{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "beaz": "http://www.beazley.com/20241231", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.beazley.com/20241231/213800VTOMUWD41GIT12-2024-12-31.xsd" ] }, "facts": { "f-1": { "value": "1423500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-2": { "value": "574400000.0", "decimals": -5, "dimensions": { "concept": "beaz:NetInvestmentIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-3": { "value": "5678100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceRevenue", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-4": { "value": "5442400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceRevenue", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-5": { "value": "3933000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceServiceExpensesFromInsuranceContractsIssued", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-6": { "value": "3592600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceServiceExpensesFromInsuranceContractsIssued", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-7": { "value": "764900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ExpensesFromAllocationOfPremiumsPaidToReinsurer", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-8": { "value": "1127300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ExpensesFromAllocationOfPremiumsPaidToReinsurer", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-9": { "value": "255800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeFromAmountsRecoveredFromReinsurer", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-10": { "value": "528500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeFromAmountsRecoveredFromReinsurer", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-11": { "value": "1236000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceServiceResult", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-12": { "value": "1251000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceServiceResult", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-13": { "value": "574400000.0", "decimals": -5, "dimensions": { "concept": "beaz:NetInvestmentIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-14": { "value": "480200000.0", "decimals": -5, "dimensions": { "concept": "beaz:NetInvestmentIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-15": { "value": "-89100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedRecognisedInProfitOrLoss", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-16": { "value": "-169300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceFinanceIncomeExpensesFromInsuranceContractsIssuedRecognisedInProfitOrLoss", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-17": { "value": "33200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeExpensesFromReinsuranceContractsHeldRecognisedInProfitOrLoss", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-18": { "value": "15900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeExpensesFromReinsuranceContractsHeldRecognisedInProfitOrLoss", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-19": { "value": "1754500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-20": { "value": "1577800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncomeCost", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-21": { "value": "106000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-22": { "value": "78500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-23": { "value": "388600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-24": { "value": "365800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OperatingExpense", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-25": { "value": "-9100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-26": { "value": "4500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-27": { "value": "1462800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-28": { "value": "1295000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-29": { "value": "39300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-30": { "value": "40600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-31": { "value": "1423500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-32": { "value": "1254400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-33": { "value": "293200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-34": { "value": "227600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-35": { "value": "1130300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-36": { "value": "1026800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-37": { "value": "1.751", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-38": { "value": "1.547", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-39": { "value": "1.704", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-40": { "value": "1.514", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-41": { "value": "1.370", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-42": { "value": "1.248", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-43": { "value": "1.333", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-44": { "value": "1.221", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "f-45": { "value": "1130300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-46": { "value": "1026800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-47": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-48": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-49": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-50": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-51": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-52": { "value": "5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-53": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-54": { "value": "6300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-55": { "value": "1130700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-56": { "value": "1033100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-57": { "value": "46600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-58": { "value": "9700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-59": { "value": "-109800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-60": { "value": "-7600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-61": { "value": "3015100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-62": { "value": "2954000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-63": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-64": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-65": { "value": "5700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-66": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-67": { "value": "1027400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-68": { "value": "1033100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-69": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-70": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-71": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-72": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-73": { "value": "107700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-74": { "value": "107700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-75": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-76": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-77": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-78": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-79": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-80": { "value": "1000000.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-81": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-82": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-83": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-84": { "value": "36200000.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-85": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-86": { "value": "36200000.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-87": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-88": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-89": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-90": { "value": "-33600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-91": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-92": { "value": "-33600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-93": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-94": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-95": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-96": { "value": "-700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-97": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-98": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-99": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-100": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-101": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-102": { "value": "-8500000.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-103": { "value": "8500000.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-104": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-105": { "value": "46700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-106": { "value": "10600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-107": { "value": "-104100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-108": { "value": "-12800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-109": { "value": "3941700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-110": { "value": "3882100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-111": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-112": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-113": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-114": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-115": { "value": "1129500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-116": { "value": "1130700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-117": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-118": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-119": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-120": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-121": { "value": "120500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-122": { "value": "120500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-123": { "value": "2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-124": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-125": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-126": { "value": "-2400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-127": { "value": "330000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-128": { "value": "330000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfTreasuryShares", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-129": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-130": { "value": "7300000.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-131": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-132": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-133": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-134": { "value": "7600000.0", "decimals": -5, "dimensions": { "concept": "beaz:IssueOfSharesForShareBasedPayment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-135": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-136": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-137": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-138": { "value": "40500000.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-139": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-140": { "value": "40500000.0", "decimals": -5, "dimensions": { "concept": "beaz:EquitySettledShareBasedPayments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-141": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-142": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-143": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-144": { "value": "-14000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-145": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-146": { "value": "-14000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-147": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-148": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-149": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-150": { "value": "-7100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-151": { "value": "-3300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-152": { "value": "-10400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-153": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-154": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-155": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-156": { "value": "-11400000.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-157": { "value": "11400000.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-158": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:TransferOfSharesToEmployees", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-159": { "value": "44600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-160": { "value": "17900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f-161": { "value": "-102900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-162": { "value": "11800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-163": { "value": "4635400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-164": { "value": "4606800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-165": { "value": "-10400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-166": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-167": { "value": "-7100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-168": { "value": "900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-169": { "value": "-3300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-170": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxRelatingToItemsChargedOrCreditedDirectlyToEquity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-171": { "value": "198000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-172": { "value": "165300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-173": { "value": "28900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-174": { "value": "15900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-175": { "value": "49800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssetsThatDoNotMeetDefinitionOfInvestmentProperty", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-176": { "value": "59400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RightofuseAssetsThatDoNotMeetDefinitionOfInvestmentProperty", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-177": { "value": "191800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-178": { "value": "46900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-179": { "value": "4000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-180": { "value": "4500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-181": { "value": "20200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceContractsThatAreAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-182": { "value": "101500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceContractsThatAreAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-183": { "value": "2666600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReinsuranceAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-184": { "value": "2426700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReinsuranceAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-185": { "value": "10610600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-186": { "value": "9665500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLoss", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-187": { "value": "681400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-188": { "value": "354200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-189": { "value": "85600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-190": { "value": "13200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-191": { "value": "882100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-192": { "value": "812300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-193": { "value": "15419000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-194": { "value": "13665400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-195": { "value": "44600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-196": { "value": "46700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-197": { "value": "17900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-198": { "value": "10600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-199": { "value": "-102900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-200": { "value": "-104100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-201": { "value": "11800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-202": { "value": "-12800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-203": { "value": "4635400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-204": { "value": "3941700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-205": { "value": "4606800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-206": { "value": "3882100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-207": { "value": "387200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-208": { "value": "202200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-209": { "value": "576000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherFinancialLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-210": { "value": "554600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherFinancialLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-211": { "value": "66900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LeaseLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-212": { "value": "76600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LeaseLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-213": { "value": "8814300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceContractsIssuedThatAreLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-214": { "value": "7992200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InsuranceContractsIssuedThatAreLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-215": { "value": "297100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReinsuranceContractsHeldThatAreLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-216": { "value": "333500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ReinsuranceContractsHeldThatAreLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-217": { "value": "27900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-218": { "value": "13700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-219": { "value": "642800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherPayables", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-220": { "value": "610500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherPayables", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-221": { "value": "10812200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-222": { "value": "9783300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-223": { "value": "15419000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-224": { "value": "13665400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-225": { "value": "1423500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-226": { "value": "1254400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-227": { "value": "-313200000.0", "decimals": -5, "dimensions": { "concept": "beaz:InterestAndDividendsReceived", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-228": { "value": "-215300000.0", "decimals": -5, "dimensions": { "concept": "beaz:InterestAndDividendsReceived", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-229": { "value": "39300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-230": { "value": "40600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-231": { "value": "-227300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-232": { "value": "-325200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFairValueGainsLosses", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-233": { "value": "99200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-234": { "value": "45700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherAdjustmentsForNoncashItems", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-235": { "value": "627100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInInsuranceReinsuranceAndInvestmentContractLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-236": { "value": "545900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInInsuranceReinsuranceAndInvestmentContractLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-237": { "value": "32300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-238": { "value": "86500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInOtherLiabilities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-239": { "value": "-327200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-240": { "value": "-150000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-241": { "value": "8598900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-242": { "value": "7115900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-243": { "value": "7870000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-244": { "value": "6129800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-245": { "value": "7700000.0", "decimals": -5, "dimensions": { "concept": "beaz:RepaymentOfSyndicateLoan", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-246": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "beaz:RepaymentOfSyndicateLoan", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-247": { "value": "303600000.0", "decimals": -5, "dimensions": { "concept": "beaz:InterestAndDividendsReceivedOnFinancialAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-248": { "value": "207400000.0", "decimals": -5, "dimensions": { "concept": "beaz:InterestAndDividendsReceivedOnFinancialAssets", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-249": { "value": "301200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-250": { "value": "110700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-251": { "value": "634900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-252": { "value": "393200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-253": { "value": "17800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-254": { "value": "4300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-255": { "value": "45000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-256": { "value": "50900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-257": { "value": "-62800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-258": { "value": "-55200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-259": { "value": "14000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-260": { "value": "33600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-261": { "value": "11800000.0", "decimals": -5, "dimensions": { "concept": "beaz:PrincipalPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-262": { "value": "8900000.0", "decimals": -5, "dimensions": { "concept": "beaz:PrincipalPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-263": { "value": "2900000.0", "decimals": -5, "dimensions": { "concept": "beaz:InterestPaymentOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-264": { "value": "3100000.0", "decimals": -5, "dimensions": { "concept": "beaz:InterestPaymentOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-265": { "value": "330000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfOtherEquityInstruments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-266": { "value": "0.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfOtherEquityInstruments", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-267": { "value": "36400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-268": { "value": "37500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-269": { "value": "120500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-270": { "value": "107700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-271": { "value": "-515600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-272": { "value": "-190800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-273": { "value": "56500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-274": { "value": "147200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-275": { "value": "812300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-276": { "value": "652500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-277": { "value": "13300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-278": { "value": "12600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-279": { "value": "882100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-280": { "value": "812300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-282": { "value": "
1a Nature of operations
Beazley plc (registered number 09763575) is a public company incorporated in England and Wales. The C ompany\u2019s registered
address is 22 Bishopsgate, London, EC2N 4BQ, United Kingdom. The principal activity of the Company and its subsidiaries
(\"the Group\") is to participate as a specialist insurer which transacts primarily in commercial lines of business through its
subsidiaries and Lloyd\u2019s syndicates. The Group's consolidated financial statements for the year ended 31 December 2024
comprise the parent company, its subsidiaries and the Group\u2019s interest in associates. For the separate parent company
financial statements, refer to page 255.
1b Basis of preparation
The Group\u2019s consolidated financial statements have been prepared in accordance with UK adopted International Accounting
Standards (IAS) and the requirements of Companies Act 2006. These are prepared on the historical cost basis, with the
exception of financial assets and derivative financial instruments which are stated at their fair value, and the defined benefit
pension asset which is measured at the fair value of plan assets less the present value of the defined benefit pension
obligation. All amounts are presented in US dollars and millions unless stated otherwise.
1c Amendments to existing standards
In the current year, the Group has applied several amendments to International Financial Reporting Standards (IFRS) issued by
the International Accounting Standards Board (IASB) and endorsed by the UK Endorsement Board (UKEB) that are mandatorily
effective for accounting periods beginning on or after 01 January 2024. None of these amendments have had a material impact
on the Group on adoption:
\u2022 Amendment to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants.
\u2022 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback.
\u2022 Amendments to IAS 7 and IFRS 7 \u2013 Disclosures: Supplier Finance Arrangements.
The IASB has issued the following new standards which are not yet effective at the reporting date. Once endorsed by the UKEB,
these will be applied from their effective date of 01 January 2027:
\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements. The Group is currently working to assess the impact of the
new standard; however, this is expected to be material to the presentation of the financial statements and notes.
\u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures. As the Group\u2019s equity instruments are publicly traded, it is
not eligible to elect to apply IFRS 19. No impact is therefore expected.
In addition, the following minor amendments to existing standards have been issued but are not yet effective at the reporting
date. None of these are expected to materially impact the Group on their adoption:
\u2022 Amendment to IAS 21 \u2013 Lack of Exchangeability (endorsed, effective date 01 January 2025).
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments (not yet endorsed, effective
date 01 January 2026).
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 (not yet endorsed, effective date 01 January 2026).
\u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(not yet endorsed, effective date postponed indefinitely).
1 General information continued
1d Going concern
The consolidated financial statements of Beazley plc have been prepared on a going concern basis. In adopting the going
concern basis, the Board has reviewed the Group\u2019s current and forecast solvency and liquidity positions for the 12 months from
the date that the financial statements are authorised for issue. The Group\u2019s business activities, together with the factors likely
to affect its future development, performance and position, are set out in the strategic report contained in this Annual Report
and Accounts. In addition, the risk report and financial review includes the Group\u2019s risk management objectives and the Group\u2019s
objectives, policies and processes for managing its capital.
In assessing the Group\u2019s going concern position as at 31 December 2024, the Directors have considered a number of
factors,\u00a0including:
\u2022 the current statement of financial position and in particular the adequacy of the estimate of the liability for incurred claims;
\u2022 the Group\u2019s strategic and financial plan, taking account of possible changes in trading performance and funding retention;
\u2022 the Group's capital forecast, which takes into account the capital requirements of major subsidiaries and their current
external credit rating and outlook;
\u2022 the Group's liquidity at both a Group and material Subsidiary level;
\u2022 stress testing and scenario analysis assessing the impact of natural and cyber catastrophe events on the Group's capital and
liquidity positions and reverse stress test scenarios designed to render the business model unviable; and
\u2022 other qualitative factors, such as the market environment, the Group's ability to raise additional capital and/or liquidity, and
climate change.
For further details, refer to the viability statement on page 80 of this Annual Report and Accounts.
As a result of the assessment, no material uncertainty in relation to going concern has been identified. As at its most recent
regulatory submission, the Group\u2019s capital ratios and its total capital resources are comfortably in excess of regulatory solvency
requirements, and internal stress testing indicates that the Group can withstand severe economic and competitive stresses.
Based on the going concern assessment performed, the Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence over a period of 12 months from the date of this report being authorised for
issue, and therefore believe that the Group is well placed to manage its business risks successfully. Accordingly, they continue
to adopt the going concern basis in preparing the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-281": { "value": "
1a Nature of operations
Beazley plc (registered number 09763575) is a public company incorporated in England and Wales. The C ompany\u2019s registered
address is 22 Bishopsgate, London, EC2N 4BQ, United Kingdom. The principal activity of the Company and its subsidiaries
(\"the Group\") is to participate as a specialist insurer which transacts primarily in commercial lines of business through its
subsidiaries and Lloyd\u2019s syndicates. The Group's consolidated financial statements for the year ended 31 December 2024
comprise the parent company, its subsidiaries and the Group\u2019s interest in associates. For the separate parent company
financial statements, refer to page 255.
1b Basis of preparation
The Group\u2019s consolidated financial statements have been prepared in accordance with UK adopted International Accounting
Standards (IAS) and the requirements of Companies Act 2006. These are prepared on the historical cost basis, with the
exception of financial assets and derivative financial instruments which are stated at their fair value, and the defined benefit
pension asset which is measured at the fair value of plan assets less the present value of the defined benefit pension
obligation. All amounts are presented in US dollars and millions unless stated otherwise.
1c Amendments to existing standards
In the current year, the Group has applied several amendments to International Financial Reporting Standards (IFRS) issued by
the International Accounting Standards Board (IASB) and endorsed by the UK Endorsement Board (UKEB) that are mandatorily
effective for accounting periods beginning on or after 01 January 2024. None of these amendments have had a material impact
on the Group on adoption:
\u2022 Amendment to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants.
\u2022 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback.
\u2022 Amendments to IAS 7 and IFRS 7 \u2013 Disclosures: Supplier Finance Arrangements.
The IASB has issued the following new standards which are not yet effective at the reporting date. Once endorsed by the UKEB,
these will be applied from their effective date of 01 January 2027:
\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements. The Group is currently working to assess the impact of the
new standard; however, this is expected to be material to the presentation of the financial statements and notes.
\u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures. As the Group\u2019s equity instruments are publicly traded, it is
not eligible to elect to apply IFRS 19. No impact is therefore expected.
In addition, the following minor amendments to existing standards have been issued but are not yet effective at the reporting
date. None of these are expected to materially impact the Group on their adoption:
\u2022 Amendment to IAS 21 \u2013 Lack of Exchangeability (endorsed, effective date 01 January 2025).
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments (not yet endorsed, effective
date 01 January 2026).
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 (not yet endorsed, effective date 01 January 2026).
\u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(not yet endorsed, effective date postponed indefinitely).
1 General information continued
1d Going concern
The consolidated financial statements of Beazley plc have been prepared on a going concern basis. In adopting the going
concern basis, the Board has reviewed the Group\u2019s current and forecast solvency and liquidity positions for the 12 months from
the date that the financial statements are authorised for issue. The Group\u2019s business activities, together with the factors likely
to affect its future development, performance and position, are set out in the strategic report contained in this Annual Report
and Accounts. In addition, the risk report and financial review includes the Group\u2019s risk management objectives and the Group\u2019s
objectives, policies and processes for managing its capital.
In assessing the Group\u2019s going concern position as at 31 December 2024, the Directors have considered a number of
factors,\u00a0including:
\u2022 the current statement of financial position and in particular the adequacy of the estimate of the liability for incurred claims;
\u2022 the Group\u2019s strategic and financial plan, taking account of possible changes in trading performance and funding retention;
\u2022 the Group's capital forecast, which takes into account the capital requirements of major subsidiaries and their current
external credit rating and outlook;
\u2022 the Group's liquidity at both a Group and material Subsidiary level;
\u2022 stress testing and scenario analysis assessing the impact of natural and cyber catastrophe events on the Group's capital and
liquidity positions and reverse stress test scenarios designed to render the business model unviable; and
\u2022 other qualitative factors, such as the market environment, the Group's ability to raise additional capital and/or liquidity, and
climate change.
For further details, refer to the viability statement on page 80 of this Annual Report and Accounts.
As a result of the assessment, no material uncertainty in relation to going concern has been identified. As at its most recent
regulatory submission, the Group\u2019s capital ratios and its total capital resources are comfortably in excess of regulatory solvency
requirements, and internal stress testing indicates that the Group can withstand severe economic and competitive stresses.
Based on the going concern assessment performed, the Directors have a reasonable expectation that the Group has adequate
resources to continue in operational existence over a period of 12 months from the date of this report being authorised for
issue, and therefore believe that the Group is well placed to manage its business risks successfully. Accordingly, they continue
to adopt the going concern basis in preparing the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-283": { "value": "Beazley", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-284": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-285": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-286": { "value": "22 Bishopsgate, London, EC2N 4BQ, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-287": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-288": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-289": { "value": "to participate as a specialist insurer which transacts primarily in commercial lines of business through its subsidiaries and Lloyd\u2019s syndicates", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-291": { "value": "
The Group\u2019s consolidated financial statements have been prepared in accordance with UK adopted International Accounting
Standards (IAS) and the requirements of Companies Act 2006. These are prepared on the historical cost basis, with the
exception of financial assets and derivative financial instruments which are stated at their fair value, and the defined benefit
pension asset which is measured at the fair value of plan assets less the present value of the defined benefit pension
obligation. All amounts are presented in US dollars and millions unless stated otherwise.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-290": { "value": "
The Group\u2019s consolidated financial statements have been prepared in accordance with UK adopted International Accounting
Standards (IAS) and the requirements of Companies Act 2006. These are prepared on the historical cost basis, with the
exception of financial assets and derivative financial instruments which are stated at their fair value, and the defined benefit
pension asset which is measured at the fair value of plan assets less the present value of the defined benefit pension
obligation. All amounts are presented in US dollars and millions unless stated otherwise.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-292": { "value": "
1c Amendments to existing standards
In the current year, the Group has applied several amendments to International Financial Reporting Standards (IFRS) issued by
the International Accounting Standards Board (IASB) and endorsed by the UK Endorsement Board (UKEB) that are mandatorily
effective for accounting periods beginning on or after 01 January 2024. None of these amendments have had a material impact
on the Group on adoption:
\u2022 Amendment to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants.
\u2022 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback.
\u2022 Amendments to IAS 7 and IFRS 7 \u2013 Disclosures: Supplier Finance Arrangements.
The IASB has issued the following new standards which are not yet effective at the reporting date. Once endorsed by the UKEB,
these will be applied from their effective date of 01 January 2027:
\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements. The Group is currently working to assess the impact of the
new standard; however, this is expected to be material to the presentation of the financial statements and notes.
\u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures. As the Group\u2019s equity instruments are publicly traded, it is
not eligible to elect to apply IFRS 19. No impact is therefore expected.
In addition, the following minor amendments to existing standards have been issued but are not yet effective at the reporting
date. None of these are expected to materially impact the Group on their adoption:
\u2022 Amendment to IAS 21 \u2013 Lack of Exchangeability (endorsed, effective date 01 January 2025).
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments (not yet endorsed, effective
date 01 January 2026).
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 (not yet endorsed, effective date 01 January 2026).
\u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(not yet endorsed, effective date postponed indefinitely).
2 Statement of accounting policies continued
2b Material accounting policies
i. Subsidiary undertakings
Subsidiary undertakings are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the
entity. Subsidiary companies where the Group has control are consolidated within these financial statements.
Certain Group subsidiaries underwrite as corporate members of Lloyd\u2019s on syndicates managed by Beazley Furlonge Limited. In view
of\u00a0the several and direct liability of underwriting members at Lloyd\u2019s for the transactions of syndicates in which they participate, only
attributable shares of transactions, assets and liabilities of those syndicates are included in the Group financial statements. The Group
continues to conclude that it remains appropriate to consolidate its share of the result of these syndicates and accordingly, as the
Group is the sole provider of capacity on syndicates 2623, 3622 and 3623, these financial statements include 100% of the economic
interest in these syndicates. Please refer to the financial review on page 18 for a Group structure chart.
The Group provides 10% of capacity on syndicate 4321 for the 2022 to 2023 years of account, and approximately 18% and
20% of capacity on syndicate 5623 for the 2023 and 2024 years of account respectively. In addition, it provides 9% of capacity
in 623 for all open years of account via Beazley Staff Underwriting Limited (BSUL) in order to facilitate a staff participation plan.
These syndicates are managed by Beazley Furlonge Limited. These financial statements include the corresponding economic
interest in these syndicates for the relevant years of account and show the Group's share of the transactions, assets and
liabilities of these syndicates. For the remaining capacity of these syndicates (including, for 5623, the 2022 year of account
where capital was solely provided by third parties), the Group's economic interest in the form of agency fees and profit
commission attributable to non group capital providers is included within these financial statements.
Beazley Furlonge Limited is also the managing agent of syndicate 6107. Capacity for this syndicate is provided entirely by third
parties to the Group, and these financial statements reflect Beazley\u2019s economic interest in the form of agency fees and profit
commission to which it is entitled.
ii. Foreign currency translation
The Group financial statements are presented in US dollars, being the functional and presentational currency of the parent
and\u00a0its main trading subsidiaries, as the majority of trading assets and insurance premiums are denominated in US dollars.
Foreign currency transactions are translated into the functional currency using average exchange rates applicable to the period
in which the transactions take place. Foreign exchange gains and losses resulting from the settlement of such transactions and
from translation at the period end of monetary assets, and liabilities denominated in foreign currencies are recognised in the
statement of profit or loss. Non-monetary items recorded at historical cost in foreign currencies are translated using the
exchange rate on the date of the initial transaction.
The Group has subsidiaries with different functional currencies, the results and financial position of which are translated into
the USD presentational currency as follows:
\u2022 assets and liabilities are translated at the closing rate as at the statement of financial position date;
\u2022 income and expenses are translated at average exchange rates for the reporting period where this is determined to be a
reasonable approximation of the actual transaction rates; and
\u2022 all resulting exchange differences are recognised in other comprehensive income and as a separate component of equity
(the\u00a0foreign currency translation reserve).
iii. Insurance and reinsurance contracts
Recognition and measurement
The Group applies IFRS 17 to all insurance contracts issued and reinsurance contracts held. These are defined respectively as
contracts under which the Group accepts significant insurance risk by agreeing to compensate a policyholder/cedant if they are
adversely affected by an insured event, and contracts which are issued by a reinsurer to compensate the Group as cedant for
claims arising from underlying contracts. Insurance risk is considered in further detail in Note 29. The Group has elected to
apply the General Measurement Model (GMM) to all insurance and reinsurance contracts that it issues, and applies the GMM
with certain modifications to all reinsurance contracts that it holds. This is the default approach under IFRS 17 \u2013 the optional
simplified Premium Allocation Approach has not been applied. Under the GMM, insurance contracts issued are aggregated into
groups. Contracts are then recognised at the earliest of (i) the beginning of the coverage period of the group; (ii) the date when
first payment from a policyholder/cedant in the group is due; or (iii) where applicable, when the group becomes onerous. The
Group measures its reinsurance contracts held separately from the underlying contracts to which the arrangement relates. For
proportional reinsurance contracts, these are recognised at the later of the date on which the first underlying contract is initially
recognised, or the date into which the reinsurance is entered. Non-proportional reinsurance contracts are typically recognised at
the beginning of the coverage period of the group of reinsurance contracts. However if the underlying group is determined to be
onerous, then the reinsurance contract is recognised on the date at which this assessment took place.
Notes to the financial statements continued
2 Statement of accounting policies continued
Level of aggregation
The Group is required under IFRS 17 to allocate its insurance contracts into groups. These are first aggregated into portfolios
at\u00a0a granular level based on whether they share similar risk characteristics and are managed together. Generally, all insurance
contracts within a product line are considered by management to represent a portfolio of contracts. These are then aggregated
further into groups based on profitability characteristics. The three categories are as follows:
\u2022 contracts that are onerous on initial recognition, meaning the expected costs of meeting contractual obligations will exceed
the expected economic benefits;
\u2022 contracts that are not onerous on initial recognition but have a significant possibility of becoming onerous subsequently; and
\u2022 contracts that are not onerous on initial recognition and have no significant possibility of becoming onerous subsequently.
The majority of the Group's insurance contracts are deemed not to be onerous on initial recognition with a possibility of
becoming onerous subsequently.
Finally, these are aggregated into annual cohorts with contracts issued more than one year apart separated out. These groups
represent the level of aggregation at which insurance contracts are initially recognised and measured. Such groupings are not
subsequently reconsidered.
