of LT Debt	0	0	0	0	0
Long-Term Debt	156.70	177.50	173.10	171.30	171.74
LT Debt excl. Capital Lease Obligations	156.70	177.50	173.10	171.30	171.74
Capitalized Lease Obligations	0	0	0	0	0
Provision for Risks & Charges	0.90	0	0	0	0
Deferred Taxes	29.50	30.30	16.30	52.06	43.56
Deferred Taxes - Credit	34	37.10	21.80	58.12	51.61
Deferred Taxes - Debit	-4.50	-6.80	-5.50	-6.07	-8.04
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	118.60	123.50	187.40	182.29	235.51
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	118.60	123.50	187.40	137.07	192.46
Deferred Income	0	0	0	45.22	43.05
Total Liabilities	1,428.80	2,046.20	2,163.40	2,335.45	2,477.19
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	398.60	412.70	618.60	691.66	689.14
Common Stock Par/Carry Value	18.40	18.50	26.70	27.27	27.54
Additional Paid-In Capital/Capital Surplus	234.80	235.60	0.30	0.45	0.71
Retained Earnings	158.70	187.70	601.90	756.49	751.17
ESOP Debt Guarantee	-10.70	-16.60	-17.30	-19.80	-18.60
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-2.50	9.10	5.70	-58.12	-56.95
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	5	8.40	1.30	3.83	4.63
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	-5.10	-30	0	-18.46	-19.37
Total Shareholders' Equity	398.60	412.70	618.60	691.66	689.14
Liabilities & Shareholders' Equity	1,827.40	2,458.90	2,782	3,027.11	3,166.33

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Funds from Operations	337.80	585.70	195	214.26	171.36
Extraordinaries	0	0	0	0	0
Changes in Working Capital	0	0	0	0	0
Net Operating Cash Flow	337.80	585.70	195	214.26	171.36
Capital Expenditures	9.20	7.30	11.10	6.54	8.42
Capital Expenditures (Fixed Assets)	1.80	3.50	3.10	1.30	0.62
Capital Expenditures (Other Assets)	7.40	3.80	8	5.25	7.80
Net Assets from Acquisitions	0	-9.40	-14.80	0	-2.37
Sale of Fixed Assets & Businesses	0	0	0	0	0
Purchase/Sale of Investments	-159.50	-457.40	-212.90	175.46	-163.19
Purchase of Investments	-2,522.50	-2,873.10	-6,268.40	-2,933.43	-2,442.69
Sale/Maturity of Investments	2,363	2,415.70	6,055.50	3,108.90	2,279.50
Other Uses	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-168.70	-474.10	-238.80	168.92	-173.98
Cash Dividends Paid - Total	-18.60	-35.40	-26.80	-35.95	-51.65
Common Dividends	-18.60	-35.40	-26.80	-35.95	-51.65
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-0.70	-24.10	150.50	-18.52	-0.44
Repurchase of Common & Preferred Stk.	-5.10	-24.90	0	-18.72	-0.75
Sale of Common & Preferred Stock	4.40	0.80	150.50	0.19	0.31
Proceeds from Stock Options	4.40	0.80	150.50	0.19	0.31
Other Proceeds from Sale of Stock	0	0	0	0	0
Issuance/Reduction of Debt, Net	0	0	0	0	0
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	0	0	0	0	0
Issuance of Long-Term Debt	0	0	0	0	0
Reduction in Long-Term Debt	0	0	0	0	0
Other Funds	0	0	-3.90	-4.21	-3.74
Other Uses	0	0	-3.90	-4.21	-3.74
Other Sources	0	0	0	0	0
Net Financing Cash Flow	-19.30	-59.50	119.80	-58.68	-55.83
Exchange Rate Effect	-0.90	33.20	-14.40	-32.19	-0.75
Miscellaneous Funds	-0.00	-0.00	0.00	-0.00	0.00
Net Change in Cash	148.90	85.30	61.60	292.31	-59.20
Free Cash Flow	317.40	546.80	165.10	177.02	119.08

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	592.21	473.68	533.29	588.57	718.77
Price/Earnings	5.79	7.21	5.43	4.17	16.56
Price/Sales	0.85	0.66	0.53	0.62	0.75
Price/Book Value	1.49	1.15	0.86	0.85	1.04
Price/Cash Flow	1.76	0.83	2.55	2.86	4.16
Enterprise Value/EBIT	0	0	0	0	0
Enterprise Value/EBITDA	0	0	0	0	0
Enterprise Value/Sales	1.10	0.94	0.75	0.83	0.98
Total Debt/Enterprise Value	0.21	0.27	0.26	0.22	0.19
Total Debt/EBITDA	0	0	0	0	0
EPS (basic)	26.91	18.01	18.40	27.27	8.11
EPS (diluted) as stated	26.27	17.20	17.77	26.02	7.74
Profitability
Operating Margin (%)	21.51	4.11	14.62	15.84	5.85
Pretax Margin (%)	20.21	12.36	11.21	17.12	4.40
Net Margin (%)	14.65	9.13	9.84	14.82	4.55
Return on Assets (%)	5.97	3.00	3.37	4.84	1.33
Return on Equity (%)	27.96	15.88	17.14	21.45	5.95
Return on Avg. Total Capital (%)	19.50	11.24	12.79	16.99	4.76
Return on Avg. Invested Capital (%)	19.50	11.24	12.79	16.99	4.76
Efficiency
Revenue/Employee	1.40	1.28	1.34	0	1.12
Total Asset Turnover	0.41	0.33	0.34	0.33	0.29
Capital Structure
Debt-to-Total Equity (%)	39.31	43.01	27.98	24.77	24.92
Debt-to-Total Capital (%)	28.22	30.07	21.86	19.85	19.95
Debt-to-Total Assets (%)	8.58	7.22	6.22	5.66	5.42
Interest Coverage	0.00	0.00	0.00	0.00	0.00

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,492.82	-0.84%
HONG KONG HANG SENG INDIC	19,200.93	+0.00%
Nikkei 225	8,876.59(c)	+0.00%

Name	Latest	Var
RANDGOLD RES.	4,855.00(c)	+4.63%
ICAP	342.00(c)	+1.63%
NATIONAL GRID	675.00(c)	+1.43%
ANTOFAGASTA	1,026.00(c)	+1.38%
CENTRICA	311.90(c)	+1.10%

Name	Latest	Var
INTL. CONS. AIR GRP	143.50(c)	-6.02%
AVIVA	267.70(c)	-4.70%
GKN	184.30(c)	-4.21%
HARGREAVES LANS	480.70(c)	-4.15%
MAN GROUP	78.55(c)	-4.09%

Buys

Name	Latest	Var
AVIVA	267.70(c)	-4.70%
LAMPRELL	128.50(c)	+1.18%
RED EMPEROR RES	18.00(c)	-41.46%
LLOYDS GRP.	27.65(c)	-3.56%
RANGE RES.	7.25(c)	-16.47%

Sells

Name	Latest	Var
RED EMPEROR RES	18.00(c)	-41.46%
RANGE RES.	7.25(c)	-16.47%
BP	396.65(c)	-0.75%
AVIVA	267.70(c)	-4.70%
VODAFONE GRP.	165.90(c)	-1.19%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

BEAZLEY

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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