Components of insurance and reinsurance contracts
Insurance and reinsurance contracts included within the Group's statement of financial position comprise of the
following\u00a0components:
\u2022 The present value of future cash flows. Cash flows comprise of future expected premium which is based on data entered into
underwriting systems, gross and reinsured claims payments derived from the latest quarterly reserving exercise, expenses
deemed to be within the contract boundary, and lapses/cancellations which are projected by applying assumptions
determined through statistical measures based on the Group\u2019s experience. Cash flows also include amounts due to and from
insureds, brokers and reinsurers. An allowance is made for default by these parties. The future cash flows are discounted
using a rate derived by applying the \"bottom-up\" estimation technique. As referenced in Note 2a, the future cash flows and
their discounting are both sensitive to changes in accounting estimates.
\u2022 A risk adjustment for non-financial risk. This represents the compensation that the Group requires for bearing uncertainty
around the amount and timing of the cash flows that arise from non-financial risk. IFRS 17 does not prescribe a specific
approach, therefore the Group has opted to apply the CoC approach. Under this method, the risk adjustment is calculated
by\u00a0applying a cost of capital rate to the present value of the projected capital for non-financial risk. The risk adjustment
changes as cash flows crystallise on existing business, new business is recognised, and any changes to the cost of capital
are applied.
\u2022 The contractual service margin. This represents the unearned profit that the Group will recognise as it provides services
in\u00a0the future. If the contract is not deemed to be onerous on initial recognition, the CSM is measured as the equal and
opposite of the sum of its related cash flows and risk adjustment. If deemed to be onerous, then the full CSM is immediately
recognised as a loss in the statement of profit or loss, and included within the loss component on subsequent measurement.
The Group has elected to calculate its CSM on a period-to-period basis. In recognising a group of insurance contracts in a
reporting period, estimates for the discount rates are made at the date of initial recognition and the coverage units provided
in that period. The Group uses a weighted-average discount rate and revisions to the rate are applied from the start of the
reporting period in which the new contracts are added to the group. Groups of insurance contracts, including the CSM, that
generate cash flows in a foreign currency are treated as monetary items. As the Group measures fulfilment cash flows based
on the four major transactional currencies (US dollars, sterling, euros and Canadian dollars), the Group maintains the CSM
based on these respective currencies.
Coverage units
Management is required to identify coverage units in order to determine the amount of CSM that should be released into the
profit or loss in each period. Coverage units are determined at a policy level by considering the quantity of the benefits provided
and the expected coverage duration. For insurance contracts issued and proportional reinsurance contracts held, the number of
coverage units in a group reflects the expected pattern of underwriting of the contracts, as the level of service provided depends
on the number of contracts in force. Once management has determined the number of coverage units included in a group of
insurance contracts, CSM is allocated to each coverage unit. An assessment is then made quarterly as to how much of the
CSM should be released and recognised as profit. For non-proportional reinsurance contracts held, the CSM is amortised
on\u00a0a\u00a0straight-line basis over the life of the policy, as benefits are received evenly over the coverage period.
Liability for remaining coverage (LRC) and liability for incurred claims (LIC)
The LRC represents the Group's obligation for insurance contracts written where insured events have not yet occurred. The LIC
represents the Group's obligation to pay claims for insured events that have already occurred, including events that have
occurred but for which claims have not been reported. Insurance contracts issued comprise the LRC, which includes a loss
component, and the LIC. Reinsurance contracts held comprise of the asset for remaining coverage (ARC), containing a loss
recovery component, and an asset for incurred claims (AIC). Note that the LRC and ARC include an element of the present value
of future cash flows (PVFCF), a risk adjustment for non-financial risk, and the CSM. The LIC and AIC include the remainder of the
PVFCF and a risk adjustment for non-financial risk.
Amounts recognised in profit or loss
\u2022 Insurance revenue in each reporting period represents the changes in the LRC that relate to services for which the Group
expects to receive consideration, in addition to an allocation of premiums that relate to the recovery of insurance acquisition
cash flows. Changes in the LRC include claims and expenses incurred in the period measured at the amounts expected at
the beginning of the period, changes in the risk adjustment for non-financial risk, amounts recognised as profit through
release of the CSM for insurance contract services provided, and other amounts including experience adjustments (which
represent the difference between the expected present value of future cash flows versus the actual cash flows generated,
and any resultant second order impacts).
\u2022 Insurance service expenses are comprised of incurred claims and other directly attributable expenses, changes that relate
to\u00a0past service, losses on onerous contracts and reversal of those losses, and the amortisation of insurance acquisition
cash\u00a0flows.
\u2022 Income/expenses from reinsurance contracts are presented separately from income/expenses from underlying insurance
contracts. The Group has elected to present its net expenses from reinsurance contracts in the statement of profit or loss
as\u00a0the allocation of reinsurance premium and amounts recoverable from reinsurers for incurred claims.
\u2022 Finance income/expense from insurance contracts issued and reinsurance contracts held shows the interest accreted
and\u00a0the effect of changes in discount rates and other financial assumptions.
\u2022 Changes in the risk adjustment for non-financial risk are disaggregated between insurance service expenses and insurance
finance income/expenses.
\u2022 Insurance and reinsurance contract amounts denominated in foreign currencies are translated to the Group's reporting
currency at the balance sheet date, with any translation differences recognised in the statement of profit or loss.
Disaggregation of disclosures
Income statement figures, including details of insurance revenue and insurance service expense by segment, are disclosed in
Note 3. The maturity of insurance and reinsurance contract liabilities by segment is disclosed in Note 29(d). Reconciliations
of\u00a0insurance and reinsurance assets and liabilities in Note 27 have not been disclosed by segment because a single
measurement model (GMM) is applied to all contracts and the nature of the business is to underwrite only property and
casualty insurance. In management\u2019s view, disaggregating the balance sheet reconciliations (Note 27) by reporting segment
or\u00a0geography would result in the disclosure of large amounts of insignificant detail and would obscure useful information.
iv. Financial instruments
Financial instruments are recognised in the statement of financial position at such time as the Group becomes a party to the
contractual provisions of the financial instrument. Purchases and sales of financial assets are recognised on the trade date,
which is the date the Group commits to purchase or sell the asset. A financial asset is derecognised when the contractual
rights to receive cash flows from the financial assets expire, or where the financial assets have been transferred, together with
substantially all the risks and rewards of ownership. Financial liabilities are derecognised if the Group\u2019s obligations specified
in\u00a0the contract expire, are discharged or are cancelled.
Classification
The Group is required to classify its financial instruments into one of the following categories on subsequent measurement:
fair\u00a0value through profit or loss, fair value through other comprehensive income, or amortised cost. Classification is based on
the business model in which these are managed and the characteristics of the associated contractual cash flows. Almost all
of\u00a0the Group\u2019s financial assets are measured at FVTPL (mandatory) under IFRS 9. This is with the exception of cash and cash
equivalents, amounts due from managed syndicates, and other receivables, all of which are measured at amortised cost.
The\u00a0Group\u2019s financial liabilities are held at amortised cost, with the exception of its derivative financial liabilities and a potential
profit uplift commission payment, both of which are held at FVTPL (mandatory) under IFRS 9.
Other receivables
Other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active
market, and are carried at amortised cost less any expected credit losses (ECLs). Other receivables are included within
\"Other\u00a0assets\" on the face of the consolidated statement of financial position.
Notes to the financial statements continued
2 Statement of accounting policies continued
Hedge funds, equity funds and illiquid assets
The Group invests in a number of hedge funds, equity funds and illiquid assets for which there are no available quoted market
prices. The valuation of these assets is based on fair value techniques as described in Note 17. The fair value of our hedge
fund and illiquid asset portfolio is calculated by reference to the underlying net asset values (NAV) of each of the individual
funds. Consideration is also given to adjusting such NAV valuations for any restriction applied to distributions, the existence of
side pocket provisions and the timing of the latest available valuations. At certain times, the Group will have uncalled unfunded
commitments in relation to its illiquid assets and these are are actively monitored by the Group. These amounts are not shown
on the consolidated statement of financial position, and any additional investment into the illiquid asset portfolio is recognised
on the date that this funding is provided by the Group. Further information is included in Note 17 to the financial statements.
Other payables
Other payables are stated at amortised cost determined according to the effective interest rate method. Other payables are
included within \"Other liabilities\" on the face of the consolidated statement of financial position.
Derivative financial instruments
Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at their fair value. The best evidence of fair value of a derivative at initial recognition is the transaction price. The
method of recognising the resulting fair value gains or losses depends on whether the derivative is designated as a hedging
instrument and, if so, the nature of the item being hedged. The Group does not hold any derivatives designated as fair value
hedges, cash flow hedges or net investment hedges and therefore all fair value movements are recorded through profit or loss.
Fair values are obtained from quoted market prices in active markets, recent market transactions, and valuation techniques
which include discounted cash flow models. All derivatives are carried as assets when fair value is positive and as liabilities
when fair value is negative.
Derivative assets and liabilities are offset and the net amount reported in the statement of financial position when there is a
legally enforceable right to set off the recognised amounts and the parties intend to settle on a net basis, or realise the assets
and settle the liability simultaneously.
Impairment of financial assets
The ECLs model is applied to the Group\u2019s financial assets measured at amortised cost. This requires an entity to calculate an
allowance for credit losses by taking the sum of various probability weighted outcomes. The general approach is the default
method which management applies in determining the ECLs against its cash and cash equivalents. A simplified approach is
permitted for trade receivables, contract assets and lease receivables where there is no significant financing component.
This\u00a0results in an entity recognising an ECL that is always equal to a lifetime ECL, rather than assessing periodically whether
there has been an increase in credit risk. The amount of expected credit losses recognised by the Group in 2023 and 2024
was not material.
Cash and cash equivalents
Cash and cash equivalents consist of cash held at bank, cash in hand, deposits held at call with banks, cash held in Lloyd\u2019s
trust accounts and other short-term highly liquid investments that are readily convertible to known amounts of cash and which
are subject to an insignificant risk of changes in value. These investments have a maturity of three months or less from the
date of acquisition. Cash and cash equivalents are measured at amortised cost under IFRS 9.
v. Intangible assets
Goodwill
Goodwill is carried at cost less accumulated impairment losses. It has an indefinite useful life and is tested annually for
impairment. The carrying value is allocated between cash-generating units (CGUs) and is impaired when the net carrying amount
of the relevant CGU exceeds its recoverable amount, being its value in use. Value in use is defined as the present value of the
future cash flows expected to be derived from the CGU.
Syndicate capacity
The syndicate capacity represents the cost of purchasing the Group\u2019s participation in the combined syndicates. The capacity is
capitalised at cost in the statement of financial position. It has an indefinite useful life and is carried at cost less accumulated
impairment. It is annually tested for impairment by reference to the latest auction prices provided by Lloyd\u2019s.
IT development costs
Costs that are directly associated with the development of identifiable and unique software products and that are anticipated
to\u00a0generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Costs include external
consultants\u2019 fees, certain qualifying internal staff costs and other costs incurred to develop software programs. The Group does
not routinely capitalise costs relating to software products hosted in the cloud. Costs are amortised over their estimated useful
life, usually three years, on a straight-line basis. Amortisation commences when the asset becomes operational. Other non-
qualifying costs are expensed as incurred.
vi. Share-based compensation
The grant date fair value of share-based payment awards granted to employees is recognised as an employee expense,
with\u00a0a\u00a0corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards.
The\u00a0amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market
performance conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the
number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based
payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such
conditions and there is no true-up for differences between expected and actual outcomes.
When options are exercised and new shares are issued, the proceeds received, net of any transaction costs, are credited to
share capital (nominal value) with the excess amount going to share premium. For other plans, when no proceeds are received,
the nominal value of shares issued is to share capital and debited to retained earnings. When the options are exercised and
the shares are granted from the employee share trust, the proceeds received, net of any transaction costs, and the value of
shares held within the trust, are credited to retained earnings.
vii. Taxation
The tax expense recognised by the Group comprises both current and deferred taxes.
Current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively enacted
at\u00a0the year-end reporting date and any adjustments to tax payable in respect of prior periods.
Deferred tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. The amount of deferred tax provided is based on the expected
manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively
enacted at the reporting date.
Deferred tax assets are recognised in the statement of financial position to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilised.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-293": { "value": "
1c Amendments to existing standards
In the current year, the Group has applied several amendments to International Financial Reporting Standards (IFRS) issued by
the International Accounting Standards Board (IASB) and endorsed by the UK Endorsement Board (UKEB) that are mandatorily
effective for accounting periods beginning on or after 01 January 2024. None of these amendments have had a material impact
on the Group on adoption:
\u2022 Amendment to IAS 1 \u2013 Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants.
\u2022 Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback.
\u2022 Amendments to IAS 7 and IFRS 7 \u2013 Disclosures: Supplier Finance Arrangements.
The IASB has issued the following new standards which are not yet effective at the reporting date. Once endorsed by the UKEB,
these will be applied from their effective date of 01 January 2027:
\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial Statements. The Group is currently working to assess the impact of the
new standard; however, this is expected to be material to the presentation of the financial statements and notes.
\u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures. As the Group\u2019s equity instruments are publicly traded, it is
not eligible to elect to apply IFRS 19. No impact is therefore expected.
In addition, the following minor amendments to existing standards have been issued but are not yet effective at the reporting
date. None of these are expected to materially impact the Group on their adoption:
\u2022 Amendment to IAS 21 \u2013 Lack of Exchangeability (endorsed, effective date 01 January 2025).
\u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and Measurement of Financial Instruments (not yet endorsed, effective
date 01 January 2026).
\u2022 Annual Improvements to IFRS Accounting Standards \u2013 Volume 11 (not yet endorsed, effective date 01 January 2026).
\u2022 Amendments to IFRS 10 and IAS 28 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
(not yet endorsed, effective date postponed indefinitely).", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-294": { "value": "
2a Use of key judgements and estimates
The preparation of financial statements requires the use of judgements and estimates that affect the reported amounts of
assets, liabilities, income and expenses. Actual results may differ from those on which management\u2019s estimates are based.
Inputs and assumptions are evaluated on an ongoing basis by considering historical experience, expectations of reasonably
possible future events, and other factors. For example, estimates which are sensitive to economic, regulatory and geopolitical
conditions could be impacted by significant changes in the external environment such as rising inflation, rising interest rates,
climate change, international conflicts and significant changes in legislation. Any revisions to accounting estimates are
recognised in the period in which the estimate is revised and in any future periods affected.
Specific to climate change, the estimate for which there is the highest potential exposure to climate risk is the estimation of
future cash flows within insurance contract assets and liabilities. Management currently includes allowances in the
determination of best estimate cash flows for the potential impact of changes arising from climate risks (which could include
but is not limited to an increased frequency of natural catastrophes, liability claims for green-washing and changes in legislation
related to climate). Management is of the view that for all other estimates, climate risk would not have a material impact on the
valuation of the assets and liabilities held by the Group at the year-end date.
Information about the Group's key judgements and estimates has been disclosed below. Key judgements made by management
in applying its accounting policies are those that have the most significant effect on the amounts recognised in the financial
statements. Key estimates are those that have a significant risk of resulting in a material adjustment to the carrying amounts
of\u00a0assets and liabilities within the next 12 months. The Group's key judgements and estimates are reassessed at each
reporting period and updated within the financial statements. The impairment assessment of goodwill has been removed
as\u00a0a\u00a0key judgement in the current year.
i. Key judgements
Measurement of insurance contract liabilities
Judgement has been applied in the following areas when determining the Group's results on an IFRS 17 basis:
\u2022 Management has exercised judgement in determining an appropriate level of aggregation in the measurement of insurance
contracts. Contracts are aggregated into portfolios based on shared risk and management characteristics (i.e. by type of
cover, classes covered, and the reinsurer). These are then split into two groups representing contracts which are onerous and
those which are non-onerous on initial recognition. The latter category is broken down further based on whether there is a
significant possibility of contracts becoming onerous in the future. Further details are included in the accounting policies
at\u00a0Note 2b(iii).
\u2022 Under IFRS 17, discount rates are applied to expected future cash flows in measuring insurance contract liabilities.
Management has applied judgement in determining that the \"bottom-up\" estimation technique should be used in calculating
these rates.
\u2022 Management has also applied judgement in determining an appropriate calculation basis for the risk adjustment. The Cost
of\u00a0Capital (CoC) approach has been applied as this is consistent with the basis on which the risk margin is calculated
under\u00a0Solvency II, meaning work in this area could be leveraged. The main difference between the two methods is that the
CoC is prescribed by EIOPA under Solvency II, whereas under IFRS 17 this is calculated in line with the Group\u2019s view of the
required return.
\u2022 Judgement has been applied by management in determining the amount of contractual service margin (CSM) that should be
released into the profit or loss in each period. This process is carried out by identifying the coverage units in the group of
contracts based on straight-line earnings patterns, allocating the CSM to coverage units, and then assessing at each
reporting date the amount of CSM to be amortised and recognised as profit.
\u2022 Finally, the Group has applied the IFRS 17 expense principles by allocating costs to the \"insurance service expense\" line
based on those which are deemed to be \"directly attributable\" to fulfilling insurance contracts. The amount recognised as
insurance service expenses is determined by excluding certain costs as prescribed by IFRS 17, breaking down the balance
by\u00a0classes of expense (administrative, other acquisition, claims handling and brokerage), and then applying percentages
representing amounts that are directly attributable. These proportions are calculated with references to both forecast and
historical figures.
For further details on the accounting for insurance and reinsurance contracts under IFRS 17, refer to the policies set out at
section (b)(iii) below. For details of the estimates applied in the calculation of discount rates and the risk adjustment, refer
to\u00a0section (ii) below.
2 Statement of accounting policies continued
ii. Key estimates
Measurement of insurance contract liabilities \u2013 Future cash flows
The Group has estimated the amount, timing and probability of future cash flows. Estimates are formed by applying
assumptions about past events, current conditions and forecasts of future conditions. These have been outlined below:
\u2022 Future expected premium cash flows are based on data entered into underwriting systems. These have a level of estimate
embedded for certain contracts, with payment/settlement patterns used to determine timing.
\u2022 Gross and reinsured claims payments are determined using an approach whereby cash flows are set at a year of account
and\u00a0reserving class level based on the latest quarterly reserving exercise.
\u2022 Expenses are deemed to be within the contract boundary, and therefore included in the cash flows, when these are directly
attributable to fulfilling insurance contracts.
\u2022 Lapses/cancellations are projected by applying assumptions determined through statistical measures based on the Group\u2019s
experience. These vary by product type, policy duration and sales trends.
For carrying values of insurance contracts by measurement component (including future cash flows), refer to Note 27(a).
Measurement of insurance contract liabilities \u2013 Discount rates
The discount rates applied to expected future cash flows in measuring insurance contract liabilities have been determined using
the bottom-up approach. This method takes the risk-free rates and adjusts for an illiquidity premium.
\u2022 Risk-free rates are derived using government yield curves denominated in the same currency as the product being measured,
which are sourced from Moody's. These are based on quarter-start and quarter-end rates.
\u2022 The Group's illiquidity premium is also sourced from Moody\u2019s and adjusted to reflect the Group\u2019s own asset portfolio.
This\u00a0represents the differences in the liquidity characteristics between the financial assets used to derive the risk-free yield
and the insurance contract liability characteristics. The illiquidity premium applied by management is a flat percentage which
varies by currency. For the USD discount rate, which is the dominant currency of the Group, as at 31 December 2024 this
was 0.3% (2023: 0.4%).
The discount rates applied in discounting the Group's insurance and reinsurance assets/liabilities are as follows.
31 December 2024
1 year
3 year
5 year
USD
4.5%
4.6%
4.7%
CAD
3.4%
3.3%
3.4%
GBP
4.6%
4.6%
4.6%
EUR
2.4%
2.3%
2.5%
31 December 2023
1 year
3 year
5 year
USD
5.1%
4.5%
4.3%
CAD
5.3%
4.4%
4.1%
GBP
4.9%
4.0%
3.8%
EUR
3.5%
2.7%
2.6%
For carrying values of insurance contract liabilities, refer to Note 27. For an explanation of how amounts may move in the year
as a result of changes in cash flows and amounts recognised in profit or loss, refer to Note 2. Current year movements include
an accrual for additional premiums and a reduction of recoveries contributing to an overall expense on the amount recoverable
from reinsurers for incurred claims following a change in accounting estimate in relation to one of our major reinsurance
contracts in the Specialty Risks division. Sensitivities to a change in interest rate against the carrying value of insurance
contract liabilities are included in Note 29(b)(iii).
Notes to the financial statements continued
2 Statement of accounting policies continued
Measurement of insurance contract liabilities \u2013 Risk adjustment
Estimation of the risk adjustment for non-financial risk is based on various inputs and assumptions, particularly relating to non-
financial risk components of the SCR from the Solvency II internal model which captures all material exposure elements for the
Group. IFRS 17 does not prescribe a specific methodology for the calculation of the risk adjustment for non-financial risk and
the Group has elected to use a CoC approach. This is determined by comparing the required return by each class of business
within the internal model. Our overall cross cycle return on capital target is 15%. Projected capital amounts are derived from
the\u00a0annual business plan, with adjustments made to factor in emerging risks and uncertainties. The risk adjustment therefore
differs between portfolios depending on the inherent risk associated with each. Diversification is considered between business
types (to allow for negative/positive correlation between risks) and between years (to allow for the different kind of risk written
across years).
The risk adjustment calculations as defined above are performed on a net basis, and the resulting risk adjustment percentage
is then applied separately to insurance contracts issued and reinsurance contracts held.
The reserve confidence level determined by the actuarial department is considered as part of a quarterly reserve review
exercise. These meetings are attended by senior management, senior underwriters, and representatives from actuarial, claims
and finance. The reserve confidence level was deemed to be at the 84th percentile for the 2024 year end as per output from
the latest governed reserve review (2023: 85th percentile) at the balance sheet date. This is in line with the preference that
the\u00a0Group maintains a reserve confidence level in the 80th to 90th percentile range. The carrying values of insurance contracts
by measurement component (including risk adjustment) are disclosed in Note 27(a). For sensitivities to a change in risk
adjustment, refer to Note 29(a)(iv).
Valuation of level 3 financial assets
The Group holds syndicate loans, illiquid assets and a share of its collateralised loan obligations at level 3 within the fair
value\u00a0hierarchy. This means that fair values are estimated using model valuations which incorporate both observable and
unobservable market inputs and assumptions. For further details on the methodologies, inputs and assumptions used by the
Group, in addition to carrying values of level 3 financial assets, refer to Note 17. For the sensitivity of level 3 financial assets
to\u00a0price risk, refer to Note 29(b)(iv).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-295": { "value": "
Measurement of insurance contract liabilities \u2013 Future cash flows
The Group has estimated the amount, timing and probability of future cash flows. Estimates are formed by applying
assumptions about past events, current conditions and forecasts of future conditions. These have been outlined below:
\u2022 Future expected premium cash flows are based on data entered into underwriting systems. These have a level of estimate
embedded for certain contracts, with payment/settlement patterns used to determine timing.
\u2022 Gross and reinsured claims payments are determined using an approach whereby cash flows are set at a year of account
and\u00a0reserving class level based on the latest quarterly reserving exercise.
\u2022 Expenses are deemed to be within the contract boundary, and therefore included in the cash flows, when these are directly
attributable to fulfilling insurance contracts.
\u2022 Lapses/cancellations are projected by applying assumptions determined through statistical measures based on the Group\u2019s
experience. These vary by product type, policy duration and sales trends.
For carrying values of insurance contracts by measurement component (including future cash flows), refer to Note 27(a).
Measurement of insurance contract liabilities \u2013 Discount rates
The discount rates applied to expected future cash flows in measuring insurance contract liabilities have been determined using
the bottom-up approach. This method takes the risk-free rates and adjusts for an illiquidity premium.
\u2022 Risk-free rates are derived using government yield curves denominated in the same currency as the product being measured,
which are sourced from Moody's. These are based on quarter-start and quarter-end rates.
\u2022 The Group's illiquidity premium is also sourced from Moody\u2019s and adjusted to reflect the Group\u2019s own asset portfolio.
This\u00a0represents the differences in the liquidity characteristics between the financial assets used to derive the risk-free yield
and the insurance contract liability characteristics. The illiquidity premium applied by management is a flat percentage which
varies by currency. For the USD discount rate, which is the dominant currency of the Group, as at 31 December 2024 this
was 0.3% (2023: 0.4%).
The discount rates applied in discounting the Group's insurance and reinsurance assets/liabilities are as follows.
31 December 2024
1 year
3 year
5 year
USD
4.5%
4.6%
4.7%
CAD
3.4%
3.3%
3.4%
GBP
4.6%
4.6%
4.6%
EUR
2.4%
2.3%
2.5%
31 December 2023
1 year
3 year
5 year
USD
5.1%
4.5%
4.3%
CAD
5.3%
4.4%
4.1%
GBP
4.9%
4.0%
3.8%
EUR
3.5%
2.7%
2.6%
For carrying values of insurance contract liabilities, refer to Note 27. For an explanation of how amounts may move in the year
as a result of changes in cash flows and amounts recognised in profit or loss, refer to Note 2. Current year movements include
an accrual for additional premiums and a reduction of recoveries contributing to an overall expense on the amount recoverable
from reinsurers for incurred claims following a change in accounting estimate in relation to one of our major reinsurance
contracts in the Specialty Risks division. Sensitivities to a change in interest rate against the carrying value of insurance
contract liabilities are included in Note 29(b)(iii).
Notes to the financial statements continued
2 Statement of accounting policies continued
Measurement of insurance contract liabilities \u2013 Risk adjustment
Estimation of the risk adjustment for non-financial risk is based on various inputs and assumptions, particularly relating to non-
financial risk components of the SCR from the Solvency II internal model which captures all material exposure elements for the
Group. IFRS 17 does not prescribe a specific methodology for the calculation of the risk adjustment for non-financial risk and
the Group has elected to use a CoC approach. This is determined by comparing the required return by each class of business
within the internal model. Our overall cross cycle return on capital target is 15%. Projected capital amounts are derived from
the\u00a0annual business plan, with adjustments made to factor in emerging risks and uncertainties. The risk adjustment therefore
differs between portfolios depending on the inherent risk associated with each. Diversification is considered between business
types (to allow for negative/positive correlation between risks) and between years (to allow for the different kind of risk written
across years).
The risk adjustment calculations as defined above are performed on a net basis, and the resulting risk adjustment percentage
is then applied separately to insurance contracts issued and reinsurance contracts held.
The reserve confidence level determined by the actuarial department is considered as part of a quarterly reserve review
exercise. These meetings are attended by senior management, senior underwriters, and representatives from actuarial, claims
and finance. The reserve confidence level was deemed to be at the 84th percentile for the 2024 year end as per output from
the latest governed reserve review (2023: 85th percentile) at the balance sheet date. This is in line with the preference that
the\u00a0Group maintains a reserve confidence level in the 80th to 90th percentile range. The carrying values of insurance contracts
by measurement component (including risk adjustment) are disclosed in Note 27(a). For sensitivities to a change in risk
adjustment, refer to Note 29(a)(iv).
Insurance and reinsurance contracts
Recognition and measurement
The Group applies IFRS 17 to all insurance contracts issued and reinsurance contracts held. These are defined respectively as
contracts under which the Group accepts significant insurance risk by agreeing to compensate a policyholder/cedant if they are
adversely affected by an insured event, and contracts which are issued by a reinsurer to compensate the Group as cedant for
claims arising from underlying contracts. Insurance risk is considered in further detail in Note 29. The Group has elected to
apply the General Measurement Model (GMM) to all insurance and reinsurance contracts that it issues, and applies the GMM
with certain modifications to all reinsurance contracts that it holds. This is the default approach under IFRS 17 \u2013 the optional
simplified Premium Allocation Approach has not been applied. Under the GMM, insurance contracts issued are aggregated into
groups. Contracts are then recognised at the earliest of (i) the beginning of the coverage period of the group; (ii) the date when
first payment from a policyholder/cedant in the group is due; or (iii) where applicable, when the group becomes onerous. The
Group measures its reinsurance contracts held separately from the underlying contracts to which the arrangement relates. For
proportional reinsurance contracts, these are recognised at the later of the date on which the first underlying contract is initially
recognised, or the date into which the reinsurance is entered. Non-proportional reinsurance contracts are typically recognised at
the beginning of the coverage period of the group of reinsurance contracts. However if the underlying group is determined to be
onerous, then the reinsurance contract is recognised on the date at which this assessment took place.
Notes to the financial statements continued
2 Statement of accounting policies continued
Level of aggregation
The Group is required under IFRS 17 to allocate its insurance contracts into groups. These are first aggregated into portfolios
at\u00a0a granular level based on whether they share similar risk characteristics and are managed together. Generally, all insurance
contracts within a product line are considered by management to represent a portfolio of contracts. These are then aggregated
further into groups based on profitability characteristics. The three categories are as follows:
\u2022 contracts that are onerous on initial recognition, meaning the expected costs of meeting contractual obligations will exceed
the expected economic benefits;
\u2022 contracts that are not onerous on initial recognition but have a significant possibility of becoming onerous subsequently; and
\u2022 contracts that are not onerous on initial recognition and have no significant possibility of becoming onerous subsequently.
The majority of the Group's insurance contracts are deemed not to be onerous on initial recognition with a possibility of
becoming onerous subsequently.
Finally, these are aggregated into annual cohorts with contracts issued more than one year apart separated out. These groups
represent the level of aggregation at which insurance contracts are initially recognised and measured. Such groupings are not
subsequently reconsidered.
Components of insurance and reinsurance contracts
Insurance and reinsurance contracts included within the Group's statement of financial position comprise of the
following\u00a0components:
\u2022 The present value of future cash flows. Cash flows comprise of future expected premium which is based on data entered into
underwriting systems, gross and reinsured claims payments derived from the latest quarterly reserving exercise, expenses
deemed to be within the contract boundary, and lapses/cancellations which are projected by applying assumptions
determined through statistical measures based on the Group\u2019s experience. Cash flows also include amounts due to and from
insureds, brokers and reinsurers. An allowance is made for default by these parties. The future cash flows are discounted
using a rate derived by applying the \"bottom-up\" estimation technique. As referenced in Note 2a, the future cash flows and
their discounting are both sensitive to changes in accounting estimates.
\u2022 A risk adjustment for non-financial risk. This represents the compensation that the Group requires for bearing uncertainty
around the amount and timing of the cash flows that arise from non-financial risk. IFRS 17 does not prescribe a specific
approach, therefore the Group has opted to apply the CoC approach. Under this method, the risk adjustment is calculated
by\u00a0applying a cost of capital rate to the present value of the projected capital for non-financial risk. The risk adjustment
changes as cash flows crystallise on existing business, new business is recognised, and any changes to the cost of capital
are applied.
\u2022 The contractual service margin. This represents the unearned profit that the Group will recognise as it provides services
in\u00a0the future. If the contract is not deemed to be onerous on initial recognition, the CSM is measured as the equal and
opposite of the sum of its related cash flows and risk adjustment. If deemed to be onerous, then the full CSM is immediately
recognised as a loss in the statement of profit or loss, and included within the loss component on subsequent measurement.
The Group has elected to calculate its CSM on a period-to-period basis. In recognising a group of insurance contracts in a
reporting period, estimates for the discount rates are made at the date of initial recognition and the coverage units provided
in that period. The Group uses a weighted-average discount rate and revisions to the rate are applied from the start of the
reporting period in which the new contracts are added to the group. Groups of insurance contracts, including the CSM, that
generate cash flows in a foreign currency are treated as monetary items. As the Group measures fulfilment cash flows based
on the four major transactional currencies (US dollars, sterling, euros and Canadian dollars), the Group maintains the CSM
based on these respective currencies.
Coverage units
Management is required to identify coverage units in order to determine the amount of CSM that should be released into the
profit or loss in each period. Coverage units are determined at a policy level by considering the quantity of the benefits provided
and the expected coverage duration. For insurance contracts issued and proportional reinsurance contracts held, the number of
coverage units in a group reflects the expected pattern of underwriting of the contracts, as the level of service provided depends
on the number of contracts in force. Once management has determined the number of coverage units included in a group of
insurance contracts, CSM is allocated to each coverage unit. An assessment is then made quarterly as to how much of the
CSM should be released and recognised as profit. For non-proportional reinsurance contracts held, the CSM is amortised
on\u00a0a\u00a0straight-line basis over the life of the policy, as benefits are received evenly over the coverage period.
Liability for remaining coverage (LRC) and liability for incurred claims (LIC)
The LRC represents the Group's obligation for insurance contracts written where insured events have not yet occurred. The LIC
represents the Group's obligation to pay claims for insured events that have already occurred, including events that have
occurred but for which claims have not been reported. Insurance contracts issued comprise the LRC, which includes a loss
component, and the LIC. Reinsurance contracts held comprise of the asset for remaining coverage (ARC), containing a loss
recovery component, and an asset for incurred claims (AIC). Note that the LRC and ARC include an element of the present value
of future cash flows (PVFCF), a risk adjustment for non-financial risk, and the CSM. The LIC and AIC include the remainder of the
PVFCF and a risk adjustment for non-financial risk.
Amounts recognised in profit or loss
\u2022 Insurance revenue in each reporting period represents the changes in the LRC that relate to services for which the Group
expects to receive consideration, in addition to an allocation of premiums that relate to the recovery of insurance acquisition
cash flows. Changes in the LRC include claims and expenses incurred in the period measured at the amounts expected at
the beginning of the period, changes in the risk adjustment for non-financial risk, amounts recognised as profit through
release of the CSM for insurance contract services provided, and other amounts including experience adjustments (which
represent the difference between the expected present value of future cash flows versus the actual cash flows generated,
and any resultant second order impacts).
\u2022 Insurance service expenses are comprised of incurred claims and other directly attributable expenses, changes that relate
to\u00a0past service, losses on onerous contracts and reversal of those losses, and the amortisation of insurance acquisition
cash\u00a0flows.
\u2022 Income/expenses from reinsurance contracts are presented separately from income/expenses from underlying insurance
contracts. The Group has elected to present its net expenses from reinsurance contracts in the statement of profit or loss
as\u00a0the allocation of reinsurance premium and amounts recoverable from reinsurers for incurred claims.
\u2022 Finance income/expense from insurance contracts issued and reinsurance contracts held shows the interest accreted
and\u00a0the effect of changes in discount rates and other financial assumptions.
\u2022 Changes in the risk adjustment for non-financial risk are disaggregated between insurance service expenses and insurance
finance income/expenses.
\u2022 Insurance and reinsurance contract amounts denominated in foreign currencies are translated to the Group's reporting
currency at the balance sheet date, with any translation differences recognised in the statement of profit or loss.
Disaggregation of disclosures
Income statement figures, including details of insurance revenue and insurance service expense by segment, are disclosed in
Note 3. The maturity of insurance and reinsurance contract liabilities by segment is disclosed in Note 29(d). Reconciliations
of\u00a0insurance and reinsurance assets and liabilities in Note 27 have not been disclosed by segment because a single
measurement model (GMM) is applied to all contracts and the nature of the business is to underwrite only property and
casualty insurance. In management\u2019s view, disaggregating the balance sheet reconciliations (Note 27) by reporting segment
or\u00a0geography would result in the disclosure of large amounts of insignificant detail and would obscure useful information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-297": { "value": "
Subsidiary undertakings are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the
entity. Subsidiary companies where the Group has control are consolidated within these financial statements.
Certain Group subsidiaries underwrite as corporate members of Lloyd\u2019s on syndicates managed by Beazley Furlonge Limited. In view
of\u00a0the several and direct liability of underwriting members at Lloyd\u2019s for the transactions of syndicates in which they participate, only
attributable shares of transactions, assets and liabilities of those syndicates are included in the Group financial statements. The Group
continues to conclude that it remains appropriate to consolidate its share of the result of these syndicates and accordingly, as the
Group is the sole provider of capacity on syndicates 2623, 3622 and 3623, these financial statements include 100% of the economic
interest in these syndicates. Please refer to the financial review on page 18 for a Group structure chart.
The Group provides 10% of capacity on syndicate 4321 for the 2022 to 2023 years of account, and approximately 18% and
20% of capacity on syndicate 5623 for the 2023 and 2024 years of account respectively. In addition, it provides 9% of capacity
in 623 for all open years of account via Beazley Staff Underwriting Limited (BSUL) in order to facilitate a staff participation plan.
These syndicates are managed by Beazley Furlonge Limited. These financial statements include the corresponding economic
interest in these syndicates for the relevant years of account and show the Group's share of the transactions, assets and
liabilities of these syndicates. For the remaining capacity of these syndicates (including, for 5623, the 2022 year of account
where capital was solely provided by third parties), the Group's economic interest in the form of agency fees and profit
commission attributable to non group capital providers is included within these financial statements.
Beazley Furlonge Limited is also the managing agent of syndicate 6107. Capacity for this syndicate is provided entirely by third
parties to the Group, and these financial statements reflect Beazley\u2019s economic interest in the form of agency fees and profit
commission to which it is entitled.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-296": { "value": "
Subsidiary undertakings are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights
to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the
entity. Subsidiary companies where the Group has control are consolidated within these financial statements.
Certain Group subsidiaries underwrite as corporate members of Lloyd\u2019s on syndicates managed by Beazley Furlonge Limited. In view
of\u00a0the several and direct liability of underwriting members at Lloyd\u2019s for the transactions of syndicates in which they participate, only
attributable shares of transactions, assets and liabilities of those syndicates are included in the Group financial statements. The Group
continues to conclude that it remains appropriate to consolidate its share of the result of these syndicates and accordingly, as the
Group is the sole provider of capacity on syndicates 2623, 3622 and 3623, these financial statements include 100% of the economic
interest in these syndicates. Please refer to the financial review on page 18 for a Group structure chart.
The Group provides 10% of capacity on syndicate 4321 for the 2022 to 2023 years of account, and approximately 18% and
20% of capacity on syndicate 5623 for the 2023 and 2024 years of account respectively. In addition, it provides 9% of capacity
in 623 for all open years of account via Beazley Staff Underwriting Limited (BSUL) in order to facilitate a staff participation plan.
These syndicates are managed by Beazley Furlonge Limited. These financial statements include the corresponding economic
interest in these syndicates for the relevant years of account and show the Group's share of the transactions, assets and
liabilities of these syndicates. For the remaining capacity of these syndicates (including, for 5623, the 2022 year of account
where capital was solely provided by third parties), the Group's economic interest in the form of agency fees and profit
commission attributable to non group capital providers is included within these financial statements.
Beazley Furlonge Limited is also the managing agent of syndicate 6107. Capacity for this syndicate is provided entirely by third
parties to the Group, and these financial statements reflect Beazley\u2019s economic interest in the form of agency fees and profit
commission to which it is entitled.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-299": { "value": "Foreign currency translation
The Group financial statements are presented in US dollars, being the functional and presentational currency of the parent
and\u00a0its main trading subsidiaries, as the majority of trading assets and insurance premiums are denominated in US dollars.
Foreign currency transactions are translated into the functional currency using average exchange rates applicable to the period
in which the transactions take place. Foreign exchange gains and losses resulting from the settlement of such transactions and
from translation at the period end of monetary assets, and liabilities denominated in foreign currencies are recognised in the
statement of profit or loss. Non-monetary items recorded at historical cost in foreign currencies are translated using the
exchange rate on the date of the initial transaction.
The Group has subsidiaries with different functional currencies, the results and financial position of which are translated into
the USD presentational currency as follows:
\u2022 assets and liabilities are translated at the closing rate as at the statement of financial position date;
\u2022 income and expenses are translated at average exchange rates for the reporting period where this is determined to be a
reasonable approximation of the actual transaction rates; and
\u2022 all resulting exchange differences are recognised in other comprehensive income and as a separate component of equity
(the\u00a0foreign currency translation reserve).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-298": { "value": "Foreign currency translation
The Group financial statements are presented in US dollars, being the functional and presentational currency of the parent
and\u00a0its main trading subsidiaries, as the majority of trading assets and insurance premiums are denominated in US dollars.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-301": { "value": "Insurance and reinsurance contracts
Recognition and measurement
The Group applies IFRS 17 to all insurance contracts issued and reinsurance contracts held. These are defined respectively as
contracts under which the Group accepts significant insurance risk by agreeing to compensate a policyholder/cedant if they are
adversely affected by an insured event, and contracts which are issued by a reinsurer to compensate the Group as cedant for
claims arising from underlying contracts. Insurance risk is considered in further detail in Note 29. The Group has elected to
apply the General Measurement Model (GMM) to all insurance and reinsurance contracts that it issues, and applies the GMM
with certain modifications to all reinsurance contracts that it holds. This is the default approach under IFRS 17 \u2013 the optional
simplified Premium Allocation Approach has not been applied. Under the GMM, insurance contracts issued are aggregated into
groups. Contracts are then recognised at the earliest of (i) the beginning of the coverage period of the group; (ii) the date when
first payment from a policyholder/cedant in the group is due; or (iii) where applicable, when the group becomes onerous. The
Group measures its reinsurance contracts held separately from the underlying contracts to which the arrangement relates. For
proportional reinsurance contracts, these are recognised at the later of the date on which the first underlying contract is initially
recognised, or the date into which the reinsurance is entered. Non-proportional reinsurance contracts are typically recognised at
the beginning of the coverage period of the group of reinsurance contracts. However if the underlying group is determined to be
onerous, then the reinsurance contract is recognised on the date at which this assessment took place.
Notes to the financial statements continued
2 Statement of accounting policies continued
Level of aggregation
The Group is required under IFRS 17 to allocate its insurance contracts into groups. These are first aggregated into portfolios
at\u00a0a granular level based on whether they share similar risk characteristics and are managed together. Generally, all insurance
contracts within a product line are considered by management to represent a portfolio of contracts. These are then aggregated
further into groups based on profitability characteristics. The three categories are as follows:
\u2022 contracts that are onerous on initial recognition, meaning the expected costs of meeting contractual obligations will exceed
the expected economic benefits;
\u2022 contracts that are not onerous on initial recognition but have a significant possibility of becoming onerous subsequently; and
\u2022 contracts that are not onerous on initial recognition and have no significant possibility of becoming onerous subsequently.
The majority of the Group's insurance contracts are deemed not to be onerous on initial recognition with a possibility of
becoming onerous subsequently.
Finally, these are aggregated into annual cohorts with contracts issued more than one year apart separated out. These groups
represent the level of aggregation at which insurance contracts are initially recognised and measured. Such groupings are not
subsequently reconsidered.
Components of insurance and reinsurance contracts
Insurance and reinsurance contracts included within the Group's statement of financial position comprise of the
following\u00a0components:
\u2022 The present value of future cash flows. Cash flows comprise of future expected premium which is based on data entered into
underwriting systems, gross and reinsured claims payments derived from the latest quarterly reserving exercise, expenses
deemed to be within the contract boundary, and lapses/cancellations which are projected by applying assumptions
determined through statistical measures based on the Group\u2019s experience. Cash flows also include amounts due to and from
insureds, brokers and reinsurers. An allowance is made for default by these parties. The future cash flows are discounted
using a rate derived by applying the \"bottom-up\" estimation technique. As referenced in Note 2a, the future cash flows and
their discounting are both sensitive to changes in accounting estimates.
\u2022 A risk adjustment for non-financial risk. This represents the compensation that the Group requires for bearing uncertainty
around the amount and timing of the cash flows that arise from non-financial risk. IFRS 17 does not prescribe a specific
approach, therefore the Group has opted to apply the CoC approach. Under this method, the risk adjustment is calculated
by\u00a0applying a cost of capital rate to the present value of the projected capital for non-financial risk. The risk adjustment
changes as cash flows crystallise on existing business, new business is recognised, and any changes to the cost of capital
are applied.
\u2022 The contractual service margin. This represents the unearned profit that the Group will recognise as it provides services
in\u00a0the future. If the contract is not deemed to be onerous on initial recognition, the CSM is measured as the equal and
opposite of the sum of its related cash flows and risk adjustment. If deemed to be onerous, then the full CSM is immediately
recognised as a loss in the statement of profit or loss, and included within the loss component on subsequent measurement.
The Group has elected to calculate its CSM on a period-to-period basis. In recognising a group of insurance contracts in a
reporting period, estimates for the discount rates are made at the date of initial recognition and the coverage units provided
in that period. The Group uses a weighted-average discount rate and revisions to the rate are applied from the start of the
reporting period in which the new contracts are added to the group. Groups of insurance contracts, including the CSM, that
generate cash flows in a foreign currency are treated as monetary items. As the Group measures fulfilment cash flows based
on the four major transactional currencies (US dollars, sterling, euros and Canadian dollars), the Group maintains the CSM
based on these respective currencies.
Coverage units
Management is required to identify coverage units in order to determine the amount of CSM that should be released into the
profit or loss in each period. Coverage units are determined at a policy level by considering the quantity of the benefits provided
and the expected coverage duration. For insurance contracts issued and proportional reinsurance contracts held, the number of
coverage units in a group reflects the expected pattern of underwriting of the contracts, as the level of service provided depends
on the number of contracts in force. Once management has determined the number of coverage units included in a group of
insurance contracts, CSM is allocated to each coverage unit. An assessment is then made quarterly as to how much of the
CSM should be released and recognised as profit. For non-proportional reinsurance contracts held, the CSM is amortised
on\u00a0a\u00a0straight-line basis over the life of the policy, as benefits are received evenly over the coverage period.
Liability for remaining coverage (LRC) and liability for incurred claims (LIC)
The LRC represents the Group's obligation for insurance contracts written where insured events have not yet occurred. The LIC
represents the Group's obligation to pay claims for insured events that have already occurred, including events that have
occurred but for which claims have not been reported. Insurance contracts issued comprise the LRC, which includes a loss
component, and the LIC. Reinsurance contracts held comprise of the asset for remaining coverage (ARC), containing a loss
recovery component, and an asset for incurred claims (AIC). Note that the LRC and ARC include an element of the present value
of future cash flows (PVFCF), a risk adjustment for non-financial risk, and the CSM. The LIC and AIC include the remainder of the
PVFCF and a risk adjustment for non-financial risk.
Amounts recognised in profit or loss
\u2022 Insurance revenue in each reporting period represents the changes in the LRC that relate to services for which the Group
expects to receive consideration, in addition to an allocation of premiums that relate to the recovery of insurance acquisition
cash flows. Changes in the LRC include claims and expenses incurred in the period measured at the amounts expected at
the beginning of the period, changes in the risk adjustment for non-financial risk, amounts recognised as profit through
release of the CSM for insurance contract services provided, and other amounts including experience adjustments (which
represent the difference between the expected present value of future cash flows versus the actual cash flows generated,
and any resultant second order impacts).
\u2022 Insurance service expenses are comprised of incurred claims and other directly attributable expenses, changes that relate
to\u00a0past service, losses on onerous contracts and reversal of those losses, and the amortisation of insurance acquisition
cash\u00a0flows.
\u2022 Income/expenses from reinsurance contracts are presented separately from income/expenses from underlying insurance
contracts. The Group has elected to present its net expenses from reinsurance contracts in the statement of profit or loss
as\u00a0the allocation of reinsurance premium and amounts recoverable from reinsurers for incurred claims.
\u2022 Finance income/expense from insurance contracts issued and reinsurance contracts held shows the interest accreted
and\u00a0the effect of changes in discount rates and other financial assumptions.
\u2022 Changes in the risk adjustment for non-financial risk are disaggregated between insurance service expenses and insurance
finance income/expenses.
\u2022 Insurance and reinsurance contract amounts denominated in foreign currencies are translated to the Group's reporting
currency at the balance sheet date, with any translation differences recognised in the statement of profit or loss.
Disaggregation of disclosures
Income statement figures, including details of insurance revenue and insurance service expense by segment, are disclosed in
Note 3. The maturity of insurance and reinsurance contract liabilities by segment is disclosed in Note 29(d). Reconciliations
of\u00a0insurance and reinsurance assets and liabilities in Note 27 have not been disclosed by segment because a single
measurement model (GMM) is applied to all contracts and the nature of the business is to underwrite only property and
casualty insurance. In management\u2019s view, disaggregating the balance sheet reconciliations (Note 27) by reporting segment
or\u00a0geography would result in the disclosure of large amounts of insignificant detail and would obscure useful information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-300": { "value": "Insurance and reinsurance contracts
Recognition and measurement
The Group applies IFRS 17 to all insurance contracts issued and reinsurance contracts held. These are defined respectively as
contracts under which the Group accepts significant insurance risk by agreeing to compensate a policyholder/cedant if they are
adversely affected by an insured event, and contracts which are issued by a reinsurer to compensate the Group as cedant for
claims arising from underlying contracts. Insurance risk is considered in further detail in Note 29. The Group has elected to
apply the General Measurement Model (GMM) to all insurance and reinsurance contracts that it issues, and applies the GMM
with certain modifications to all reinsurance contracts that it holds. This is the default approach under IFRS 17 \u2013 the optional
simplified Premium Allocation Approach has not been applied. Under the GMM, insurance contracts issued are aggregated into
groups. Contracts are then recognised at the earliest of (i) the beginning of the coverage period of the group; (ii) the date when
first payment from a policyholder/cedant in the group is due; or (iii) where applicable, when the group becomes onerous. The
Group measures its reinsurance contracts held separately from the underlying contracts to which the arrangement relates. For
proportional reinsurance contracts, these are recognised at the later of the date on which the first underlying contract is initially
recognised, or the date into which the reinsurance is entered. Non-proportional reinsurance contracts are typically recognised at
the beginning of the coverage period of the group of reinsurance contracts. However if the underlying group is determined to be
onerous, then the reinsurance contract is recognised on the date at which this assessment took place.
Notes to the financial statements continued
2 Statement of accounting policies continued
Level of aggregation
The Group is required under IFRS 17 to allocate its insurance contracts into groups. These are first aggregated into portfolios
at\u00a0a granular level based on whether they share similar risk characteristics and are managed together. Generally, all insurance
contracts within a product line are considered by management to represent a portfolio of contracts. These are then aggregated
further into groups based on profitability characteristics. The three categories are as follows:
\u2022 contracts that are onerous on initial recognition, meaning the expected costs of meeting contractual obligations will exceed
the expected economic benefits;
\u2022 contracts that are not onerous on initial recognition but have a significant possibility of becoming onerous subsequently; and
\u2022 contracts that are not onerous on initial recognition and have no significant possibility of becoming onerous subsequently.
The majority of the Group's insurance contracts are deemed not to be onerous on initial recognition with a possibility of
becoming onerous subsequently.
Finally, these are aggregated into annual cohorts with contracts issued more than one year apart separated out. These groups
represent the level of aggregation at which insurance contracts are initially recognised and measured. Such groupings are not
subsequently reconsidered.
Components of insurance and reinsurance contracts
Insurance and reinsurance contracts included within the Group's statement of financial position comprise of the
following\u00a0components:
\u2022 The present value of future cash flows. Cash flows comprise of future expected premium which is based on data entered into
underwriting systems, gross and reinsured claims payments derived from the latest quarterly reserving exercise, expenses
deemed to be within the contract boundary, and lapses/cancellations which are projected by applying assumptions
determined through statistical measures based on the Group\u2019s experience. Cash flows also include amounts due to and from
insureds, brokers and reinsurers. An allowance is made for default by these parties. The future cash flows are discounted
using a rate derived by applying the \"bottom-up\" estimation technique. As referenced in Note 2a, the future cash flows and
their discounting are both sensitive to changes in accounting estimates.
\u2022 A risk adjustment for non-financial risk. This represents the compensation that the Group requires for bearing uncertainty
around the amount and timing of the cash flows that arise from non-financial risk. IFRS 17 does not prescribe a specific
approach, therefore the Group has opted to apply the CoC approach. Under this method, the risk adjustment is calculated
by\u00a0applying a cost of capital rate to the present value of the projected capital for non-financial risk. The risk adjustment
changes as cash flows crystallise on existing business, new business is recognised, and any changes to the cost of capital
are applied.
\u2022 The contractual service margin. This represents the unearned profit that the Group will recognise as it provides services
in\u00a0the future. If the contract is not deemed to be onerous on initial recognition, the CSM is measured as the equal and
opposite of the sum of its related cash flows and risk adjustment. If deemed to be onerous, then the full CSM is immediately
recognised as a loss in the statement of profit or loss, and included within the loss component on subsequent measurement.
The Group has elected to calculate its CSM on a period-to-period basis. In recognising a group of insurance contracts in a
reporting period, estimates for the discount rates are made at the date of initial recognition and the coverage units provided
in that period. The Group uses a weighted-average discount rate and revisions to the rate are applied from the start of the
reporting period in which the new contracts are added to the group. Groups of insurance contracts, including the CSM, that
generate cash flows in a foreign currency are treated as monetary items. As the Group measures fulfilment cash flows based
on the four major transactional currencies (US dollars, sterling, euros and Canadian dollars), the Group maintains the CSM
based on these respective currencies.
Coverage units
Management is required to identify coverage units in order to determine the amount of CSM that should be released into the
profit or loss in each period. Coverage units are determined at a policy level by considering the quantity of the benefits provided
and the expected coverage duration. For insurance contracts issued and proportional reinsurance contracts held, the number of
coverage units in a group reflects the expected pattern of underwriting of the contracts, as the level of service provided depends
on the number of contracts in force. Once management has determined the number of coverage units included in a group of
insurance contracts, CSM is allocated to each coverage unit. An assessment is then made quarterly as to how much of the
CSM should be released and recognised as profit. For non-proportional reinsurance contracts held, the CSM is amortised
on\u00a0a\u00a0straight-line basis over the life of the policy, as benefits are received evenly over the coverage period.
Liability for remaining coverage (LRC) and liability for incurred claims (LIC)
The LRC represents the Group's obligation for insurance contracts written where insured events have not yet occurred. The LIC
represents the Group's obligation to pay claims for insured events that have already occurred, including events that have
occurred but for which claims have not been reported. Insurance contracts issued comprise the LRC, which includes a loss
component, and the LIC. Reinsurance contracts held comprise of the asset for remaining coverage (ARC), containing a loss
recovery component, and an asset for incurred claims (AIC). Note that the LRC and ARC include an element of the present value
of future cash flows (PVFCF), a risk adjustment for non-financial risk, and the CSM. The LIC and AIC include the remainder of the
PVFCF and a risk adjustment for non-financial risk.
Amounts recognised in profit or loss
\u2022 Insurance revenue in each reporting period represents the changes in the LRC that relate to services for which the Group
expects to receive consideration, in addition to an allocation of premiums that relate to the recovery of insurance acquisition
cash flows. Changes in the LRC include claims and expenses incurred in the period measured at the amounts expected at
the beginning of the period, changes in the risk adjustment for non-financial risk, amounts recognised as profit through
release of the CSM for insurance contract services provided, and other amounts including experience adjustments (which
represent the difference between the expected present value of future cash flows versus the actual cash flows generated,
and any resultant second order impacts).
\u2022 Insurance service expenses are comprised of incurred claims and other directly attributable expenses, changes that relate
to\u00a0past service, losses on onerous contracts and reversal of those losses, and the amortisation of insurance acquisition
cash\u00a0flows.
\u2022 Income/expenses from reinsurance contracts are presented separately from income/expenses from underlying insurance
contracts. The Group has elected to present its net expenses from reinsurance contracts in the statement of profit or loss
as\u00a0the allocation of reinsurance premium and amounts recoverable from reinsurers for incurred claims.
\u2022 Finance income/expense from insurance contracts issued and reinsurance contracts held shows the interest accreted
and\u00a0the effect of changes in discount rates and other financial assumptions.
\u2022 Changes in the risk adjustment for non-financial risk are disaggregated between insurance service expenses and insurance
finance income/expenses.
\u2022 Insurance and reinsurance contract amounts denominated in foreign currencies are translated to the Group's reporting
currency at the balance sheet date, with any translation differences recognised in the statement of profit or loss.
Disaggregation of disclosures
Income statement figures, including details of insurance revenue and insurance service expense by segment, are disclosed in
Note 3. The maturity of insurance and reinsurance contract liabilities by segment is disclosed in Note 29(d). Reconciliations
of\u00a0insurance and reinsurance assets and liabilities in Note 27 have not been disclosed by segment because a single
measurement model (GMM) is applied to all contracts and the nature of the business is to underwrite only property and
casualty insurance. In management\u2019s view, disaggregating the balance sheet reconciliations (Note 27) by reporting segment
or\u00a0geography would result in the disclosure of large amounts of insignificant detail and would obscure useful information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-302": { "value": "Financial instruments
Financial instruments are recognised in the statement of financial position at such time as the Group becomes a party to the
contractual provisions of the financial instrument. Purchases and sales of financial assets are recognised on the trade date,
which is the date the Group commits to purchase or sell the asset. A financial asset is derecognised when the contractual
rights to receive cash flows from the financial assets expire, or where the financial assets have been transferred, together with
substantially all the risks and rewards of ownership. Financial liabilities are derecognised if the Group\u2019s obligations specified
in\u00a0the contract expire, are discharged or are cancelled.
Classification
The Group is required to classify its financial instruments into one of the following categories on subsequent measurement:
fair\u00a0value through profit or loss, fair value through other comprehensive income, or amortised cost. Classification is based on
the business model in which these are managed and the characteristics of the associated contractual cash flows. Almost all
of\u00a0the Group\u2019s financial assets are measured at FVTPL (mandatory) under IFRS 9. This is with the exception of cash and cash
equivalents, amounts due from managed syndicates, and other receivables, all of which are measured at amortised cost.
The\u00a0Group\u2019s financial liabilities are held at amortised cost, with the exception of its derivative financial liabilities and a potential
profit uplift commission payment, both of which are held at FVTPL (mandatory) under IFRS 9.
Other receivables
Other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active
market, and are carried at amortised cost less any expected credit losses (ECLs). Other receivables are included within
\"Other\u00a0assets\" on the face of the consolidated statement of financial position.
Notes to the financial statements continued
2 Statement of accounting policies continued
Hedge funds, equity funds and illiquid assets
The Group invests in a number of hedge funds, equity funds and illiquid assets for which there are no available quoted market
prices. The valuation of these assets is based on fair value techniques as described in Note 17. The fair value of our hedge
fund and illiquid asset portfolio is calculated by reference to the underlying net asset values (NAV) of each of the individual
funds. Consideration is also given to adjusting such NAV valuations for any restriction applied to distributions, the existence of
side pocket provisions and the timing of the latest available valuations. At certain times, the Group will have uncalled unfunded
commitments in relation to its illiquid assets and these are are actively monitored by the Group. These amounts are not shown
on the consolidated statement of financial position, and any additional investment into the illiquid asset portfolio is recognised
on the date that this funding is provided by the Group. Further information is included in Note 17 to the financial statements.
Other payables
Other payables are stated at amortised cost determined according to the effective interest rate method. Other payables are
included within \"Other liabilities\" on the face of the consolidated statement of financial position.
Derivative financial instruments
Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at their fair value. The best evidence of fair value of a derivative at initial recognition is the transaction price. The
method of recognising the resulting fair value gains or losses depends on whether the derivative is designated as a hedging
instrument and, if so, the nature of the item being hedged. The Group does not hold any derivatives designated as fair value
hedges, cash flow hedges or net investment hedges and therefore all fair value movements are recorded through profit or loss.
Fair values are obtained from quoted market prices in active markets, recent market transactions, and valuation techniques
which include discounted cash flow models. All derivatives are carried as assets when fair value is positive and as liabilities
when fair value is negative.
Derivative assets and liabilities are offset and the net amount reported in the statement of financial position when there is a
legally enforceable right to set off the recognised amounts and the parties intend to settle on a net basis, or realise the assets
and settle the liability simultaneously.
Impairment of financial assets
The ECLs model is applied to the Group\u2019s financial assets measured at amortised cost. This requires an entity to calculate an
allowance for credit losses by taking the sum of various probability weighted outcomes. The general approach is the default
method which management applies in determining the ECLs against its cash and cash equivalents. A simplified approach is
permitted for trade receivables, contract assets and lease receivables where there is no significant financing component.
This\u00a0results in an entity recognising an ECL that is always equal to a lifetime ECL, rather than assessing periodically whether
there has been an increase in credit risk. The amount of expected credit losses recognised by the Group in 2023 and 2024
was not material.
Cash and cash equivalents
Cash and cash equivalents consist of cash held at bank, cash in hand, deposits held at call with banks, cash held in Lloyd\u2019s
trust accounts and other short-term highly liquid investments that are readily convertible to known amounts of cash and which
are subject to an insignificant risk of changes in value. These investments have a maturity of three months or less from the
date of acquisition. Cash and cash equivalents are measured at amortised cost under IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-303": { "value": "
Classification
The Group is required to classify its financial instruments into one of the following categories on subsequent measurement:
fair\u00a0value through profit or loss, fair value through other comprehensive income, or amortised cost. Classification is based on
the business model in which these are managed and the characteristics of the associated contractual cash flows. Almost all
of\u00a0the Group\u2019s financial assets are measured at FVTPL (mandatory) under IFRS 9. This is with the exception of cash and cash
equivalents, amounts due from managed syndicates, and other receivables, all of which are measured at amortised cost.
The\u00a0Group\u2019s financial liabilities are held at amortised cost, with the exception of its derivative financial liabilities and a potential
profit uplift commission payment, both of which are held at FVTPL (mandatory) under IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-304": { "value": "
Hedge funds, equity funds and illiquid assets
The Group invests in a number of hedge funds, equity funds and illiquid assets for which there are no available quoted market
prices. The valuation of these assets is based on fair value techniques as described in Note 17. The fair value of our hedge
fund and illiquid asset portfolio is calculated by reference to the underlying net asset values (NAV) of each of the individual
funds. Consideration is also given to adjusting such NAV valuations for any restriction applied to distributions, the existence of
side pocket provisions and the timing of the latest available valuations. At certain times, the Group will have uncalled unfunded
commitments in relation to its illiquid assets and these are are actively monitored by the Group. These amounts are not shown
on the consolidated statement of financial position, and any additional investment into the illiquid asset portfolio is recognised
on the date that this funding is provided by the Group. Further information is included in Note 17 to the financial statements.
Derivative financial instruments
Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at their fair value. The best evidence of fair value of a derivative at initial recognition is the transaction price. The
method of recognising the resulting fair value gains or losses depends on whether the derivative is designated as a hedging
instrument and, if so, the nature of the item being hedged. The Group does not hold any derivatives designated as fair value
hedges, cash flow hedges or net investment hedges and therefore all fair value movements are recorded through profit or loss.
Fair values are obtained from quoted market prices in active markets, recent market transactions, and valuation techniques
which include discounted cash flow models. All derivatives are carried as assets when fair value is positive and as liabilities
when fair value is negative.
Derivative assets and liabilities are offset and the net amount reported in the statement of financial position when there is a
legally enforceable right to set off the recognised amounts and the parties intend to settle on a net basis, or realise the assets
and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-306": { "value": "
Derivative financial instruments
Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at their fair value. The best evidence of fair value of a derivative at initial recognition is the transaction price. The
method of recognising the resulting fair value gains or losses depends on whether the derivative is designated as a hedging
instrument and, if so, the nature of the item being hedged. The Group does not hold any derivatives designated as fair value
hedges, cash flow hedges or net investment hedges and therefore all fair value movements are recorded through profit or loss.
Fair values are obtained from quoted market prices in active markets, recent market transactions, and valuation techniques
which include discounted cash flow models. All derivatives are carried as assets when fair value is positive and as liabilities
when fair value is negative.
Derivative assets and liabilities are offset and the net amount reported in the statement of financial position when there is a
legally enforceable right to set off the recognised amounts and the parties intend to settle on a net basis, or realise the assets
and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-305": { "value": "
Derivative financial instruments
Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently
remeasured at their fair value. The best evidence of fair value of a derivative at initial recognition is the transaction price. The
method of recognising the resulting fair value gains or losses depends on whether the derivative is designated as a hedging
instrument and, if so, the nature of the item being hedged. The Group does not hold any derivatives designated as fair value
hedges, cash flow hedges or net investment hedges and therefore all fair value movements are recorded through profit or loss.
Fair values are obtained from quoted market prices in active markets, recent market transactions, and valuation techniques
which include discounted cash flow models. All derivatives are carried as assets when fair value is positive and as liabilities
when fair value is negative.
Derivative assets and liabilities are offset and the net amount reported in the statement of financial position when there is a
legally enforceable right to set off the recognised amounts and the parties intend to settle on a net basis, or realise the assets
and settle the liability simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-307": { "value": "
Impairment of financial assets
The ECLs model is applied to the Group\u2019s financial assets measured at amortised cost. This requires an entity to calculate an
allowance for credit losses by taking the sum of various probability weighted outcomes. The general approach is the default
method which management applies in determining the ECLs against its cash and cash equivalents. A simplified approach is
permitted for trade receivables, contract assets and lease receivables where there is no significant financing component.
This\u00a0results in an entity recognising an ECL that is always equal to a lifetime ECL, rather than assessing periodically whether
there has been an increase in credit risk. The amount of expected credit losses recognised by the Group in 2023 and 2024
was not material.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-308": { "value": "
Cash and cash equivalents
Cash and cash equivalents consist of cash held at bank, cash in hand, deposits held at call with banks, cash held in Lloyd\u2019s
trust accounts and other short-term highly liquid investments that are readily convertible to known amounts of cash and which
are subject to an insignificant risk of changes in value. These investments have a maturity of three months or less from the
date of acquisition. Cash and cash equivalents are measured at amortised cost under IFRS 9.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-309": { "value": "
v. Intangible assets
Goodwill
Goodwill is carried at cost less accumulated impairment losses. It has an indefinite useful life and is tested annually for
impairment. The carrying value is allocated between cash-generating units (CGUs) and is impaired when the net carrying amount
of the relevant CGU exceeds its recoverable amount, being its value in use. Value in use is defined as the present value of the
future cash flows expected to be derived from the CGU.
Syndicate capacity
The syndicate capacity represents the cost of purchasing the Group\u2019s participation in the combined syndicates. The capacity is
capitalised at cost in the statement of financial position. It has an indefinite useful life and is carried at cost less accumulated
impairment. It is annually tested for impairment by reference to the latest auction prices provided by Lloyd\u2019s.
IT development costs
Costs that are directly associated with the development of identifiable and unique software products and that are anticipated
to\u00a0generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Costs include external
consultants\u2019 fees, certain qualifying internal staff costs and other costs incurred to develop software programs. The Group does
not routinely capitalise costs relating to software products hosted in the cloud. Costs are amortised over their estimated useful
life, usually three years, on a straight-line basis. Amortisation commences when the asset becomes operational. Other non-
qualifying costs are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-311": { "value": "Share-based compensation
The grant date fair value of share-based payment awards granted to employees is recognised as an employee expense,
with\u00a0a\u00a0corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards.
The\u00a0amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market
performance conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the
number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based
payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such
conditions and there is no true-up for differences between expected and actual outcomes.
When options are exercised and new shares are issued, the proceeds received, net of any transaction costs, are credited to
share capital (nominal value) with the excess amount going to share premium. For other plans, when no proceeds are received,
the nominal value of shares issued is to share capital and debited to retained earnings. When the options are exercised and
the shares are granted from the employee share trust, the proceeds received, net of any transaction costs, and the value of
shares held within the trust, are credited to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-310": { "value": "Share-based compensation
The grant date fair value of share-based payment awards granted to employees is recognised as an employee expense,
with\u00a0a\u00a0corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards.
The\u00a0amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market
performance conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the
number of awards that meet the related service and non-market performance conditions at the vesting date. For share-based
payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such
conditions and there is no true-up for differences between expected and actual outcomes.
When options are exercised and new shares are issued, the proceeds received, net of any transaction costs, are credited to
share capital (nominal value) with the excess amount going to share premium. For other plans, when no proceeds are received,
the nominal value of shares issued is to share capital and debited to retained earnings. When the options are exercised and
the shares are granted from the employee share trust, the proceeds received, net of any transaction costs, and the value of
shares held within the trust, are credited to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-313": { "value": "Taxation
The tax expense recognised by the Group comprises both current and deferred taxes.
Current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively enacted
at\u00a0the year-end reporting date and any adjustments to tax payable in respect of prior periods.
Deferred tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. The amount of deferred tax provided is based on the expected
manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively
enacted at the reporting date.
Deferred tax assets are recognised in the statement of financial position to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-312": { "value": "Taxation
The tax expense recognised by the Group comprises both current and deferred taxes.
Current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively enacted
at\u00a0the year-end reporting date and any adjustments to tax payable in respect of prior periods.
Deferred tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and
liabilities and their carrying amounts in the financial statements. The amount of deferred tax provided is based on the expected
manner of realisation or settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively
enacted at the reporting date.
Deferred tax assets are recognised in the statement of financial position to the extent that it is probable that future taxable
profit will be available against which the temporary differences can be utilised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-314": { "value": "
3a Reporting segments
Segmental information is presented based on the Group\u2019s management and internal reporting structures which represent the
level at which financial information is reported, performance is analysed and resources are allocated by the Group\u2019s Executive
Committee, being the chief operating decision-maker as defined by IFRS 8.
Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.
Foreign exchange gains/losses, other operating expenses and other income are allocated to each segment in proportion to
their respective percentage of total insurance revenue. The reporting segments do not cross-sell business to each other.
Finance costs and taxation have not been allocated to operating segments as these items are determined at a consolidated
level and do not relate to operating performance.
An overview of the Group's segments is set out below.
Cyber Risks
This segment underwrites cyber and technology risks.
Digital
This segment underwrites a variety of marine, contingency and SME liability risks through digital channels such as e-trading
platforms and broker portals.
MAP Risks
This segment underwrites marine, portfolio underwriting and political and contingency business.
Property Risks
This segment underwrites first-party property risks and reinsurance business.
Specialty Risks
This segment underwrites a wide range of liability classes, including employment practices risks and directors and officers,
as\u00a0well as healthcare, lawyers and international financial institutions.
3 Segmental reporting continued
3b Segmental information
Year ended 31 December 2024
Cyber Risks
Digital
MAP Risks
Property
Risks
Specialty
Risks
Total
2024
$m
$m
$m
$m
$m
$m
Insurance revenue
1,156.7
234.7
917.4
1,518.1
1,851.2
5,678.1
Insurance service expenses
(784.8)
(160.0)
(716.8)
(919.6)
(1,351.8)
(3,933.0)
Current year claims
(641.8)
(104.0)
(383.9)
(678.4)
(977.5)
(2,785.6)
Adjustments to prior year claims
85.0
37.7
(29.7)
158.4
149.8
401.2
Reversal of/(loss on) onerous contracts
2.6
0.3
2.9
0.2
(0.9)
5.1
Insurance acquisition cash flows amortisation and other directly\u00a0
attributable expenses
(230.6)
(94.0)
(306.1)
(399.8)
(523.2)
(1,553.7)
Allocation of reinsurance premium
(231.1)
(28.5)
(81.1)
(225.4)
(198.8)
(764.9)
Amounts recoverable from reinsurers for incurred claims
189.1
6.8
40.0
(22.4)
42.3
255.8
Current year claims
212.0
13.5
67.2
68.5
155.7
516.9
Adjustments to prior year claims
(22.0)
(6.6)
(26.0)
(90.0)
(112.1)
(256.7)
Share of expenses and other amounts
(0.9)
(0.1)
(1.2)
(0.9)
(1.3)
(4.4)
Insurance service result
329.9
53.0
159.5
350.7
342.9
1,236.0
Net investment income
108.2
17.7
72.3
112.8
263.4
574.4
Net finance expense from insurance contracts issued
(29.6)
(1.5)
(5.8)
(4.5)
(47.7)
(89.1)
Net finance income from reinsurance contracts held
6.3
\u2014
3.8
10.2
12.9
33.2
Net insurance and financial result
414.8
69.2
229.8
469.2
571.5
1,754.5
Other income
21.6
4.4
17.1
28.3
34.6
106.0
Other operating expenses
(79.2)
(16.1)
(62.8)
(103.9)
(126.6)
(388.6)
Foreign exchange losses
(1.8)
(0.4)
(1.5)
(2.4)
(3.0)
(9.1)
Segment result
355.4
57.1
182.6
391.2
476.5
1,462.8
Finance costs
(39.3)
Profit before tax
1,423.5
Tax expense
(293.2)
Profit after tax
1,130.3
Claims ratio
39.4%
28.7%
44.2%
41.9%
47.5%
43.1%
Expense ratio
25.0%
45.6%
36.7%
31.0%
31.7%
31.7%
Combined ratio
64.4%
74.3%
80.9%
72.9%
79.2%
74.8%
The calculation bases for the claims, expense and combined ratios are disclosed within the APMs section on page 263.
Notes to the financial statements continued
3 Segmental reporting continued
Year ended 31 December 2023
Cyber Risks
Digital
MAP Risks
Property
Risks
Specialty
Risks
Total
2023
$m
$m
$m
$m
$m
$m
Insurance revenue
1,174.9
224.7
1,015.4
1,145.2
1,882.2
5,442.4
Insurance service expenses
(802.1)
(144.0)
(635.5)
(643.9)
(1,367.1)
(3,592.6)
Current year claims
(565.2)
(90.5)
(430.8)
(470.1)
(940.1)
(2,496.7)
Adjustments to prior year claims
(8.9)
33.7
88.6
108.1
39.8
261.3
(Loss on)/reversal of onerous contracts
(2.6)
2.6
1.4
(0.1)
0.5
1.8
Insurance acquisition cash flows amortisation and other directly
attributable expenses
(225.4)
(89.8)
(294.7)
(281.8)
(467.3)
(1,359.0)
Allocation of reinsurance premium
(308.5)
(24.3)
(236.1)
(198.5)
(359.9)
(1,127.3)
Amounts recoverable from reinsurers for incurred claims
210.1
7.1
23.9
26.4
261.0
528.5
Current year claims
211.8
13.0
107.6
57.0
294.2
683.6
Adjustments to prior year claims
(1.0)
(5.7)
(83.0)
(30.1)
(31.7)
(151.5)
Share of expenses and other amounts
(0.7)
(0.2)
(0.7)
(0.5)
(1.5)
(3.6)
Insurance service result
274.4
63.5
167.7
329.2
416.2
1,251.0
Net investment income
86.6
14.8
53.5
75.2
250.1
480.2
Net finance expense from insurance contracts issued
(17.5)
(2.9)
(12.6)
(10.9)
(125.4)
(169.3)
Net finance (expense)/income from reinsurance contracts
held
(1.3)
0.5
2.1
(13.7)
28.3
15.9
Net insurance and financial result
342.2
75.9
210.7
379.8
569.2
1,577.8
Other income
16.9
3.2
14.8
16.5
27.1
78.5
Other operating expenses
(52.7)
(19.9)
(68.1)
(42.5)
(182.6)
(365.8)
Foreign exchange gains
1.0
0.2
0.8
0.9
1.6
4.5
Segment result
307.4
59.4
158.2
354.7
415.3
1,295.0
Finance costs
(40.6)
Profit before tax
1,254.4
Tax expense
(227.6)
Profit after tax
1,026.8
Claims ratio
42.2%
23.4%
40.6%
35.4%
41.9%
39.4%
Expense ratio
26.1%
44.9%
37.9%
29.8%
30.8%
31.6%
Combined ratio
68.3%
68.3%
78.5%
65.2%
72.7%
71.0%
3c Information about geographical areas
The Group generates revenue in multiple geographies, an overview of which is set out below. The basis for attributing insurance
revenues is as follows:
\u2022 UK insurance revenue represents all risks placed at Lloyd\u2019s;
\u2022 US insurance revenue represents all risks placed at the Group\u2019s US insurance companies (Beazley Insurance Company, Inc.,
Beazley Excess and Surplus Insurance, Inc. and Beazley America Insurance Company, Inc); and
\u2022 European insurance revenue represents all risks placed at the Group\u2019s European insurance company (Beazley Insurance dac).
2024
2023
$m
$m
UK (Lloyd's)
4,412.4
4,539.0
US (Non-Lloyd's)
878.5
603.5
Europe (Non-Lloyd's)
387.2
299.9
Total insurance revenue
5,678.1
5,442.4
Provided below is a geographical split of a portion of the Group's non-current assets, namely intangible assets, plant and
equipment, right-of-use assets, and investments in associates. This excludes financial instruments, deferred tax assets,
pension assets and insurance/reinsurance contract assets.
2024
2023
$m
$m
UK
214.0
186.7
US
60.5
51.4
Europe
2.4
2.8
Total non-current assets
276.9
240.9
3d Total revenue
The table below sets out the Group's total revenue, being insurance revenue, interest on cash and cash equivalents
at\u00a0amortised cost and other income.
2024
2023
$m
$m
Insurance revenue
5,678.1
5,442.4
Interest on cash and cash equivalents at amortised cost
43.5
16.8
Other income
106.0
78.5
Total revenue
5,827.6
5,537.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-315": { "value": "
4 Insurance revenue
Insurance revenue represents the total changes in the liability for remaining coverage that relate to services for which the Group
expects to receive consideration. This includes the difference between the claims and other expenses expected at the
beginning of the year versus those actually incurred (per Note 5), after the loss component allocation.
2024
2023
$m
$m
Amounts relating to changes in the liability for remaining coverage:
Expected incurred claims and other expenses after loss component allocation
3,223.6
3,015.7
Change in risk adjustment for non-financial risk for the risk expired after loss component allocation
271.5
316.8
CSM recognised in profit or loss for services provided
807.3
691.4
Other amounts including experience adjustments
366.5
503.7
Insurance acquisition cash flows recovery
1,009.2
914.8
Total insurance revenue
5,678.1
5,442.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfInsuranceRevenueExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-316": { "value": "
5 Insurance service expenses
The table below shows the insurance service expenses recognised on groups of insurance contracts issued by the Group.
These are recognised in the consolidated statement of profit or loss as they are incurred.
2024
2023
$m
$m
Incurred claims and other directly attributable expenses
3,330.1
2,911.6
Changes that relate to past service \u2013 adjustments to the LIC
(401.2)
(232.0)
Losses on onerous contracts and reversal of those losses
(5.1)
(1.8)
Insurance acquisition cash flows amortisation
1,009.2
914.8
Total insurance service expense
3,933.0
3,592.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-317": { "value": "
6 Net expenses from reinsurance contracts held
The table below shows the net expenses from reinsurance contracts held, comprising the allocation of reinsurance premium
and amounts recoverable from reinsurers for incurred claims.
2024
2023
$m
$m
Amounts relating to changes in the remaining coverage:
\u2013 Expected claims and other expenses recovery
(494.5)
(740.5)
\u2013 Changes in the risk adjustment recognised for the risk expired
(54.0)
(105.2)
\u2013 CSM recognised for the services received
(173.1)
(290.8)
\u2013 Other amounts including experience adjustments
(43.3)
9.2
Allocation of reinsurance premium
(764.9)
(1,127.3)
Effect of changes in the risk of reinsurers non-performance
(1.8)
4.2
Claims recovered
516.9
680.1
Other incurred directly attributable expenses
(4.4)
(3.6)
Changes that relate to past service \u2013 adjustments to incurred claims recovery
(254.9)
(152.2)
Amounts recoverable from reinsurers for incurred claims
255.8
528.5
Total net expenses from reinsurance contracts held
(509.1)
(598.8)
27 Insurance and reinsurance contracts
27a Reconciliations by measurement component
This section shows how the net carrying amounts of insurance contracts issued and reinsurance contracts held by the Group
have changed during the year, as a result of changes in cash flows and amounts recognised in profit or loss.
i) Insurance contracts issued
The tables below set out the estimated present value of future cash flows, the risk adjustment for non-financial risk and the
CSM for insurance contracts issued.
Present value of
future cash
flows
Risk adjustment
for non-financial
risk
CSM
Total
31 December 2024
$m
$m
$m
$m
Opening insurance contract assets
103.8
(1.2)
(1.1)
101.5
Opening insurance contract liabilities
(6,874.5)
(774.8)
(342.9)
(7,992.2)
Net insurance contract liabilities at 01 January 2024
(6,770.7)
(776.0)
(344.0)
(7,890.7)
CSM recognised in profit or loss for services provided
\u2014
\u2014
807.3
807.3
Changes in the risk adjustment for non-financial risk for risk expired
\u2014
271.5
\u2014
271.5
Experience adjustments
494.2
(234.2)
\u2014
260.0
Total changes relating to current service
494.2
37.3
807.3
1,338.8
Changes in estimates that adjust the CSM
163.8
5.1
(168.9)
\u2014
Changes in estimates that result in onerous contract losses or
reversal of such losses
0.8
(0.1)
9.7
10.4
Contracts initially recognised in the period
1,079.8
(268.7)
(816.4)
(5.3)
Total changes relating to future service
1,244.4
(263.7)
(975.6)
5.1
Total changes relating to past service \u2013 adjustments to the LIC
205.0
196.2
\u2014
401.2
Recognised in insurance service result
1,943.6
(30.2)
(168.3)
1,745.1
Finance (expenses)/income from insurance contracts issued
(112.1)
(7.8)
30.8
(89.1)
Foreign exchange gains
27.9
1.2
1.0
30.1
Other amounts recognised in total comprehensive income
(84.2)
(6.6)
31.8
(59.0)
Premiums received net of insurance acquisition cash flows
(5,148.1)
\u2014
\u2014
(5,148.1)
Claims and other directly attributable expenses paid
2,558.6
\u2014
\u2014
2,558.6
Total cash flows
(2,589.5)
\u2014
\u2014
(2,589.5)
Closing insurance contract assets
24.5
(3.9)
(0.4)
20.2
Closing insurance contract liabilities
(7,525.3)
(808.9)
(480.1)
(8,814.3)
Net insurance contract liabilities at 31 December 2024
(7,500.8)
(812.8)
(480.5)
(8,794.1)
Notes to the financial statements continued
27 Insurance and reinsurance contracts continued
Present value of
future cash
flows
Risk adjustment
for non-financial
risk
CSM
Total
31 December 2023
$m
$m
$m
$m
Opening insurance contract assets
123.5
(12.9)
(26.5)
84.1
Opening insurance contract liabilities
(6,324.0)
(711.3)
(314.5)
(7,349.8)
Net insurance contract liabilities at 01 January 2023
(6,200.5)
(724.2)
(341.0)
(7,265.7)
CSM recognised in profit or loss for services provided
\u2014
\u2014
691.4
691.4
Changes in the risk adjustment for non-financial risk for risk expired
\u2014
316.8
\u2014
316.8
Experience adjustments
893.3
(285.5)
\u2014
607.8
Total changes relating to current service
893.3
31.3
691.4
1,616.0
Changes in estimates that adjust the CSM
135.0
(19.1)
(115.9)
\u2014
Changes in estimates that result in onerous contract losses or
reversal of such losses
6.0
(1.1)
7.5
12.4
Contracts initially recognised in the period
870.2
(264.2)
(616.6)
(10.6)
Total changes relating to future service
1,011.2
(284.4)
(725.0)
1.8
Total changes relating to past service \u2013 adjustments to the LIC
16.2
215.8
\u2014
232.0
Recognised in insurance service result
1,920.7
(37.3)
(33.6)
1,849.8
Finance income/(expenses) from insurance contracts issued
(190.2)
(13.9)
34.8
(169.3)
Foreign exchange gains/(losses)
1.9
(0.6)
(4.2)
(2.9)
Other amounts recognised in total comprehensive income
(188.3)
(14.5)
30.6
(172.2)
Premiums received net of insurance acquisition cash flows
(4,526.4)
\u2014
\u2014
(4,526.4)
Claims and other directly attributable expenses paid
2,223.8
\u2014
\u2014
2,223.8
Total cash flows
(2,302.6)
\u2014
\u2014
(2,302.6)
Closing insurance contract assets
103.8
(1.2)
(1.1)
101.5
Closing insurance contract liabilities
(6,874.5)
(774.8)
(342.9)
(7,992.2)
Net insurance contract liabilities at 31 December 2023
(6,770.7)
(776.0)
(344.0)
(7,890.7)
27 Insurance and reinsurance contracts continued
ii) Reinsurance contracts held
The tables below set out the estimates of the present value of future cash flows, risk adjustment for non-financial risk and CSM
for reinsurance contracts held.
Present value of
future cash
flows
Risk adjustment
for non-financial
risk
CSM
Total
31 December 2024
$m
$m
$m
$m
Opening reinsurance contract assets
2,143.4
166.2
117.1
2,426.7
Opening reinsurance contract liabilities
(404.4)
58.4
12.5
(333.5)
Net reinsurance contract assets at 01 January 2024
1,739.0
224.6
129.6
2,093.2
CSM recognised in profit or loss for the services provided
\u2014
\u2014
(173.1)
(173.1)
Changes in the risk adjustment for non-financial risk for the risk
expired
\u2014
(54.0)
\u2014
(54.0)
Experience adjustments
(71.3)
46.0
\u2014
(25.3)
Total changes relating to current service
(71.3)
(8.0)
(173.1)
(252.4)
Changes in estimates that adjust the CSM
159.0
(42.0)
(117.0)
\u2014
Contracts initially recognised in the period
(498.9)
96.6
402.3
\u2014
Total changes relating to future service
(339.9)
54.6
285.3
\u2014
Adjustments to incurred claims recovery
(157.8)
(97.1)
\u2014
(254.9)
Effect of changes in the risk of reinsurers\u2019 non-performance
(1.8)
\u2014
\u2014
(1.8)
Total changes relating to past service
(159.6)
(97.1)
\u2014
(256.7)
Recognised in insurance service result
(570.8)
(50.5)
112.2
(509.1)
Finance income/(expenses) from reinsurance contracts held
38.6
1.7
(7.1)
33.2
Foreign exchange losses
(2.8)
(0.4)
(0.1)
(3.3)
Other amounts recognised in total comprehensive income
35.8
1.3
(7.2)
29.9
Premiums paid net of ceding commissions and other directly
attributable expenses paid
1,254.7
\u2014
\u2014
1,254.7
Recoveries from reinsurance
(499.2)
\u2014
\u2014
(499.2)
Total cash flows
755.5
\u2014
\u2014
755.5
Closing reinsurance contract assets
2,309.7
160.4
196.5
2,666.6
Closing reinsurance contract liabilities
(350.2)
15.0
38.1
(297.1)
Net reinsurance contract assets at 31 December 2024
1,959.5
175.4
234.6
2,369.5
Notes to the financial statements continued
27 Insurance and reinsurance contracts continued
Present value of
future cash
flows
Risk adjustment
for non-financial
risk
CSM
Total
31 December 2023
$m
$m
$m
$m
Opening reinsurance contract assets
1,853.3
184.6
137.4
2,175.3
Opening reinsurance contract liabilities
(193.8)
12.7
19.9
(161.2)
Net reinsurance contract assets at 01 January 2023
1,659.5
197.3
157.3
2,014.1
CSM recognised in profit or loss for the services provided
\u2014
\u2014
(290.8)
(290.8)
Changes in the risk adjustment for non-financial risk for the risk
expired
\u2014
(105.2)
\u2014
(105.2)
Experience adjustments
(139.0)
84.2
\u2014
(54.8)
Total changes relating to current service
(139.0)
(21.0)
(290.8)
(450.8)
Changes in estimates that adjust the CSM
91.6
(16.1)
(75.5)
\u2014
Contracts initially recognised in the period
(436.3)
84.2
352.1
\u2014
Total changes relating to future service
(344.7)
68.1
276.6
\u2014
Adjustments to incurred claims recovery
(110.9)
(41.3)
\u2014
(152.2)
Effect of changes in the risk of reinsurers\u2019 non-performance
4.2
\u2014
\u2014
4.2
Total changes relating to past service
(106.7)
(41.3)
\u2014
(148.0)
Recognised in insurance service result
(590.4)
5.8
(14.2)
(598.8)
Finance income/(expense) from reinsurance contracts held
24.0
5.7
(13.8)
15.9
Foreign exchange (losses)/gains
(20.6)
15.8
0.3
(4.5)
Other amounts recognised in total comprehensive income
3.4
21.5
(13.5)
11.4
Premiums paid net of ceding commissions and other directly
attributable expenses paid
1,080.4
\u2014
\u2014
1,080.4
Recoveries from reinsurance
(413.9)
\u2014
\u2014
(413.9)
Total cash flows
666.5
\u2014
\u2014
666.5
Closing reinsurance contract assets
2,143.4
166.2
117.1
2,426.7
Closing reinsurance contract liabilities
(404.4)
58.4
12.5
(333.5)
Net reinsurance contract assets at 31 December 2023
1,739.0
224.6
129.6
2,093.2
27 Insurance and reinsurance contracts continued
27b Analysis of the liability for remaining coverage and the liability for incurred claims
i) Insurance contracts issued
The tables below analyse insurance contract assets and liabilities between the liability for remaining coverage (LRC) and the
liability for incurred claims (LIC) for insurance contracts issued.
LRC
LIC
Total
Excluding loss
component
Loss
component
31 December 2024
$m
$m
$m
$m
Opening insurance contract assets
101.7
\u2014
(0.2)
101.5
Opening insurance contract liabilities
(848.8)
(8.3)
(7,135.1)
(7,992.2)
Net insurance contract liabilities at 01 January 2024
(747.1)
(8.3)
(7,135.3)
(7,890.7)
Insurance revenue
5,678.1
\u2014
\u2014
5,678.1
Insurance service expenses:
\u2013 Incurred claims and other directly attributable expenses
(80.8)
\u2014
(3,249.3)
(3,330.1)
\u2013 Changes that relate to past service \u2013 adjustments to the LIC
\u2014
\u2014
401.2
401.2
\u2013 Losses on onerous contracts and reversal of those losses
\u2014
5.1
\u2014
5.1
\u2013 Insurance acquisition cash flows amortisation
(1,009.2)
\u2014
\u2014
(1,009.2)
Recognised in insurance service result
4,588.1
5.1
(2,848.1)
1,745.1
Finance income/(expenses) from insurance contracts issued
96.7
\u2014
(185.8)
(89.1)
Foreign exchange gains
19.2
\u2014
10.9
30.1
Other amounts recognised in total comprehensive income
115.9
\u2014
(174.9)
(59.0)
Premiums received net of insurance acquisition cash flows
(5,148.1)
\u2014
\u2014
(5,148.1)
Claims and other directly attributable expenses paid
\u2014
\u2014
2,558.6
2,558.6
Total cash flows
(5,148.1)
\u2014
2,558.6
(2,589.5)
Closing insurance contract assets
52.4
\u2014
(32.2)
20.2
Closing insurance contract liabilities
(1,243.6)
(3.2)
(7,567.5)
(8,814.3)
Net insurance contract liabilities at 31 December 2024
(1,191.2)
(3.2)
(7,599.7)
(8,794.1)
Notes to the financial statements continued
27 Insurance and reinsurance contracts continued
LRC
LIC
Total
Excluding loss
component
Loss
component
31 December 2023
$m
$m
$m
$m
Opening insurance contract assets
87.2
\u2014
(3.1)
84.1
Opening insurance contract liabilities
(824.7)
(10.1)
(6,515.0)
(7,349.8)
Net insurance contract liabilities at 01 January 2023
(737.5)
(10.1)
(6,518.1)
(7,265.7)
Insurance revenue
5,442.4
\u2014
\u2014
5,442.4
Insurance service expenses:
\u2013 Incurred claims and other directly attributable expenses
(86.3)
\u2014
(2,825.3)
(2,911.6)
\u2013 Changes that relate to past service \u2013 adjustments to the LIC
\u2014
\u2014
232.0
232.0
\u2013 Losses on onerous contracts and reversal of those losses
\u2014
1.8
\u2014
1.8
\u2013 Insurance acquisition cash flows amortisation
(914.8)
\u2014
\u2014
(914.8)
Recognised in insurance service result
4,441.3
1.8
(2,593.3)
1,849.8
Finance income from insurance contracts issued
70.8
\u2014
(240.1)
(169.3)
Foreign exchange gains/(losses)
4.7
\u2014
(7.6)
(2.9)
Other amounts recognised in total comprehensive income
75.5
\u2014
(247.7)
(172.2)
Premiums received net of insurance acquisition cash flows
(4,526.4)
\u2014
\u2014
(4,526.4)
Claims and other directly attributable expenses paid
\u2014
\u2014
2,223.8
2,223.8
Total cash flows
(4,526.4)
\u2014
2,223.8
(2,302.6)
Closing insurance contract assets
101.7
\u2014
(0.2)
101.5
Closing insurance contract liabilities
(848.8)
(8.3)
(7,135.1)
(7,992.2)
Net insurance contract liabilities at 31 December 2023
(747.1)
(8.3)
(7,135.3)
(7,890.7)
27 Insurance and reinsurance contracts continued
ii) Reinsurance contracts held
The tables below analyse reinsurance contract assets and liabilities between the asset for remaining coverage (ARC) and asset
for incurred claims (AIC) for reinsurance contracts held.
ARC\u00b9
AIC
Total
31 December 2024
$m
$m
$m
Opening reinsurance contract assets
758.4
1,668.3
2,426.7
Opening reinsurance contract liabilities
(1,080.3)
746.8
(333.5)
Net reinsurance contract assets/(liabilities) at 01 January 2024
(321.9)
2,415.1
2,093.2
Allocation of reinsurance premium
(764.9)
\u2014
(764.9)
Amounts recoverable from reinsurers for incurred claims:
\u2013 Effect of changes in the risk of reinsurers\u2019 non-performance
\u2014
(1.8)
(1.8)
\u2013 Claims recovered
\u2014
516.9
516.9
\u2013 Other incurred directly attributable expenses
\u2014
(4.4)
(4.4)
\u2013 Changes that relate to past service \u2013 adjustments to incurred claims recovery
\u2014
(254.9)
(254.9)
Net expenses from reinsurance contracts held
(764.9)
255.8
(509.1)
Finance (expenses)/income from reinsurance contracts held
(27.3)
60.5
33.2
Foreign exchange losses
(0.9)
(2.4)
(3.3)
Other amounts recognised in total comprehensive income
(28.2)
58.1
29.9
Premiums paid net of ceding commissions and other directly attributable expenses paid
1,254.7
\u2014
1,254.7
Recoveries from reinsurance
\u2014
(499.2)
(499.2)
Total cash flows
1,254.7
(499.2)
755.5
Closing reinsurance contract assets
573.8
2,092.8
2,666.6
Closing reinsurance contract liabilities
(434.1)
137.0
(297.1)
Net reinsurance contract assets at 31 December 2024
139.7
2,229.8
2,369.5
1 Includes loss recovery component of $0.9m at 01 January 2024 and $0.2m at 31 December 2024.
Notes to the financial statements continued
27 Insurance and reinsurance contracts continued
ARC2
AIC
Total
31 December 20231
$m
$m
$m
Opening reinsurance contract assets
24.9
2,150.4
2,175.3
Opening reinsurance contract liabilities
(254.7)
93.5
(161.2)
Net reinsurance contract assets/(liabilities) at 01 January 2023
(229.8)
2,243.9
2,014.1
Allocation of reinsurance premium
(1,127.3)
\u2014
(1,127.3)
Amounts recoverable from reinsurers for incurred claims:
\u2013 Effect of changes in the risk of reinsurers\u2019 non-performance
\u2014
4.2
4.2
\u2013 Claims recovered
\u2014
680.1
680.1
\u2013 Other incurred directly attributable expenses
\u2014
(3.6)
(3.6)
\u2013 Changes that relate to past service \u2013 adjustments to incurred claims recovery
\u2014
(152.2)
(152.2)
Net expenses from reinsurance contracts held
(1,127.3)
528.5
(598.8)
Finance (expenses)/income from reinsurance contracts held
(40.9)
56.8
15.9
Foreign exchange losses
(4.3)
(0.2)
(4.5)
Other amounts recognised in total comprehensive income
(45.2)
56.6
11.4
Premiums paid net of ceding commissions and other directly attributable expenses paid
1,080.4
\u2014
1,080.4
Recoveries from reinsurance
\u2014
(413.9)
(413.9)
Total cash flows
1,080.4
(413.9)
666.5
Closing reinsurance contract assets
758.4
1,668.3
2,426.7
Closing reinsurance contract liabilities
(1,080.3)
746.8
(333.5)
Net reinsurance contract assets/(liabilities) at 31 December 2023
(321.9)
2,415.1
2,093.2
1 A presentational error was identified in the version of this disclosure included in the 2023 Annual Report and Accounts. The disclosure above has been restated
to correct these errors. There was no impact to the carrying value of any item in the statement of financial position, amounts recognised through the income
statement or the opening and closing balances in this disclosure. Certain amounts had been incorrectly classified between the asset for incurred claims and the
asset for remaining coverage. Specifically: an allocation of reinsurance premium of $763.5m had been classified as a movement in the AIC when it should have
been included in the ARC; movement in the ARC of $1.3m for the effect of changes in the risk of reinsurers non-performance, $767.1m for claims recovered and
$0.5m for other directly attributable expenses should have been included as movements relating to amounts recoverable from reinsurers in the AIC; and $1.8m
relating to foreign exchange is consequently required to be recognised as a movement in AIC, not the ARC.
2 Includes loss recovery component of $3.8m at 01 January 2023 and $0.9m at 31 December 2023.
27 Insurance and reinsurance contracts continued
27c New business
i) Impact of insurance contracts issued in the year
The following tables show the impact of new insurance contracts issued in the period. These are broken down by contracts
which were/were not deemed to be onerous on initial recognition.
Non-onerous
contracts
originated
Onerous
contracts
originated
Total
Year ended 31 December 2024
$m
$m
$m
Estimated present value of future cash outflows:
\u2013 Insurance acquisition cash flows
(949.7)
(20.7)
(970.4)
\u2013 Claims and other directly attributable expenses
(2,864.4)
(61.5)
(2,925.9)
Estimated present value of future cash inflows
4,890.2
85.9
4,976.1
Risk adjustment for non-financial risk
(259.7)
(9.0)
(268.7)
Contractual service margin
(816.4)
\u2014
(816.4)
Net increase in insurance contract liabilities
\u2014
(5.3)
(5.3)
Non-onerous
contracts
originated
Onerous
contracts
originated
Total
Year ended 31 December 2023
$m
$m
$m
Estimated present value of future cash outflows:
\u2013 Insurance acquisition cash flows
(759.3)
(68.1)
(827.4)
\u2013 Claims and other directly attributable expenses
(2,489.8)
(176.7)
(2,666.5)
Estimated present value of future cash inflows
4,115.0
249.1
4,364.1
Risk adjustment for non-financial risk
(249.3)
(14.9)
(264.2)
Contractual service margin
(616.6)
\u2014
(616.6)
Net increase in insurance contract liabilities
\u2014
(10.6)
(10.6)
ii) Impact of reinsurance contracts held in the year
The following table shows the impact of new reinsurance contracts initially recognised in the period which were not deemed
to\u00a0originate with a loss recovery component. Contracts originating with a loss recovery component were $0.3m (2023: $0.3m).
2024
2023
$m
$m
Estimated present value of future cash outflows
(1,035.3)
(1,253.5)
Estimated present value of future cash inflows
536.4
817.2
Risk adjustment for non-financial risk
96.6
84.2
Contractual service margin
402.3
352.1
Net increase in reinsurance contract assets
\u2014
\u2014
Notes to the financial statements continued
27 Insurance and reinsurance contracts continued
27d Future CSM release
The tables below show when the Group expects to release the closing CSM to the profit or loss in appropriate future time
bands. It is presented for both insurance contracts issued and reinsurance contracts held.
2024
2023
Insurance contracts issued
$m
$m
Number of years until expected to be recognised
1
421.7
299.0
2
20.1
14.7
3
13.6
10.5
4
8.7
7.6
5
5.5
5.1
6\u201310
10.9
7.1
Total
480.5
344.0
2024
2023
Reinsurance contracts held
$m
$m
Number of years until expected to be recognised
1
151.7
118.7
2
49.7
3.7
3
26.2
2.6
4
2.5
1.8
5
1.4
1.2
6\u201310
3.1
1.6
Total
234.6
129.6
27 Insurance and reinsurance contracts continued
27e Claims development
The following tables show the estimates of cumulative ultimate claims for each successive underwriting year from six years prior
to the reporting date, reconciled back to LIC. This information has been provided on a gross of reinsurance basis and separately
for reinsurance contracts held. Claims development information has only been disclosed from the 2019 underwriting year
onward (being five years before the end of the annual reporting period in which IFRS 17 was first applied by the Group). In the
below tables, historic periods have been revalued using current exchange rates. The cumulative estimate of claims and
recoveries comprises expected claims, reinsurance recovery cash flows and directly attributable expenses. It does not include
the risk adjustment, premiums or acquisition costs.
Underwriting year
Insurance contracts issued
2019
2020
2021
2022
2023
2024
Total
2024
$m
$m
$m
$m
$m
$m
$m
At end of underwriting year
1,711.5
2,309.2
2,696.2
3,122.6
3,110.9
3,403.8
1 year later
2,207.2
2,696.9
2,968.1
3,036.1
3,215.1
2 years later
2,240.9
2,804.3
2,787.7
2,912.8
3 years later
2,237.1
2,652.0
2,620.0
4 years later
2,228.1
2,582.6
5 years later
2,258.2
Cumulative gross estimate of claims
2,258.2
2,582.6
2,620.0
2,912.8
3,215.1
3,403.8
16,992.5
Cumulative payments to date
(1,871.3)
(1,982.9)
(1,615.0)
(1,405.8)
(1,105.7)
(254.1)
(8,234.8)
Carrying amount relating to 2018 and
prior underwriting years
752.1
Less liability for remaining coverage
claims only
(1,923.7)
Impact of discounting (LIC)
(666.6)
LIC risk adjustment for non-financial risk
680.2
Gross discounted LIC
7,599.7
Underwriting year
Reinsurance contracts held
2019
2020
2021
2022
2023
2024
Total
2024
$m
$m
$m
$m
$m
$m
$m
At end of underwriting year
(290.6)
(455.6)
(699.3)
(932.5)
(519.8)
(472.9)
1 year later
(412.4)
(635.6)
(708.1)
(882.8)
(553.1)
2 years later
(377.0)
(701.1)
(707.8)
(841.2)
3 years later
(396.1)
(578.1)
(647.6)
4 years later
(424.9)
(586.9)
5 years later
(468.0)
Cumulative gross estimate of claims
recoveries
(468.0)
(586.9)
(647.6)
(841.2)
(553.1)
(472.9)
(3,569.7)
Cumulative payments to date
315.3
411.6
253.8
159.3
55.2
9.5
1,204.7
Carrying amount relating to 2018 and
prior underwriting years
(305.2)
Less asset for remaining coverage
claims only
394.3
Impact of discounting (AIC)
186.9
AIC risk adjustment for non-financial risk
(140.8)
Reinsurance discounted AIC
(2,229.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-320": { "value": "
7 Net financial result
Finance income/expense from insurance contracts issued and reinsurance contracts held represents the interest accreted and
the effect of changes in discount rates and other financial assumptions. The net financial result comprises the Group's net
investment income and its net insurance finance expense.
2024
2023
$m
$m
Interest and dividends on financial assets at fair value
313.2
215.3
Interest on cash and cash equivalents at amortised cost
43.5
16.8
Net realised fair value gains/(losses) on financial assets at FVTPL
131.8
(69.2)
Net unrealised fair value gains on financial assets at FVTPL
95.5
325.2
Investment income from financial assets
584.0
488.1
Investment management expenses
(9.6)
(7.9)
Net investment income
574.4
480.2
Interest accreted
(372.5)
(379.1)
Effect of changes in financial assumptions
283.4
209.8
Net finance expense from insurance contracts issued
(89.1)
(169.3)
Interest accreted
80.4
84.4
Effect of changes in financial assumptions
(47.2)
(68.5)
Net finance income from reinsurance contracts held
33.2
15.9
Net insurance finance expense
(55.9)
(153.4)
Net financial result
518.5
326.8
Investment income by category of financial asset
The tables below show the Group's investment income, split by category of financial asset. \"Other financial assets\" includes
cash and cash equivalents and derivative financial instruments.
Debt securities and
syndicate loans
Capital\u00a0
growth assets
Other\u00a0
financial assets
Total
2024
$m
$m
$m
$m
Interest and dividends received
308.8
4.4
43.5
356.7
Net realised gains
39.6
87.6
4.6
131.8
Net unrealised fair value gains/(losses)
84.2
28.4
(17.1)
95.5
Total investment income from financial assets
432.6
120.4
31.0
584.0
Debt securities and
syndicate loans
Capital\u00a0
growth assets
Other\u00a0
financial assets
Total
2023
$m
$m
$m
$m
Interest and dividends received
208.4
3.7
20.0
232.1
Net realised (losses)/gains
(117.8)
52.6
(4.0)
(69.2)
Net unrealised fair value gains
291.2
34.0
\u2014
325.2
Total investment income from financial assets
381.8
90.3
16.0
488.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-319": { "value": "
7 Net financial result
Finance income/expense from insurance contracts issued and reinsurance contracts held represents the interest accreted and
the effect of changes in discount rates and other financial assumptions. The net financial result comprises the Group's net
investment income and its net insurance finance expense.
2024
2023
$m
$m
Interest and dividends on financial assets at fair value
313.2
215.3
Interest on cash and cash equivalents at amortised cost
43.5
16.8
Net realised fair value gains/(losses) on financial assets at FVTPL
131.8
(69.2)
Net unrealised fair value gains on financial assets at FVTPL
95.5
325.2
Investment income from financial assets
584.0
488.1
Investment management expenses
(9.6)
(7.9)
Net investment income
574.4
480.2
Interest accreted
(372.5)
(379.1)
Effect of changes in financial assumptions
283.4
209.8
Net finance expense from insurance contracts issued
(89.1)
(169.3)
Interest accreted
80.4
84.4
Effect of changes in financial assumptions
(47.2)
(68.5)
Net finance income from reinsurance contracts held
33.2
15.9
Net insurance finance expense
(55.9)
(153.4)
Net financial result
518.5
326.8
Investment income by category of financial asset
The tables below show the Group's investment income, split by category of financial asset. \"Other financial assets\" includes
cash and cash equivalents and derivative financial instruments.
Debt securities and
syndicate loans
Capital\u00a0
growth assets
Other\u00a0
financial assets
Total
2024
$m
$m
$m
$m
Interest and dividends received
308.8
4.4
43.5
356.7
Net realised gains
39.6
87.6
4.6
131.8
Net unrealised fair value gains/(losses)
84.2
28.4
(17.1)
95.5
Total investment income from financial assets
432.6
120.4
31.0
584.0
Debt securities and
syndicate loans
Capital\u00a0
growth assets
Other\u00a0
financial assets
Total
2023
$m
$m
$m
$m
Interest and dividends received
208.4
3.7
20.0
232.1
Net realised (losses)/gains
(117.8)
52.6
(4.0)
(69.2)
Net unrealised fair value gains
291.2
34.0
\u2014
325.2
Total investment income from financial assets
381.8
90.3
16.0
488.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-318": { "value": "
7 Net financial result
Finance income/expense from insurance contracts issued and reinsurance contracts held represents the interest accreted and
the effect of changes in discount rates and other financial assumptions. The net financial result comprises the Group's net
investment income and its net insurance finance expense.
2024
2023
$m
$m
Interest and dividends on financial assets at fair value
313.2
215.3
Interest on cash and cash equivalents at amortised cost
43.5
16.8
Net realised fair value gains/(losses) on financial assets at FVTPL
131.8
(69.2)
Net unrealised fair value gains on financial assets at FVTPL
95.5
325.2
Investment income from financial assets
584.0
488.1
Investment management expenses
(9.6)
(7.9)
Net investment income
574.4
480.2
Interest accreted
(372.5)
(379.1)
Effect of changes in financial assumptions
283.4
209.8
Net finance expense from insurance contracts issued
(89.1)
(169.3)
Interest accreted
80.4
84.4
Effect of changes in financial assumptions
(47.2)
(68.5)
Net finance income from reinsurance contracts held
33.2
15.9
Net insurance finance expense
(55.9)
(153.4)
Net financial result
518.5
326.8
Investment income by category of financial asset
The tables below show the Group's investment income, split by category of financial asset. \"Other financial assets\" includes
cash and cash equivalents and derivative financial instruments.
Debt securities and
syndicate loans
Capital\u00a0
growth assets
Other\u00a0
financial assets
Total
2024
$m
$m
$m
$m
Interest and dividends received
308.8
4.4
43.5
356.7
Net realised gains
39.6
87.6
4.6
131.8
Net unrealised fair value gains/(losses)
84.2
28.4
(17.1)
95.5
Total investment income from financial assets
432.6
120.4
31.0
584.0
Debt securities and
syndicate loans
Capital\u00a0
growth assets
Other\u00a0
financial assets
Total
2023
$m
$m
$m
$m
Interest and dividends received
208.4
3.7
20.0
232.1
Net realised (losses)/gains
(117.8)
52.6
(4.0)
(69.2)
Net unrealised fair value gains
291.2
34.0
\u2014
325.2
Total investment income from financial assets
381.8
90.3
16.0
488.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-322": { "value": "
8 Other income
2024
2023
$m
$m
Commissions received by Beazley service companies
17.0
42.8
Profit commissions and other income received from syndicates
68.3
29.9
Managing agent fees from third-party syndicates
11.3
3.6
Other income
9.4
2.2
Total other income
106.0
78.5
Commissions received by Beazley service companies
Commissions are received from non-Group syndicates by Group service companies writing business on their behalf. These are
recognised as the services are provided, and therefore the performance obligations of the contracts are met. Commission is
payable to the Group by syndicate 623 due to Group service companies writing business on behalf of the syndicate. While the
commercial purpose of the contract is to pass business to syndicate 623, the remuneration is triggered by incurring expenses,
irrespective of volume of business gained. Fees are recognised as the services are provided, and therefore the performance
obligations of the contracts are met. In addition, the Group charges syndicates 5623 and 4321 for a portion of the profit-related
remuneration paid to its underwriting staff. Payment is therefore triggered by the underlying profitability of the syndicate.
Profit commissions and other income received from syndicates
This primarily relates to profit commissions received from syndicates in the year. The underlying agreements are in place
between the third-party capital syndicates managed by the Group and their managing agent, Beazley Furlonge Limited. Under
these agreements, the transaction price represents a fixed percentage on profit by year of account. As such, the profitability of
the syndicates is a performance criterion. No other variable consideration (for example: discounts, rebates, refunds, incentives)
is attached. The value of each transaction price is derived at the reporting date from the actual profits made by the syndicates,
and therefore represents the most likely amount of consideration at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-321": { "value": "
8 Other income
2024
2023
$m
$m
Commissions received by Beazley service companies
17.0
42.8
Profit commissions and other income received from syndicates
68.3
29.9
Managing agent fees from third-party syndicates
11.3
3.6
Other income
9.4
2.2
Total other income
106.0
78.5
Commissions received by Beazley service companies
Commissions are received from non-Group syndicates by Group service companies writing business on their behalf. These are
recognised as the services are provided, and therefore the performance obligations of the contracts are met. Commission is
payable to the Group by syndicate 623 due to Group service companies writing business on behalf of the syndicate. While the
commercial purpose of the contract is to pass business to syndicate 623, the remuneration is triggered by incurring expenses,
irrespective of volume of business gained. Fees are recognised as the services are provided, and therefore the performance
obligations of the contracts are met. In addition, the Group charges syndicates 5623 and 4321 for a portion of the profit-related
remuneration paid to its underwriting staff. Payment is therefore triggered by the underlying profitability of the syndicate.
Profit commissions and other income received from syndicates
This primarily relates to profit commissions received from syndicates in the year. The underlying agreements are in place
between the third-party capital syndicates managed by the Group and their managing agent, Beazley Furlonge Limited. Under
these agreements, the transaction price represents a fixed percentage on profit by year of account. As such, the profitability of
the syndicates is a performance criterion. No other variable consideration (for example: discounts, rebates, refunds, incentives)
is attached. The value of each transaction price is derived at the reporting date from the actual profits made by the syndicates,
and therefore represents the most likely amount of consideration at the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-323": { "value": "
9 Operating expenses
2024
2023
$m
$m
Staff costs
656.8
527.6
Other administrative expenses
504.4
401.2
Total administrative expenses
1,161.2
928.8
Recharged to third party syndicates
(129.9)
(115.5)
Expenses reclassified within the insurance service result
(642.7)
(447.5)
Total operating expenses
388.6
365.8
Included within other administrative expenses is depreciation of $16.5m (2023: $17.1m) and amortisation of $11.1m
(2023:\u00a0$16.2m).
Net staff costs
2024
2023
$m
$m
Wages and salaries
302.2
259.8
Short-term incentive payments
235.3
167.5
Social security
53.8
45.3
Share-based remuneration
40.1
33.8
Costs relating to defined contribution pension schemes
25.4
21.2
Staff costs
656.8
527.6
Recharged to third-party syndicates
(98.8)
(78.2)
Net staff costs
558.0
449.4
Average number of employees
A breakdown by category of employee is disclosed below.
2024
2023
Directors
11
11
Senior managers
157
145
Other employees
2,324
1,988
Total average number of employees
2,492
2,144
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-324": { "value": "
Net staff costs
2024
2023
$m
$m
Wages and salaries
302.2
259.8
Short-term incentive payments
235.3
167.5
Social security
53.8
45.3
Share-based remuneration
40.1
33.8
Costs relating to defined contribution pension schemes
25.4
21.2
Staff costs
656.8
527.6
Recharged to third-party syndicates
(98.8)
(78.2)
Net staff costs
558.0
449.4
Average number of employees
A breakdown by category of employee is disclosed below.
2024
2023
Directors
11
11
Senior managers
157
145
Other employees
2,324
1,988
Total average number of employees
2,492
2,144
16 Retirement benefit asset
2024
2023
$m
$m
Present value of funded obligations
(31.8)
(34.9)
Fair value of plan assets
35.8
39.4
Retirement benefit asset in the statement of financial position
4.0
4.5
Amounts recognised in the statement of profit or loss:
Interest cost
(1.6)
(1.5)
Expected return on plan assets
1.7
1.7
Retirement benefit return recognised in the statement of profit or loss
0.1
0.2
Beazley Furlonge Limited operates a defined benefit pension scheme (\"the Beazley Furlonge Limited Pension Scheme\"),
whichclosed to new entrants in 2002 and to future accrual in 2006.
The scheme is administered by a trust that is legally separated from the Group.
The pension scheme trustees completed a transaction that insures all of the scheme\u2019s liabilities to a third party via a bulk
annuity buy-in with an external insurance company in 2022. The annuity contracts meet the criteria to be classified as qualifying
insurance policies as defined in IAS 19 as the cash flows match the timing and value of the benefits payable to members that
they cover. These annuities are thus valued at the present value of the obligations insured.
At the reporting date, the trustees and the Company retain all obligations to ensure benefits due to scheme members are paid.
Following the buy-in transaction the Group expects to make no further contributions to the scheme.
Historically, the scheme exposed the Group to additional actuarial, interest rate and market risk. However, as a result of
the\u00a0buy-in transaction in 2022, these risks are now borne by the insurance company to which liabilities have been insured.
The\u00a0buy-in transaction does expose the Group to additional credit risk with regard to the insurance company from whom the
annuities were purchased. This counterparty has an investment grade credit rating and therefore the Group considers the
credit\u00a0risk to be minimal.
During the year, the scheme paid an additional $0.6m to the insurance company as a true-up payment relating to the
buy-in transaction.
16 Retirement benefit asset continued
Included below is a reconciliation from opening to closing of the present value of funded obligations and the fair value of plan
assets. The amount recognised in the statement of comprehensive income is the net position of the actuarial gains/losses due
to changes in financial assumptions and the loss/gain on asset return.
2024
2023
$m
$m
Movement in present value of funded obligations recognised in the statement of financial position
Balance at 1 January
34.9
31.1
Interest cost
1.6
1.5
Actuarial (gain)/loss due to changes in financial assumptions
(4.3)
2.0
Benefits paid
(0.8)
(0.5)
Foreign exchange loss
0.4
0.8
Balance at 31 December
31.8
34.9
2024
2023
$m
$m
Movement in fair value of plan assets recognised in the statement of financial position
Balance at 1 January
39.4
35.7
Expected return on plan assets
1.7
1.7
(Loss)/gain on asset return
(4.8)
1.9
Administrative expenses
(0.3)
(0.3)
Benefits paid
(0.8)
(0.5)
Foreign exchange gain
0.6
0.9
Balance at 31 December
35.8
39.4
2024
2023
$m
$m
Plan assets comprise as follows:
Insurance policy
31.8
34.9
Cash
4.0
4.5
Total
35.8
39.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-325": { "value": "
10 Auditor's remuneration
2024
2023
$m
$m
Operating expenses include amounts receivable by the Group\u2019s auditor in respect of:
\u2013 audit of the Group\u2019s Annual Report and Accounts
4.0
6.5
\u2013 audit of subsidiaries pursuant to legislation
4.4
3.6
\u2013 audit-related assurance services
1.5
1.1
\u2013 other non-audit services
1.1
0.9
Total auditor's remuneration
11.0
12.1
Other than the fees disclosed above, no other fees were paid to the Company\u2019s auditor. Audit-related assurance services
primarily comprise the review and audit of regulatory reporting pursuant to legislation and review of the Group\u2019s condensed
interim financial statements. Fees incurred for other non-audit services primarily relate to reporting required by Regulators and
additional assurance work performed on material included within the Annual Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-326": { "value": "
11 Finance costs
2024
2023
$m
$m
Interest expense on financial liabilities
31.6
31.6
Interest expense on lease liabilities
2.9
3.1
Interest and charges related to letters of credit
4.8
5.9
Total finance costs
39.3
40.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-327": { "value": "
12 Tax expense
2024
2023
$m
$m
Current tax expense
Current tax expense
219.3
121.8
Prior year adjustment
14.2
1.5
Pillar Two tax expense*
13.1
\u2014
246.6
123.3
Deferred tax expense
Origination and reversal of temporary differences
50.8
97.3
Difference between current and deferred tax rates
\u2014
6.8
Prior year adjustments
(4.2)
0.2
46.6
104.3
Tax expense
293.2
227.6
* Pillar Two tax expense relates to Qualified Domestic Minimum Top-Up Tax in Ireland.
Reconciliation of tax expense
The Group makes the majority of its profit in Ireland, the UK and the US. The weighted average of statutory tax rates based on
the profits earned in each country in which the Group operates is 18.6% (2023: 17.6%), whereas the tax charged for the year
ended 31\u00a0December 2024 as a percentage of profit before tax is 20.6% (2023: 18.1%). The reasons for the difference are
explained below:
2024
2024
2023
2023
$m
%
$m
%
Profit before tax
1,423.5
1,254.4
Tax calculated at the weighted average of statutory tax rate
264.6
18.6
221.4
17.6
Effects of:
\u2013 non-deductible/(non-taxable) expenses
1.9
0.1
(2.0)
(0.2)
\u2013 losses not previously recognised
\u2014
\u2014
(1.2)
(0.1)
\u2013 tax charge/(relief) on remuneration
1.4
0.1
0.9
0.1
\u2013 under/(over) provided in prior years
10.1
0.7
1.7
0.1
\u2013 difference between current and deferred tax rates
\u2014
\u2014
6.8
0.6
\u2013 effect of tax rates in foreign jurisdictions
2.1
0.2
\u2014
\u2014
\u2013 Pillar Two tax expense
13.1
0.9
\u2014
\u2014
Tax expense for the year
293.2
20.6
227.6
18.1
Global minimum tax rate
The Organisation for Economic Co-Operation and Development Pillar Two framework seeks to ensure that large multi-national
enterprises pay a minimum corporate income tax rate of 15% on the income arising in each jurisdiction where they operate.
In\u00a02023, the UK enacted legislation to implement these new rules in respect of accounting periods beginning on or after
31\u00a0December 2023.
The Group mainly operates in jurisdictions with a statutory tax rate above 15%. The main impact for the Group is in Ireland
where the tax rate is 12.5%. This is due to Beazley Insurance dac, a wholly owned subsidiary acting as an internal group
reinsurer and writing business directly in Europe, being based in Ireland. In December 2023, Ireland enacted a Qualified
Domestic Minimum Top-Up Tax such that in-scope businesses pay at least a 15% effective tax rate on their profits.
The\u00a0impact\u00a0of the top-up tax on the current tax charge is set out in the above disclosure.
24 Deferred tax
2024
2023
$m
$m
Deferred tax asset
191.8
46.9
Deferred tax liability
(387.2)
(202.2)
Net deferred tax liability
(195.4)
(155.3)
An overview of the nature of the deferred tax assets/(liabilities) is set out below.
Balance
01\u00a0Jan 24
Recognised in total
comprehensive income
Recognised in
equity
FX translation
differences
Balance
31\u00a0Dec 24
$m
$m
$m
$m
$m
Plant and equipment
(1.1)
(1.8)
\u2014
\u2014
(2.9)
Intangible assets
(1.3)
(6.3)
\u2014
\u2014
(7.6)
Underwriting profits
(94.2)
(11.8)
\u2014
\u2014
(106.0)
Deferred acquisition costs
\u2014
\u2014
\u2014
\u2014
\u2014
Tax losses carried forward
9.7
(9.7)
\u2014
\u2014
\u2014
Share-based payments
9.0
0.4
7.1
\u2014
16.5
Unrealised gains/(losses) on investments
(1.2)
11.3
\u2014
\u2014
10.1
IFRS 17 adjustments
(87.1)
(44.2)
\u2014
\u2014
(131.3)
Other
10.9
15.3
\u2014
(0.4)
25.8
Net deferred tax (liability)/asset
(155.3)
(46.8)
7.1
(0.4)
(195.4)
Balance
01\u00a0Jan 23\u00a0 \u00a0 \u00a0 \u00a0
Recognised in total
comprehensive income
Recognised in
equity
FX translation
differences
Balance
31\u00a0Dec 23\u00a0
$m
$m
$m
$m
$m
Plant and equipment
(0.8)
(0.3)
\u2014
\u2014
(1.1)
Intangible assets
(1.8)
0.5
\u2014
\u2014
(1.3)
Underwriting profits
7.4
(101.6)
\u2014
\u2014
(94.2)
Deferred acquisition costs
1.7
(1.7)
\u2014
\u2014
\u2014
Tax losses carried forward
4.0
5.7
\u2014
\u2014
9.7
Share-based payments
8.4
1.5
(0.9)
\u2014
9.0
Unrealised gains/(losses) on investments
9.9
(11.1)
\u2014
\u2014
(1.2)
IFRS 17 adjustments
(83.7)
(3.4)
\u2014
\u2014
(87.1)
Other
6.5
6.8
\u2014
(2.4)
10.9
Net deferred tax liability
(48.4)
(103.6)
(0.9)
(2.4)
(155.3)
Geographical analysis
Deferred tax assets and deferred tax liabilities relating to the same tax authority are presented net in the Group\u2019s balance
sheet. A geographical analysis has been included below.
2024
2023
$m
$m
UK
(245.1)
(152.8)
US
191.8
46.7
Ireland
(98.5)
(38.7)
Other\u00b9
(43.6)
(10.5)
Net deferred tax (liability)
(195.4)
(155.3)
1\u00a0 Includes Canada, France, Germany, Spain and Switzerland.
24 Deferred tax continued
Under IFRS 17, the timing of the recognition of the Group\u2019s profits differs significantly from the basis on which corporate taxes
are levied in the tax jurisdictions where the Group operates. None of the Group\u2019s material profit-making entities pay corporate
taxes based on IFRS 17 profits and therefore significant temporary differences arise. In some jurisdictions, such as the UK and
Ireland, profits are recognised earlier under IFRS 17 and thus a deferred tax liability is recognised. The Group expects this to
unwind over time as profits are recognised (offset by new profits on an IFRS 17 basis). In the US, profits are recognised more
slowly on an IFRS 17 basis than under the US Stat basis on which tax is determined, with the Group recognising a deferred tax
asset of $148.2m (2023: $23.2m). The Group is of the view that sufficient future profits will arise on an IFRS 17 basis to
realise this deferred tax asset.
The Group has no deferred tax assets relating to trading losses (2023: $9.7m). The Group also has no unrecognised trading
losses as at 31 December 2024 (2023: nil) and has unrecognised capital losses of $2.5m (2023: $4.0m).
The Group has applied the temporary mandatory exemption from accounting for deferred taxes under the Pillar Two rules.
Therefore, no deferred taxes have been recognised in relation to these rules as at 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-328": { "value": "
12 Tax expense
2024
2023
$m
$m
Current tax expense
Current tax expense
219.3
121.8
Prior year adjustment
14.2
1.5
Pillar Two tax expense*
13.1
\u2014
246.6
123.3
Deferred tax expense
Origination and reversal of temporary differences
50.8
97.3
Difference between current and deferred tax rates
\u2014
6.8
Prior year adjustments
(4.2)
0.2
46.6
104.3
Tax expense
293.2
227.6
* Pillar Two tax expense relates to Qualified Domestic Minimum Top-Up Tax in Ireland.
Reconciliation of tax expense
The Group makes the majority of its profit in Ireland, the UK and the US. The weighted average of statutory tax rates based on
the profits earned in each country in which the Group operates is 18.6% (2023: 17.6%), whereas the tax charged for the year
ended 31\u00a0December 2024 as a percentage of profit before tax is 20.6% (2023: 18.1%). The reasons for the difference are
explained below:
2024
2024
2023
2023
$m
%
$m
%
Profit before tax
1,423.5
1,254.4
Tax calculated at the weighted average of statutory tax rate
264.6
18.6
221.4
17.6
Effects of:
\u2013 non-deductible/(non-taxable) expenses
1.9
0.1
(2.0)
(0.2)
\u2013 losses not previously recognised
\u2014
\u2014
(1.2)
(0.1)
\u2013 tax charge/(relief) on remuneration
1.4
0.1
0.9
0.1
\u2013 under/(over) provided in prior years
10.1
0.7
1.7
0.1
\u2013 difference between current and deferred tax rates
\u2014
\u2014
6.8
0.6
\u2013 effect of tax rates in foreign jurisdictions
2.1
0.2
\u2014
\u2014
\u2013 Pillar Two tax expense
13.1
0.9
\u2014
\u2014
Tax expense for the year
293.2
20.6
227.6
18.1
Global minimum tax rate
The Organisation for Economic Co-Operation and Development Pillar Two framework seeks to ensure that large multi-national
enterprises pay a minimum corporate income tax rate of 15% on the income arising in each jurisdiction where they operate.
In\u00a02023, the UK enacted legislation to implement these new rules in respect of accounting periods beginning on or after
31\u00a0December 2023.
The Group mainly operates in jurisdictions with a statutory tax rate above 15%. The main impact for the Group is in Ireland
where the tax rate is 12.5%. This is due to Beazley Insurance dac, a wholly owned subsidiary acting as an internal group
reinsurer and writing business directly in Europe, being based in Ireland. In December 2023, Ireland enacted a Qualified
Domestic Minimum Top-Up Tax such that in-scope businesses pay at least a 15% effective tax rate on their profits.
The\u00a0impact\u00a0of the top-up tax on the current tax charge is set out in the above disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-329": { "value": "
13 Earnings per share
2024
2023
Profit after tax ($m)
1,130.3
1,026.8
Weighted average number of shares in issue (m)1
645.5
663.8
Adjusted weighted average number of shares in issue (m)
663.3
678.3
Basic (cents)
175.1c
154.7c
Diluted (cents)
170.4c
151.4c
Basic (pence)
137.0p
124.8p
Diluted (pence)
133.3p
122.1p
1 Decreased in the year due to the share buyback programme. Refer to Note 21 for further details.
Basic earnings per share (EPS) is calculated by dividing profit after tax of $1,130.3m (2023: $1,026.8m) by the weighted
average number of shares in issue during the year of 645.5m (2023: 663.8m).
Diluted earnings per share is calculated by dividing profit after tax of $1,130.3m (2023: $1,026.8m) by the adjusted weighted
average number of shares of 663.3m (2023: 678.3m) in issue. This assumes conversion of dilutive potential ordinary shares,
being shares from equity settled employee compensation schemes. Share options with performance conditions attaching to
them have been excluded from the weighted average number of shares to the extent that these conditions have not been met
at the reporting date.
Further details of equity compensation plans can be found in Note 23 as well as in the Directors\u2019 remuneration report
on\u00a0pages\u00a0135 to 157.
Note that both calculations exclude the shares held in the Employee Share Options Plan of 9.1m (2023: 9.8m) until such time
as they vest unconditionally with the employees.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-330": { "value": "1130300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-331": { "value": "1130300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-332": { "value": "
14 Dividends per share
On 3 March 2025 the Board approved the payment of an interim dividend of 25.0p per share covering the whole of 2024
(2023: 14.2p per share) which will be paid on 2 May 2025 to Beazley plc shareholders registered on 21 March 2025. The
Group expects the total amount to be paid in respect of the interim dividend to be approximately \u00a3157.5m (2023: \u00a394.2m).
These financial statements do not provide for the interim dividend as a liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-333": { "value": "25.0", "decimals": 1, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-334": { "value": "
15 Intangible assets
Goodwill
Syndicate
capacity
Licences
IT
development
costs
Total
$m
$m
$m
$m
$m
Opening cost at 01\u00a0January 2024
72.0
31.3
9.3
148.7
261.3
Derecognition
\u2014
\u2014
\u2014
(11.2)
(11.2)
Additions
\u2014
\u2014
\u2014
45.0
45.0
Foreign exchange gain
\u2014
\u2014
\u2014
0.4
0.4
Closing cost at 31\u00a0December 2024
72.0
31.3
9.3
182.9
295.5
Opening amortisation and impairment at 01\u00a0January 2024
(10.0)
\u2014
\u2014
(86.0)
(96.0)
Amortisation
\u2014
\u2014
\u2014
(11.1)
(11.1)
Derecognition
\u2014
\u2014
\u2014
11.2
11.2
Foreign exchange loss
\u2014
\u2014
\u2014
(1.6)
(1.6)
Closing amortisation and impairment at 31\u00a0December 2024
(10.0)
\u2014
\u2014
(87.5)
(97.5)
Carrying amount at 31\u00a0December 2024
62.0
31.3
9.3
95.4
198.0
Goodwill
Syndicate
capacity
Licences
IT
development
costs
Total
$m
$m
$m
$m
$m
Opening cost at 01\u00a0January 2023
72.0
13.7
9.3
125.3
220.3
Derecognition
\u2014
\u2014
\u2014
(13.2)
(13.2)
Additions
\u2014
17.6
\u2014
33.3
50.9
Foreign exchange gain
\u2014
\u2014
\u2014
3.3
3.3
Closing cost at 31\u00a0December 2023
72.0
31.3
9.3
148.7
261.3
Opening amortisation and impairment at 01\u00a0January 2023
(10.0)
\u2014
\u2014
(81.5)
(91.5)
Amortisation
\u2014
\u2014
\u2014
(16.2)
(16.2)
Derecognition
\u2014
\u2014
\u2014
13.2
13.2
Foreign exchange loss
\u2014
\u2014
\u2014
(1.5)
(1.5)
Closing amortisation and impairment at 31\u00a0December 2023
(10.0)
\u2014
\u2014
(86.0)
(96.0)
Carrying amount at 31\u00a0December 2023
62.0
31.3
9.3
62.7
165.3
Notes to the financial statements continued
15 Intangible assets continued
Impairment tests
Goodwill, syndicate capacity and US insurance authorisation licences are deemed to have indefinite useful lives as they are
expected to have a recoverable amount that does not erode or become obsolete over the course of time. Consequently, these
intangible assets are not amortised but are instead annually tested for impairment. For the purpose of impairment testing, they
are allocated to the following cash-generating units (CGUs):
Cyber Risks
Digital
MAP Risks
Property
Risks
Specialty
Risks
Total
2024
$m
$m
$m
$m
$m
$m
Goodwill
1.7
0.3
31.9
25.7
2.4
62.0
Syndicate capacity
5.7
0.7
6.7
9.2
9.0
31.3
Licences
2.8
0.6
\u2014
1.9
4.0
9.3
Total
10.2
1.6
38.6
36.8
15.4
102.6
Cyber Risks
Digital
MAP Risks
Property
Risks
Specialty
Risks
Total
2023
$m
$m
$m
$m
$m
$m
Goodwill
1.7
0.3
31.9
25.7
2.4
62.0
Syndicate capacity
5.7
0.7
6.7
9.2
9.0
31.3
Licences
2.8
0.6
\u2014
1.9
4.0
9.3
Total
10.2
1.6
38.6
36.8
15.4
102.6
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the fair value of the
identifiable assets, liabilities and contingent liabilities of the acquired subsidiary at the date of acquisition. Goodwill is carried
at cost less accumulated impairment losses.
The Group determines the recoverable amount of its indefinite useful life intangible assets using the value in use (VIU). This is
estimated by discounting the CGUs expected future cash flows sourced from financial budgets approved by management which
cover a five-year period. These cash flows give consideration to the Group's capital requirements, ensuring that a suitable
solvency range is maintained. A discount rate based on weighted average cost of capital of 10.6% (2023: 16.6%) has been
applied to determine the present value of projected future cash flows. In the prior year this was calculated using an internal
discounted dividend model, whereas in the current year this has been calculated using a market observable weighted average
cost of capital. We believe this is more reflective of the Group\u2019s risk profile relative to the market.
The Group has performed the following sensitivity analysis to ensure that the key assumptions used in deriving the VIU for each
CGU considers the potential adverse effects of any changes in economic or regulatory environments. As a result, management
has determined that a reasonably possible change in any of the key assumptions outlined above would not have a material
impact on the outcome of impairment testing.
\u2022 Projected cash flows \u2013 The Group has used projected cash flows generated from operating profit consistent with five-year
financial forecasts. Sensitivity testing has been performed to model the impact of reasonably possible changes in these
profits (5% and 10% fall) when compared with the base impairment analysis and headroom. Within these ranges, the
recoverable amounts remain supportable.
\u2022 Future market conditions \u2013 To test each CGU's sensitivity to variances in forecast profits, the discount rate has been flexed
to 5% above and 5% below the central assumption. Within this range, the recovery of goodwill was stress tested and remains
supportable across all CGUs. Headroom was calculated in respect of the VIU of all of the Group\u2019s other intangible assets.
\u2022 Premium growth rates/Retention rates \u2013 The Group has used a terminal growth rate of 0% (2023: 0%) to extrapolate
projections beyond the covered five-year period.
The impairment test for goodwill is carried out annually and confirms that the recoverable amount exceeds the carrying amount,
therefore no impairment or reversal of impairment is required.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-335": { "value": "
15 Intangible assets continued
Impairment tests
Goodwill, syndicate capacity and US insurance authorisation licences are deemed to have indefinite useful lives as they are
expected to have a recoverable amount that does not erode or become obsolete over the course of time. Consequently, these
intangible assets are not amortised but are instead annually tested for impairment. For the purpose of impairment testing, they
are allocated to the following cash-generating units (CGUs):
Cyber Risks
Digital
MAP Risks
Property
Risks
Specialty
Risks
Total
2024
$m
$m
$m
$m
$m
$m
Goodwill
1.7
0.3
31.9
25.7
2.4
62.0
Syndicate capacity
5.7
0.7
6.7
9.2
9.0
31.3
Licences
2.8
0.6
\u2014
1.9
4.0
9.3
Total
10.2
1.6
38.6
36.8
15.4
102.6
Cyber Risks
Digital
MAP Risks
Property
Risks
Specialty
Risks
Total
2023
$m
$m
$m
$m
$m
$m
Goodwill
1.7
0.3
31.9
25.7
2.4
62.0
Syndicate capacity
5.7
0.7
6.7
9.2
9.0
31.3
Licences
2.8
0.6
\u2014
1.9
4.0
9.3
Total
10.2
1.6
38.6
36.8
15.4
102.6
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the fair value of the
identifiable assets, liabilities and contingent liabilities of the acquired subsidiary at the date of acquisition. Goodwill is carried
at cost less accumulated impairment losses.
The Group determines the recoverable amount of its indefinite useful life intangible assets using the value in use (VIU). This is
estimated by discounting the CGUs expected future cash flows sourced from financial budgets approved by management which
cover a five-year period. These cash flows give consideration to the Group's capital requirements, ensuring that a suitable
solvency range is maintained. A discount rate based on weighted average cost of capital of 10.6% (2023: 16.6%) has been
applied to determine the present value of projected future cash flows. In the prior year this was calculated using an internal
discounted dividend model, whereas in the current year this has been calculated using a market observable weighted average
cost of capital. We believe this is more reflective of the Group\u2019s risk profile relative to the market.
The Group has performed the following sensitivity analysis to ensure that the key assumptions used in deriving the VIU for each
CGU considers the potential adverse effects of any changes in economic or regulatory environments. As a result, management
has determined that a reasonably possible change in any of the key assumptions outlined above would not have a material
impact on the outcome of impairment testing.
\u2022 Projected cash flows \u2013 The Group has used projected cash flows generated from operating profit consistent with five-year
financial forecasts. Sensitivity testing has been performed to model the impact of reasonably possible changes in these
profits (5% and 10% fall) when compared with the base impairment analysis and headroom. Within these ranges, the
recoverable amounts remain supportable.
\u2022 Future market conditions \u2013 To test each CGU's sensitivity to variances in forecast profits, the discount rate has been flexed
to 5% above and 5% below the central assumption. Within this range, the recovery of goodwill was stress tested and remains
supportable across all CGUs. Headroom was calculated in respect of the VIU of all of the Group\u2019s other intangible assets.
\u2022 Premium growth rates/Retention rates \u2013 The Group has used a terminal growth rate of 0% (2023: 0%) to extrapolate
projections beyond the covered five-year period.
The impairment test for goodwill is carried out annually and confirms that the recoverable amount exceeds the carrying amount,
therefore no impairment or reversal of impairment is required.
15 Intangible assets continued
Syndicate capacity
The syndicate capacity represents the cost of purchasing the Group\u2019s participation in the combined syndicates. The capacity is
capitalised at cost in the statement of financial position. It has an indefinite useful life and is carried at cost less accumulated
impairment. It is annually tested for impairment by reference to the latest auction prices provided by Lloyd\u2019s. The Group\u2019s
intangible assets relating to syndicate capacity is allocated across all CGUs.
During the year, the Group did not purchase any syndicate capacity (2023: \u00a335.5m capacity on syndicates 623/2623
purchased at a cost of $17.6m).
Based upon the latest market prices, management has concluded that the fair value exceeds the carrying amount and, as such,
no impairment or reversal of impairment is necessary.
Licences
US insurance authorisation licences represent the privilege to write insurance business in particular states in the US. Licences
are allocated to the relevant CGU. There is no active market for licences, therefore the recoverable amount is estimated as the
present value of projected future cash flows which are sourced from management approved budgets. Key assumptions are
consistent with those outlined in the Goodwill section above. Licences are annually tested for impairment and based upon all
available evidence, the results of the testing indicate that no impairment or reversal of impairment is required.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-338": { "value": "
17 Financial assets and liabilities
17a Carrying values of financial assets and liabilities
Financial assets \u2013 carrying values
Set out below are the carrying values of the Group's \"financial assets at fair value\" per the statement of financial position.
These amounts exclude the following financial assets, which are carried at amortised cost and presented separately:
\u2022 cash and cash equivalents (Note 20); and
\u2022 amounts due from managed syndicates and other receivables (Note 19).
2024
2023
$m
$m
Debt securities:
\u2013 Government issued
4,289.1
4,469.1
\u2013 Corporate bonds
\u00a0 \u2013 Investment grade
3,862.3
3,578.3
\u00a0 \u2013 High-yield
662.4
489.0
\u2013 Securitised
\u00a0 \u2013 Collateralised loan obligations
480.0
\u2014
Syndicate loans
29.5
34.1
Total debt securities and syndicate loans
9,323.3
8,570.5
Equity funds
348.7
282.7
Hedge funds
752.0
582.2
Illiquid assets
175.4
220.1
Total capital growth assets
1,276.1
1,085.0
Total financial investments at fair value through statement of profit or loss
10,599.4
9,655.5
Derivative financial assets
11.2
10.0
Total financial assets at fair value
10,610.6
9,665.5
Investment grade corporate bonds are rated BBB-/Baa3 or higher by at least one major rating agency, high-yield corporate
bonds have lower credit ratings, while collateralised loan obligations have a wider credit spread. Our collateralised loan
obligation holdings are in the highest rated AAA/AA tranches. Equity funds are investment vehicles which invest in equity
securities and provide diversified exposure to global equity markets. Hedge funds are investment vehicles pursuing alternative
investment strategies, structured to have minimal correlation to traditional asset classes. Illiquid assets are investment
vehicles that predominantly target private lending opportunities, often with longer investment horizons. The fair value of these
assets at 31\u00a0December 2024 excludes an unfunded commitment of $33.6m (2023: $32.0m).
Financial liabilities \u2013 carrying values
Set out below are the carrying values of the Group's \"financial liabilities\" per the statement of financial position.
These\u00a0amounts exclude lease liabilities (Note 26) and other payables (Note 28), which are carried at amortised cost
and\u00a0presented separately.
2024
2023
$m
$m
Tier 2 subordinated debt (2026)
249.7
249.5
Tier 2 subordinated debt (2029)
299.0
298.8
Derivative financial liabilities
27.3
6.3
Total financial liabilities
576.0
554.6
The Group has given a fixed and floating charge over certain of its investments and other assets to secure obligations
to\u00a0Lloyd\u2019s in respect of its corporate member subsidiary. Further details are provided in Note 32.
For a maturity analysis showing the financial assets and liabilities due within and after one year of the reporting date,
refer\u00a0to\u00a0Note 29d.
17 Financial assets and liabilities continued
17b Valuation hierarchy
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair
value hierarchy described as follows. If the inputs used to measure the fair value of an asset or a liability could be categorised
in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of
the fair value hierarchy as the lowest level input that is significant to the entire measurement.
Fair value is the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market
participants at the measurement date. Fair value is a market-based measure and in the absence of observable market prices in
an active market, it is measured using the assumptions that market participants would use when pricing the asset or liability.
The best evidence of the fair value of a financial instrument at initial recognition is the transaction price, i.e. the fair value of
the consideration given or received, unless the fair value of that instrument is evidenced by comparison with other observable
current market transactions in the same instrument (i.e. without modification or repackaging) or based on a valuation technique
whose variables include only data from observable markets. When the transaction price provides the best evidence of fair value
at initial recognition, the financial instrument is initially measured at the transaction price and any difference between this price
and the value initially obtained from a valuation model is subsequently recognised in profit or loss depending on the individual
facts and circumstances of the transaction but before the valuation is supported wholly by observable market data or the
transaction is closed out.
Level 1 \u2013 Valuations based on quoted prices in active markets for identical instruments. An active market is a market in which
transactions for the instrument occur with sufficient frequency and volume on an ongoing basis such that quoted prices reflect
prices at which an orderly transaction would take place between market participants at the measurement date.
Level 2 \u2013 Valuations based on quoted prices in markets that are not active, or based on pricing models for which significant
inputs can be corroborated by observable market data, directly or indirectly (e.g. interest rates and exchange rates). Level 2
inputs include:
\u2022 quoted prices for similar assets and liabilities in active markets;
\u2022 quoted prices for identical or similar assets and liabilities in markets that are not active, the prices are not current, or price
quotations vary substantially either over time or among market makers, or in which little information is released publicly;
\u2022 inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves
observable at commonly quoted intervals, implied volatilities and credit spreads); and
\u2022 market corroborated inputs.
Included within level 2 are government bonds and treasury bills, equity funds and corporate bonds which are not actively traded,
hedge funds, collateralised loan obligations and senior secured loans.
Level 3 \u2013 Valuations based on inputs that are unobservable or for which there is limited market activity against which to
measure fair value. The availability of financial data can vary for different financial assets and is affected by a wide variety of
factors, including the type of financial instrument, whether it is new and not yet established in the marketplace, and other
characteristics specific to each transaction. To the extent that valuation is based on models or inputs that are unobservable in
the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised by
management in determining fair value is greatest for instruments classified in level 3. The Group uses prices and inputs that
are current as of the measurement date for valuation of these instruments.
Notes to the financial statements continued
17 Financial assets and liabilities continued
Valuation approach \u2013 level 2 instruments
a) For the Group\u2019s level 2 debt securities and securitised instruments, our fund administrator obtains the prices used in the
valuation from independent pricing vendors. The independent pricing vendors derive an evaluated price from observable market
inputs. These inputs are verified in their pricing assumptions such as weighted average life, discount margins, default rates,
and recovery and prepayments assumptions for mortgage securities.\u00a0
b) For our hedge funds, the pricing and valuation of each fund is undertaken by administrators in accordance with each
underlying fund\u2019s valuation policy. Individual fund prices are communicated by the administrators to all investors via the monthly
investor statements. The fair value of the hedge fund portfolios are calculated by reference to the underlying net asset values of
each of the individual funds. Our hedge funds are managed by Falcon Money Management Holdings Limited, an associate of
the Group.
c) Subordinated debt fair value is based on quoted market prices.
Valuation approach \u2013 level 3 instruments
a) Our illiquid fund investments are generally closed ended limited partnerships or open ended funds. The Group relies on a
third-party fund manager to manage these investments and provide valuations. Note that while the funds report with full
transparency on their underlying investments, the investments themselves are predominantly in private and unquoted
instruments. The valuation techniques used by the fund managers to establish the fair values therefore require a degree of
estimation. For example, these may incorporate discounted cash flow models or a more market-based approach, whilst the
main inputs might include discount rates, fundamental pricing multiples, recent transaction prices, or comparable market
information to create a benchmark multiple.
b) Syndicate loans are non-tradeable instruments provided by our Group syndicates to the Central Fund at Lloyd\u2019s in respect of
the 2019 (repaid by Lloyd's during the year) and 2020 underwriting years. These are valued internally using discounted cash
flow models provided by Lloyd's to the market, designed to appropriately reflect the credit and illiquidity risk of the instruments.
Valuation outputs are then validated using a control model, with the following inputs and assumptions. Note that these
internally valued instruments are deemed by management to be inherently more subjective than external valuations.
\u2022 Cash flows comprise the notional cost of the loans, annual interest income, and the final repayment of the loans at the end
of the five-year term. The weighted average interest rate applicable across all syndicate loans is 3.8% (2023: 3.8%).
\u2022 A discount rate of 8.3% (2023: 7.0%) is applied. This is calculated using a combination of the long-term treasury bond risk-
free rate, the industry/geographic average regression beta, and a selected risk premium.
c) Certain collateralised loan obligation securities have been classified within level 3. These represent instruments which were
issued late in 2024 and have been priced at par, predominantly as these had not settled at the balance sheet date. As this is
deemed to be an unobservable input these have been classified within level 3. We expect these instruments to move into level
2 in the near term as these begin to be priced by our pricing vendors using models with observable market inputs.
There were no changes in the valuation techniques during the year compared with those described in the Group's 2023 Annual
Report and Accounts.
17 Financial assets and liabilities continued
17c Fair values of financial assets and liabilities
The following table shows the fair values of financial assets and financial liabilities, including their levels in the fair value
hierarchy. The fair value of the Group's subordinated debt excludes any accrued interest to allow comparability with the carrying
value in the Group's financial statements. The Group's cash and cash equivalents, other receivables, lease liabilities, and other
payables have been excluded from these tables. These instruments are measured at amortised cost and their carrying values
are deemed to be reasonable approximations of fair values at the reporting date.
Level 1
Level 2
Level 3
Total
2024
$m
$m
$m
$m
Financial assets carried at fair value
Fixed and floating rate debt securities
\u2013 Government issued
3,235.9
1,053.2
\u2014
4,289.1
\u2013 Corporate bonds
\u00a0 \u2013 Investment grade
1,819.5
2,042.8
\u2014
3,862.3
\u00a0 \u2013 High-yield
662.4
\u2014
\u2014
662.4
\u2013 Securitised
\u00a0 \u2013 Collateralised loan obligations
\u2014
395.4
84.6
480.0
Syndicate loans
\u2014
\u2014
29.5
29.5
Equity funds
348.7
\u2014
\u2014
348.7
Hedge funds
\u2014
752.0
\u2014
752.0
Illiquid assets
\u2014
\u2014
175.4
175.4
Derivative financial assets
11.2
\u2014
\u2014
11.2
Total financial assets carried at fair value
6,077.7
4,243.4
289.5
10,610.6
Financial liabilities carried at fair value
Derivative financial liabilities
27.3
\u2014
\u2014
27.3
Total financial liabilities carried at fair value
27.3
\u2014
\u2014
27.3
Fair value of financial liabilities carried at amortised cost
Tier 2 subordinated debt (2026)
\u2014
250.6
\u2014
250.6
Tier 2 subordinated debt (2029)
\u2014
294.0
\u2014
294.0
Total fair value of financial liabilities carried at amortised cost
\u2014
544.6
\u2014
544.6
Level 1
Level 2
Level 3
Total
2023
$m
$m
$m
$m
Financial assets carried at fair value
Fixed and floating rate debt securities
\u2013 Government issued
3,291.9
1,177.2
\u2014
4,469.1
\u2013 Corporate bonds
\u00a0 \u2013 Investment grade
1,596.7
1,981.6
\u2014
3,578.3
\u00a0 \u2013 High-yield
488.1
0.9
\u2014
489.0
Syndicate loans
\u2014
\u2014
34.1
34.1
Equity funds
282.7
\u2014
\u2014
282.7
Hedge funds
\u2014
582.2
\u2014
582.2
Illiquid assets
\u2014
\u2014
220.1
220.1
Derivative financial assets
10.0
\u2014
\u2014
10.0
Total financial assets carried at fair value
5,669.4
3,741.9
254.2
9,665.5
Financial liabilities carried at fair value
Derivative financial liabilities
6.3
\u2014
\u2014
6.3
Total financial liabilities carried at fair value
6.3
\u2014
\u2014
6.3
Fair value of financial liabilities carried at amortised cost
Tier 2 subordinated debt (2026)
\u2014
241.7
\u2014
241.7
Tier 2 subordinated debt (2029)
\u2014
271.9
\u2014
271.9
Total fair value of financial liabilities carried at amortised cost
\u2014
513.6
\u2014
513.6
Notes to the financial statements continued
17 Financial assets and liabilities continued
17d Transfers
The Group determines whether transfers have occurred between levels in the fair value hierarchy by assessing categorisation at
the end of the reporting period. The following transfers between levels 1 and 2 for the period ended 31 December 2024 reflect
the level of trading activities, including frequency and volume derived from market data obtained from an independent external
valuation tool. There were no transfers into or out of level 3 in the year to 31 December 2024 (2023: no transfers).
Level 1
Level 2
31\u00a0December 2024 vs 31\u00a0December 2023 transfer from level 2 to level 1
$m
$m
\u2013 Corporate Bonds \u2013 Investment grade
666.3
(666.3)
Level 1
Level 2
31\u00a0December 2024 vs 31\u00a0December 2023 transfer from level\u00a0 1 to level 2
$m
$m
\u2013 Corporate Bonds \u2013 Investment grade
(624.9)
624.9
The values shown in the transfer tables above are translated using spot foreign exchange rates as at 31\u00a0December 2024.
17e Level 3 investment reconciliations
The table below shows a reconciliation from the opening balances to the closing balances of level 3 fair values. All realised and
unrealised gains/(losses) are recognised through net investment income in the statement of profit or loss (refer to Note 7).
2024
2023
$m
$m
Opening position as at 01 January
254.2
255.4
Purchases
118.7
21.8
Sales
(69.2)
(37.4)
Repayment of syndicate loans
(7.7)
\u2014
Realised gain
18.6
20.2
Unrealised loss
(25.6)
(6.6)
Foreign exchange gain
0.5
0.8
Closing position as at 31 December
289.5
254.2
17 Financial assets and liabilities continued
17f Unconsolidated structured entities
A structured entity is defined as an entity that has been designed so that voting or similar rights are not the dominant factor in
deciding who controls the entity, such as when any voting rights relate to administrative tasks only, or when the relevant
activities are directed by means of contractual arrangements.
As part of its standard investment activities, the Group holds fixed interest investments in high-yield bond funds and
collateralised loan obligation instruments, as well as capital growth investments in equity funds, hedge funds and illiquid
assets which, in accordance with IFRS 12, are classified as unconsolidated structured entities. The Group does not sponsor
any of the unconsolidated structured entities. The assets classified as unconsolidated structured entities are held at fair value
on the statement of financial position. As at 31 December, the investments comprising the Group\u2019s unconsolidated structured
entities are as follows:
2024
2023
$m
$m
Collateralised loan obligations
480.0
\u2014
High-yield bond funds
662.4
489.0
Equity funds
348.7
282.7
Hedge funds
752.0
582.2
Illiquid assets
175.4
220.1
Investments through unconsolidated structured entities
2,418.5
1,574.0
Most of our unconsolidated structured entity exposures fall within our capital growth assets. The capital growth assets are held
in investee funds managed by asset managers who apply various investment strategies to accomplish their respective
investment objectives. The Group\u2019s investments in investee funds are subject to the terms and conditions of the respective
investee fund\u2019s offering documentation and are susceptible to market price risk arising from uncertainties about future values
of those investee funds. Investment decisions are made after extensive due diligence on the underlying fund, its strategy and
the overall quality of the underlying fund\u2019s manager and assets.
The right to sell or request redemption of investments in high-yield bond funds, collateralised loan obligations, equity funds and
hedge funds ranges in frequency from daily to semi-annually. The Group did not sponsor any of the respective structured
entities. The Group\u2019s maximum exposure to loss from its interests in investee funds is equal to the total fair value of its
investments in investee funds and unfunded commitments.
Notes to the financial statements continued
17 Financial assets and liabilities continued
17g Currency exposures
The currency exposures of our financial assets held are detailed below:
UK \u00a3
CAD $
EUR \u20ac
Other1
Sub total
US $
Total
2024
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
\u2013 Fixed and floating rate debt
\u00a0 securities
653.8
428.0
\u2014
\u2014
1,081.8
8,212.0
9,293.8
\u2013 Syndicate loans
29.5
\u2014
\u2014
\u2014
29.5
\u2014
29.5
\u2013 Equity linked funds
\u2014
\u2014
\u2014
\u2014
\u2014
348.7
348.7
\u2013 Hedge funds
\u2014
\u2014
\u2014
\u2014
\u2014
752.0
752.0
\u2013 Illiquid assets
13.5
\u2014
36.0
\u2014
49.5
125.9
175.4
\u2013 Derivative financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
11.2
11.2
Cash and cash equivalents
110.6
41.6
80.9
16.3
249.4
632.7
882.1
Amounts due from managed
syndicates and other receivables
216.7
12.8
69.9
\u2014
299.4
298.8
598.2
Total
1,024.1
482.4
186.8
16.3
1,709.6
10,381.3
12,090.9
1 Primarily comprises Swiss franc.
UK \u00a3
CAD $
EUR \u20ac
Other1
Sub total
US $
Total
2023
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
\u2013 Fixed and floating rate debt
\u00a0 securities
789.6
432.5
\u2014
\u2014
1,222.1
7,314.3
8,536.4
\u2013 Syndicate loans
34.1
\u2014
\u2014
\u2014
34.1
\u2014
34.1
\u2013 Equity linked funds
\u2014
\u2014
\u2014
\u2014
\u2014
282.7
282.7
\u2013 Hedge funds
\u2014
\u2014
\u2014
\u2014
\u2014
582.2
582.2
\u2013 Illiquid assets
6.4
\u2014
45.9
\u2014
52.3
167.8
220.1
\u2013 Derivative financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
10.0
10.0
Cash and cash equivalents
125.8
51.5
93.5
12.3
283.1
529.2
812.3
Amounts due from managed
syndicates and other receivables
27.6
9.4
51.4
\u2014
88.4
209.1
297.5
Total
983.5
493.4
190.8
12.3
1,679.9
9,095.3
10,775.3
1 Primarily comprises Swiss franc.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-337": { "value": "
17 Financial assets and liabilities
17a Carrying values of financial assets and liabilities
Financial assets \u2013 carrying values
Set out below are the carrying values of the Group's \"financial assets at fair value\" per the statement of financial position.
These amounts exclude the following financial assets, which are carried at amortised cost and presented separately:
\u2022 cash and cash equivalents (Note 20); and
\u2022 amounts due from managed syndicates and other receivables (Note 19).
2024
2023
$m
$m
Debt securities:
\u2013 Government issued
4,289.1
4,469.1
\u2013 Corporate bonds
\u00a0 \u2013 Investment grade
3,862.3
3,578.3
\u00a0 \u2013 High-yield
662.4
489.0
\u2013 Securitised
\u00a0 \u2013 Collateralised loan obligations
480.0
\u2014
Syndicate loans
29.5
34.1
Total debt securities and syndicate loans
9,323.3
8,570.5
Equity funds
348.7
282.7
Hedge funds
752.0
582.2
Illiquid assets
175.4
220.1
Total capital growth assets
1,276.1
1,085.0
Total financial investments at fair value through statement of profit or loss
10,599.4
9,655.5
Derivative financial assets
11.2
10.0
Total financial assets at fair value
10,610.6
9,665.5
Investment grade corporate bonds are rated BBB-/Baa3 or higher by at least one major rating agency, high-yield corporate
bonds have lower credit ratings, while collateralised loan obligations have a wider credit spread. Our collateralised loan
obligation holdings are in the highest rated AAA/AA tranches. Equity funds are investment vehicles which invest in equity
securities and provide diversified exposure to global equity markets. Hedge funds are investment vehicles pursuing alternative
investment strategies, structured to have minimal correlation to traditional asset classes. Illiquid assets are investment
vehicles that predominantly target private lending opportunities, often with longer investment horizons. The fair value of these
assets at 31\u00a0December 2024 excludes an unfunded commitment of $33.6m (2023: $32.0m).
Financial liabilities \u2013 carrying values
Set out below are the carrying values of the Group's \"financial liabilities\" per the statement of financial position.
These\u00a0amounts exclude lease liabilities (Note 26) and other payables (Note 28), which are carried at amortised cost
and\u00a0presented separately.
2024
2023
$m
$m
Tier 2 subordinated debt (2026)
249.7
249.5
Tier 2 subordinated debt (2029)
299.0
298.8
Derivative financial liabilities
27.3
6.3
Total financial liabilities
576.0
554.6
The Group has given a fixed and floating charge over certain of its investments and other assets to secure obligations
to\u00a0Lloyd\u2019s in respect of its corporate member subsidiary. Further details are provided in Note 32.
For a maturity analysis showing the financial assets and liabilities due within and after one year of the reporting date,
refer\u00a0to\u00a0Note 29d.
17 Financial assets and liabilities continued
17b Valuation hierarchy
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair
value hierarchy described as follows. If the inputs used to measure the fair value of an asset or a liability could be categorised
in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of
the fair value hierarchy as the lowest level input that is significant to the entire measurement.
Fair value is the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market
participants at the measurement date. Fair value is a market-based measure and in the absence of observable market prices in
an active market, it is measured using the assumptions that market participants would use when pricing the asset or liability.
The best evidence of the fair value of a financial instrument at initial recognition is the transaction price, i.e. the fair value of
the consideration given or received, unless the fair value of that instrument is evidenced by comparison with other observable
current market transactions in the same instrument (i.e. without modification or repackaging) or based on a valuation technique
whose variables include only data from observable markets. When the transaction price provides the best evidence of fair value
at initial recognition, the financial instrument is initially measured at the transaction price and any difference between this price
and the value initially obtained from a valuation model is subsequently recognised in profit or loss depending on the individual
facts and circumstances of the transaction but before the valuation is supported wholly by observable market data or the
transaction is closed out.
Level 1 \u2013 Valuations based on quoted prices in active markets for identical instruments. An active market is a market in which
transactions for the instrument occur with sufficient frequency and volume on an ongoing basis such that quoted prices reflect
prices at which an orderly transaction would take place between market participants at the measurement date.
Level 2 \u2013 Valuations based on quoted prices in markets that are not active, or based on pricing models for which significant
inputs can be corroborated by observable market data, directly or indirectly (e.g. interest rates and exchange rates). Level 2
inputs include:
\u2022 quoted prices for similar assets and liabilities in active markets;
\u2022 quoted prices for identical or similar assets and liabilities in markets that are not active, the prices are not current, or price
quotations vary substantially either over time or among market makers, or in which little information is released publicly;
\u2022 inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves
observable at commonly quoted intervals, implied volatilities and credit spreads); and
\u2022 market corroborated inputs.
Included within level 2 are government bonds and treasury bills, equity funds and corporate bonds which are not actively traded,
hedge funds, collateralised loan obligations and senior secured loans.
Level 3 \u2013 Valuations based on inputs that are unobservable or for which there is limited market activity against which to
measure fair value. The availability of financial data can vary for different financial assets and is affected by a wide variety of
factors, including the type of financial instrument, whether it is new and not yet established in the marketplace, and other
characteristics specific to each transaction. To the extent that valuation is based on models or inputs that are unobservable in
the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised by
management in determining fair value is greatest for instruments classified in level 3. The Group uses prices and inputs that
are current as of the measurement date for valuation of these instruments.
Notes to the financial statements continued
17 Financial assets and liabilities continued
Valuation approach \u2013 level 2 instruments
a) For the Group\u2019s level 2 debt securities and securitised instruments, our fund administrator obtains the prices used in the
valuation from independent pricing vendors. The independent pricing vendors derive an evaluated price from observable market
inputs. These inputs are verified in their pricing assumptions such as weighted average life, discount margins, default rates,
and recovery and prepayments assumptions for mortgage securities.\u00a0
b) For our hedge funds, the pricing and valuation of each fund is undertaken by administrators in accordance with each
underlying fund\u2019s valuation policy. Individual fund prices are communicated by the administrators to all investors via the monthly
investor statements. The fair value of the hedge fund portfolios are calculated by reference to the underlying net asset values of
each of the individual funds. Our hedge funds are managed by Falcon Money Management Holdings Limited, an associate of
the Group.
c) Subordinated debt fair value is based on quoted market prices.
Valuation approach \u2013 level 3 instruments
a) Our illiquid fund investments are generally closed ended limited partnerships or open ended funds. The Group relies on a
third-party fund manager to manage these investments and provide valuations. Note that while the funds report with full
transparency on their underlying investments, the investments themselves are predominantly in private and unquoted
instruments. The valuation techniques used by the fund managers to establish the fair values therefore require a degree of
estimation. For example, these may incorporate discounted cash flow models or a more market-based approach, whilst the
main inputs might include discount rates, fundamental pricing multiples, recent transaction prices, or comparable market
information to create a benchmark multiple.
b) Syndicate loans are non-tradeable instruments provided by our Group syndicates to the Central Fund at Lloyd\u2019s in respect of
the 2019 (repaid by Lloyd's during the year) and 2020 underwriting years. These are valued internally using discounted cash
flow models provided by Lloyd's to the market, designed to appropriately reflect the credit and illiquidity risk of the instruments.
Valuation outputs are then validated using a control model, with the following inputs and assumptions. Note that these
internally valued instruments are deemed by management to be inherently more subjective than external valuations.
\u2022 Cash flows comprise the notional cost of the loans, annual interest income, and the final repayment of the loans at the end
of the five-year term. The weighted average interest rate applicable across all syndicate loans is 3.8% (2023: 3.8%).
\u2022 A discount rate of 8.3% (2023: 7.0%) is applied. This is calculated using a combination of the long-term treasury bond risk-
free rate, the industry/geographic average regression beta, and a selected risk premium.
c) Certain collateralised loan obligation securities have been classified within level 3. These represent instruments which were
issued late in 2024 and have been priced at par, predominantly as these had not settled at the balance sheet date. As this is
deemed to be an unobservable input these have been classified within level 3. We expect these instruments to move into level
2 in the near term as these begin to be priced by our pricing vendors using models with observable market inputs.
There were no changes in the valuation techniques during the year compared with those described in the Group's 2023 Annual
Report and Accounts.
17 Financial assets and liabilities continued
17c Fair values of financial assets and liabilities
The following table shows the fair values of financial assets and financial liabilities, including their levels in the fair value
hierarchy. The fair value of the Group's subordinated debt excludes any accrued interest to allow comparability with the carrying
value in the Group's financial statements. The Group's cash and cash equivalents, other receivables, lease liabilities, and other
payables have been excluded from these tables. These instruments are measured at amortised cost and their carrying values
are deemed to be reasonable approximations of fair values at the reporting date.
Level 1
Level 2
Level 3
Total
2024
$m
$m
$m
$m
Financial assets carried at fair value
Fixed and floating rate debt securities
\u2013 Government issued
3,235.9
1,053.2
\u2014
4,289.1
\u2013 Corporate bonds
\u00a0 \u2013 Investment grade
1,819.5
2,042.8
\u2014
3,862.3
\u00a0 \u2013 High-yield
662.4
\u2014
\u2014
662.4
\u2013 Securitised
\u00a0 \u2013 Collateralised loan obligations
\u2014
395.4
84.6
480.0
Syndicate loans
\u2014
\u2014
29.5
29.5
Equity funds
348.7
\u2014
\u2014
348.7
Hedge funds
\u2014
752.0
\u2014
752.0
Illiquid assets
\u2014
\u2014
175.4
175.4
Derivative financial assets
11.2
\u2014
\u2014
11.2
Total financial assets carried at fair value
6,077.7
4,243.4
289.5
10,610.6
Financial liabilities carried at fair value
Derivative financial liabilities
27.3
\u2014
\u2014
27.3
Total financial liabilities carried at fair value
27.3
\u2014
\u2014
27.3
Fair value of financial liabilities carried at amortised cost
Tier 2 subordinated debt (2026)
\u2014
250.6
\u2014
250.6
Tier 2 subordinated debt (2029)
\u2014
294.0
\u2014
294.0
Total fair value of financial liabilities carried at amortised cost
\u2014
544.6
\u2014
544.6
Level 1
Level 2
Level 3
Total
2023
$m
$m
$m
$m
Financial assets carried at fair value
Fixed and floating rate debt securities
\u2013 Government issued
3,291.9
1,177.2
\u2014
4,469.1
\u2013 Corporate bonds
\u00a0 \u2013 Investment grade
1,596.7
1,981.6
\u2014
3,578.3
\u00a0 \u2013 High-yield
488.1
0.9
\u2014
489.0
Syndicate loans
\u2014
\u2014
34.1
34.1
Equity funds
282.7
\u2014
\u2014
282.7
Hedge funds
\u2014
582.2
\u2014
582.2
Illiquid assets
\u2014
\u2014
220.1
220.1
Derivative financial assets
10.0
\u2014
\u2014
10.0
Total financial assets carried at fair value
5,669.4
3,741.9
254.2
9,665.5
Financial liabilities carried at fair value
Derivative financial liabilities
6.3
\u2014
\u2014
6.3
Total financial liabilities carried at fair value
6.3
\u2014
\u2014
6.3
Fair value of financial liabilities carried at amortised cost
Tier 2 subordinated debt (2026)
\u2014
241.7
\u2014
241.7
Tier 2 subordinated debt (2029)
\u2014
271.9
\u2014
271.9
Total fair value of financial liabilities carried at amortised cost
\u2014
513.6
\u2014
513.6
Notes to the financial statements continued
17 Financial assets and liabilities continued
17d Transfers
The Group determines whether transfers have occurred between levels in the fair value hierarchy by assessing categorisation at
the end of the reporting period. The following transfers between levels 1 and 2 for the period ended 31 December 2024 reflect
the level of trading activities, including frequency and volume derived from market data obtained from an independent external
valuation tool. There were no transfers into or out of level 3 in the year to 31 December 2024 (2023: no transfers).
Level 1
Level 2
31\u00a0December 2024 vs 31\u00a0December 2023 transfer from level 2 to level 1
$m
$m
\u2013 Corporate Bonds \u2013 Investment grade
666.3
(666.3)
Level 1
Level 2
31\u00a0December 2024 vs 31\u00a0December 2023 transfer from level\u00a0 1 to level 2
$m
$m
\u2013 Corporate Bonds \u2013 Investment grade
(624.9)
624.9
The values shown in the transfer tables above are translated using spot foreign exchange rates as at 31\u00a0December 2024.
17e Level 3 investment reconciliations
The table below shows a reconciliation from the opening balances to the closing balances of level 3 fair values. All realised and
unrealised gains/(losses) are recognised through net investment income in the statement of profit or loss (refer to Note 7).
2024
2023
$m
$m
Opening position as at 01 January
254.2
255.4
Purchases
118.7
21.8
Sales
(69.2)
(37.4)
Repayment of syndicate loans
(7.7)
\u2014
Realised gain
18.6
20.2
Unrealised loss
(25.6)
(6.6)
Foreign exchange gain
0.5
0.8
Closing position as at 31 December
289.5
254.2
17 Financial assets and liabilities continued
17f Unconsolidated structured entities
A structured entity is defined as an entity that has been designed so that voting or similar rights are not the dominant factor in
deciding who controls the entity, such as when any voting rights relate to administrative tasks only, or when the relevant
activities are directed by means of contractual arrangements.
As part of its standard investment activities, the Group holds fixed interest investments in high-yield bond funds and
collateralised loan obligation instruments, as well as capital growth investments in equity funds, hedge funds and illiquid
assets which, in accordance with IFRS 12, are classified as unconsolidated structured entities. The Group does not sponsor
any of the unconsolidated structured entities. The assets classified as unconsolidated structured entities are held at fair value
on the statement of financial position. As at 31 December, the investments comprising the Group\u2019s unconsolidated structured
entities are as follows:
2024
2023
$m
$m
Collateralised loan obligations
480.0
\u2014
High-yield bond funds
662.4
489.0
Equity funds
348.7
282.7
Hedge funds
752.0
582.2
Illiquid assets
175.4
220.1
Investments through unconsolidated structured entities
2,418.5
1,574.0
Most of our unconsolidated structured entity exposures fall within our capital growth assets. The capital growth assets are held
in investee funds managed by asset managers who apply various investment strategies to accomplish their respective
investment objectives. The Group\u2019s investments in investee funds are subject to the terms and conditions of the respective
investee fund\u2019s offering documentation and are susceptible to market price risk arising from uncertainties about future values
of those investee funds. Investment decisions are made after extensive due diligence on the underlying fund, its strategy and
the overall quality of the underlying fund\u2019s manager and assets.
The right to sell or request redemption of investments in high-yield bond funds, collateralised loan obligations, equity funds and
hedge funds ranges in frequency from daily to semi-annually. The Group did not sponsor any of the respective structured
entities. The Group\u2019s maximum exposure to loss from its interests in investee funds is equal to the total fair value of its
investments in investee funds and unfunded commitments.
Notes to the financial statements continued
17 Financial assets and liabilities continued
17g Currency exposures
The currency exposures of our financial assets held are detailed below:
UK \u00a3
CAD $
EUR \u20ac
Other1
Sub total
US $
Total
2024
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
\u2013 Fixed and floating rate debt
\u00a0 securities
653.8
428.0
\u2014
\u2014
1,081.8
8,212.0
9,293.8
\u2013 Syndicate loans
29.5
\u2014
\u2014
\u2014
29.5
\u2014
29.5
\u2013 Equity linked funds
\u2014
\u2014
\u2014
\u2014
\u2014
348.7
348.7
\u2013 Hedge funds
\u2014
\u2014
\u2014
\u2014
\u2014
752.0
752.0
\u2013 Illiquid assets
13.5
\u2014
36.0
\u2014
49.5
125.9
175.4
\u2013 Derivative financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
11.2
11.2
Cash and cash equivalents
110.6
41.6
80.9
16.3
249.4
632.7
882.1
Amounts due from managed
syndicates and other receivables
216.7
12.8
69.9
\u2014
299.4
298.8
598.2
Total
1,024.1
482.4
186.8
16.3
1,709.6
10,381.3
12,090.9
1 Primarily comprises Swiss franc.
UK \u00a3
CAD $
EUR \u20ac
Other1
Sub total
US $
Total
2023
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
\u2013 Fixed and floating rate debt
\u00a0 securities
789.6
432.5
\u2014
\u2014
1,222.1
7,314.3
8,536.4
\u2013 Syndicate loans
34.1
\u2014
\u2014
\u2014
34.1
\u2014
34.1
\u2013 Equity linked funds
\u2014
\u2014
\u2014
\u2014
\u2014
282.7
282.7
\u2013 Hedge funds
\u2014
\u2014
\u2014
\u2014
\u2014
582.2
582.2
\u2013 Illiquid assets
6.4
\u2014
45.9
\u2014
52.3
167.8
220.1
\u2013 Derivative financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
10.0
10.0
Cash and cash equivalents
125.8
51.5
93.5
12.3
283.1
529.2
812.3
Amounts due from managed
syndicates and other receivables
27.6
9.4
51.4
\u2014
88.4
209.1
297.5
Total
983.5
493.4
190.8
12.3
1,679.9
9,095.3
10,775.3
1 Primarily comprises Swiss franc.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-336": { "value": "
17 Financial assets and liabilities
17a Carrying values of financial assets and liabilities
Financial assets \u2013 carrying values
Set out below are the carrying values of the Group's \"financial assets at fair value\" per the statement of financial position.
These amounts exclude the following financial assets, which are carried at amortised cost and presented separately:
\u2022 cash and cash equivalents (Note 20); and
\u2022 amounts due from managed syndicates and other receivables (Note 19).
2024
2023
$m
$m
Debt securities:
\u2013 Government issued
4,289.1
4,469.1
\u2013 Corporate bonds
\u00a0 \u2013 Investment grade
3,862.3
3,578.3
\u00a0 \u2013 High-yield
662.4
489.0
\u2013 Securitised
\u00a0 \u2013 Collateralised loan obligations
480.0
\u2014
Syndicate loans
29.5
34.1
Total debt securities and syndicate loans
9,323.3
8,570.5
Equity funds
348.7
282.7
Hedge funds
752.0
582.2
Illiquid assets
175.4
220.1
Total capital growth assets
1,276.1
1,085.0
Total financial investments at fair value through statement of profit or loss
10,599.4
9,655.5
Derivative financial assets
11.2
10.0
Total financial assets at fair value
10,610.6
9,665.5
Investment grade corporate bonds are rated BBB-/Baa3 or higher by at least one major rating agency, high-yield corporate
bonds have lower credit ratings, while collateralised loan obligations have a wider credit spread. Our collateralised loan
obligation holdings are in the highest rated AAA/AA tranches. Equity funds are investment vehicles which invest in equity
securities and provide diversified exposure to global equity markets. Hedge funds are investment vehicles pursuing alternative
investment strategies, structured to have minimal correlation to traditional asset classes. Illiquid assets are investment
vehicles that predominantly target private lending opportunities, often with longer investment horizons. The fair value of these
assets at 31\u00a0December 2024 excludes an unfunded commitment of $33.6m (2023: $32.0m).
Financial liabilities \u2013 carrying values
Set out below are the carrying values of the Group's \"financial liabilities\" per the statement of financial position.
These\u00a0amounts exclude lease liabilities (Note 26) and other payables (Note 28), which are carried at amortised cost
and\u00a0presented separately.
2024
2023
$m
$m
Tier 2 subordinated debt (2026)
249.7
249.5
Tier 2 subordinated debt (2029)
299.0
298.8
Derivative financial liabilities
27.3
6.3
Total financial liabilities
576.0
554.6
The Group has given a fixed and floating charge over certain of its investments and other assets to secure obligations
to\u00a0Lloyd\u2019s in respect of its corporate member subsidiary. Further details are provided in Note 32.
For a maturity analysis showing the financial assets and liabilities due within and after one year of the reporting date,
refer\u00a0to\u00a0Note 29d.
17 Financial assets and liabilities continued
17b Valuation hierarchy
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair
value hierarchy described as follows. If the inputs used to measure the fair value of an asset or a liability could be categorised
in different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of
the fair value hierarchy as the lowest level input that is significant to the entire measurement.
Fair value is the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market
participants at the measurement date. Fair value is a market-based measure and in the absence of observable market prices in
an active market, it is measured using the assumptions that market participants would use when pricing the asset or liability.
The best evidence of the fair value of a financial instrument at initial recognition is the transaction price, i.e. the fair value of
the consideration given or received, unless the fair value of that instrument is evidenced by comparison with other observable
current market transactions in the same instrument (i.e. without modification or repackaging) or based on a valuation technique
whose variables include only data from observable markets. When the transaction price provides the best evidence of fair value
at initial recognition, the financial instrument is initially measured at the transaction price and any difference between this price
and the value initially obtained from a valuation model is subsequently recognised in profit or loss depending on the individual
facts and circumstances of the transaction but before the valuation is supported wholly by observable market data or the
transaction is closed out.
Level 1 \u2013 Valuations based on quoted prices in active markets for identical instruments. An active market is a market in which
transactions for the instrument occur with sufficient frequency and volume on an ongoing basis such that quoted prices reflect
prices at which an orderly transaction would take place between market participants at the measurement date.
Level 2 \u2013 Valuations based on quoted prices in markets that are not active, or based on pricing models for which significant
inputs can be corroborated by observable market data, directly or indirectly (e.g. interest rates and exchange rates). Level 2
inputs include:
\u2022 quoted prices for similar assets and liabilities in active markets;
\u2022 quoted prices for identical or similar assets and liabilities in markets that are not active, the prices are not current, or price
quotations vary substantially either over time or among market makers, or in which little information is released publicly;
\u2022 inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves
observable at commonly quoted intervals, implied volatilities and credit spreads); and
\u2022 market corroborated inputs.
Included within level 2 are government bonds and treasury bills, equity funds and corporate bonds which are not actively traded,
hedge funds, collateralised loan obligations and senior secured loans.
Level 3 \u2013 Valuations based on inputs that are unobservable or for which there is limited market activity against which to
measure fair value. The availability of financial data can vary for different financial assets and is affected by a wide variety of
factors, including the type of financial instrument, whether it is new and not yet established in the marketplace, and other
characteristics specific to each transaction. To the extent that valuation is based on models or inputs that are unobservable in
the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised by
management in determining fair value is greatest for instruments classified in level 3. The Group uses prices and inputs that
are current as of the measurement date for valuation of these instruments.
Notes to the financial statements continued
17 Financial assets and liabilities continued
Valuation approach \u2013 level 2 instruments
a) For the Group\u2019s level 2 debt securities and securitised instruments, our fund administrator obtains the prices used in the
valuation from independent pricing vendors. The independent pricing vendors derive an evaluated price from observable market
inputs. These inputs are verified in their pricing assumptions such as weighted average life, discount margins, default rates,
and recovery and prepayments assumptions for mortgage securities.\u00a0
b) For our hedge funds, the pricing and valuation of each fund is undertaken by administrators in accordance with each
underlying fund\u2019s valuation policy. Individual fund prices are communicated by the administrators to all investors via the monthly
investor statements. The fair value of the hedge fund portfolios are calculated by reference to the underlying net asset values of
each of the individual funds. Our hedge funds are managed by Falcon Money Management Holdings Limited, an associate of
the Group.
c) Subordinated debt fair value is based on quoted market prices.
Valuation approach \u2013 level 3 instruments
a) Our illiquid fund investments are generally closed ended limited partnerships or open ended funds. The Group relies on a
third-party fund manager to manage these investments and provide valuations. Note that while the funds report with full
transparency on their underlying investments, the investments themselves are predominantly in private and unquoted
instruments. The valuation techniques used by the fund managers to establish the fair values therefore require a degree of
estimation. For example, these may incorporate discounted cash flow models or a more market-based approach, whilst the
main inputs might include discount rates, fundamental pricing multiples, recent transaction prices, or comparable market
information to create a benchmark multiple.
b) Syndicate loans are non-tradeable instruments provided by our Group syndicates to the Central Fund at Lloyd\u2019s in respect of
the 2019 (repaid by Lloyd's during the year) and 2020 underwriting years. These are valued internally using discounted cash
flow models provided by Lloyd's to the market, designed to appropriately reflect the credit and illiquidity risk of the instruments.
Valuation outputs are then validated using a control model, with the following inputs and assumptions. Note that these
internally valued instruments are deemed by management to be inherently more subjective than external valuations.
\u2022 Cash flows comprise the notional cost of the loans, annual interest income, and the final repayment of the loans at the end
of the five-year term. The weighted average interest rate applicable across all syndicate loans is 3.8% (2023: 3.8%).
\u2022 A discount rate of 8.3% (2023: 7.0%) is applied. This is calculated using a combination of the long-term treasury bond risk-
free rate, the industry/geographic average regression beta, and a selected risk premium.
c) Certain collateralised loan obligation securities have been classified within level 3. These represent instruments which were
issued late in 2024 and have been priced at par, predominantly as these had not settled at the balance sheet date. As this is
deemed to be an unobservable input these have been classified within level 3. We expect these instruments to move into level
2 in the near term as these begin to be priced by our pricing vendors using models with observable market inputs.
There were no changes in the valuation techniques during the year compared with those described in the Group's 2023 Annual
Report and Accounts.
17 Financial assets and liabilities continued
17c Fair values of financial assets and liabilities
The following table shows the fair values of financial assets and financial liabilities, including their levels in the fair value
hierarchy. The fair value of the Group's subordinated debt excludes any accrued interest to allow comparability with the carrying
value in the Group's financial statements. The Group's cash and cash equivalents, other receivables, lease liabilities, and other
payables have been excluded from these tables. These instruments are measured at amortised cost and their carrying values
are deemed to be reasonable approximations of fair values at the reporting date.
Level 1
Level 2
Level 3
Total
2024
$m
$m
$m
$m
Financial assets carried at fair value
Fixed and floating rate debt securities
\u2013 Government issued
3,235.9
1,053.2
\u2014
4,289.1
\u2013 Corporate bonds
\u00a0 \u2013 Investment grade
1,819.5
2,042.8
\u2014
3,862.3
\u00a0 \u2013 High-yield
662.4
\u2014
\u2014
662.4
\u2013 Securitised
\u00a0 \u2013 Collateralised loan obligations
\u2014
395.4
84.6
480.0
Syndicate loans
\u2014
\u2014
29.5
29.5
Equity funds
348.7
\u2014
\u2014
348.7
Hedge funds
\u2014
752.0
\u2014
752.0
Illiquid assets
\u2014
\u2014
175.4
175.4
Derivative financial assets
11.2
\u2014
\u2014
11.2
Total financial assets carried at fair value
6,077.7
4,243.4
289.5
10,610.6
Financial liabilities carried at fair value
Derivative financial liabilities
27.3
\u2014
\u2014
27.3
Total financial liabilities carried at fair value
27.3
\u2014
\u2014
27.3
Fair value of financial liabilities carried at amortised cost
Tier 2 subordinated debt (2026)
\u2014
250.6
\u2014
250.6
Tier 2 subordinated debt (2029)
\u2014
294.0
\u2014
294.0
Total fair value of financial liabilities carried at amortised cost
\u2014
544.6
\u2014
544.6
Level 1
Level 2
Level 3
Total
2023
$m
$m
$m
$m
Financial assets carried at fair value
Fixed and floating rate debt securities
\u2013 Government issued
3,291.9
1,177.2
\u2014
4,469.1
\u2013 Corporate bonds
\u00a0 \u2013 Investment grade
1,596.7
1,981.6
\u2014
3,578.3
\u00a0 \u2013 High-yield
488.1
0.9
\u2014
489.0
Syndicate loans
\u2014
\u2014
34.1
34.1
Equity funds
282.7
\u2014
\u2014
282.7
Hedge funds
\u2014
582.2
\u2014
582.2
Illiquid assets
\u2014
\u2014
220.1
220.1
Derivative financial assets
10.0
\u2014
\u2014
10.0
Total financial assets carried at fair value
5,669.4
3,741.9
254.2
9,665.5
Financial liabilities carried at fair value
Derivative financial liabilities
6.3
\u2014
\u2014
6.3
Total financial liabilities carried at fair value
6.3
\u2014
\u2014
6.3
Fair value of financial liabilities carried at amortised cost
Tier 2 subordinated debt (2026)
\u2014
241.7
\u2014
241.7
Tier 2 subordinated debt (2029)
\u2014
271.9
\u2014
271.9
Total fair value of financial liabilities carried at amortised cost
\u2014
513.6
\u2014
513.6
Notes to the financial statements continued
17 Financial assets and liabilities continued
17d Transfers
The Group determines whether transfers have occurred between levels in the fair value hierarchy by assessing categorisation at
the end of the reporting period. The following transfers between levels 1 and 2 for the period ended 31 December 2024 reflect
the level of trading activities, including frequency and volume derived from market data obtained from an independent external
valuation tool. There were no transfers into or out of level 3 in the year to 31 December 2024 (2023: no transfers).
Level 1
Level 2
31\u00a0December 2024 vs 31\u00a0December 2023 transfer from level 2 to level 1
$m
$m
\u2013 Corporate Bonds \u2013 Investment grade
666.3
(666.3)
Level 1
Level 2
31\u00a0December 2024 vs 31\u00a0December 2023 transfer from level\u00a0 1 to level 2
$m
$m
\u2013 Corporate Bonds \u2013 Investment grade
(624.9)
624.9
The values shown in the transfer tables above are translated using spot foreign exchange rates as at 31\u00a0December 2024.
17e Level 3 investment reconciliations
The table below shows a reconciliation from the opening balances to the closing balances of level 3 fair values. All realised and
unrealised gains/(losses) are recognised through net investment income in the statement of profit or loss (refer to Note 7).
2024
2023
$m
$m
Opening position as at 01 January
254.2
255.4
Purchases
118.7
21.8
Sales
(69.2)
(37.4)
Repayment of syndicate loans
(7.7)
\u2014
Realised gain
18.6
20.2
Unrealised loss
(25.6)
(6.6)
Foreign exchange gain
0.5
0.8
Closing position as at 31 December
289.5
254.2
17 Financial assets and liabilities continued
17f Unconsolidated structured entities
A structured entity is defined as an entity that has been designed so that voting or similar rights are not the dominant factor in
deciding who controls the entity, such as when any voting rights relate to administrative tasks only, or when the relevant
activities are directed by means of contractual arrangements.
As part of its standard investment activities, the Group holds fixed interest investments in high-yield bond funds and
collateralised loan obligation instruments, as well as capital growth investments in equity funds, hedge funds and illiquid
assets which, in accordance with IFRS 12, are classified as unconsolidated structured entities. The Group does not sponsor
any of the unconsolidated structured entities. The assets classified as unconsolidated structured entities are held at fair value
on the statement of financial position. As at 31 December, the investments comprising the Group\u2019s unconsolidated structured
entities are as follows:
2024
2023
$m
$m
Collateralised loan obligations
480.0
\u2014
High-yield bond funds
662.4
489.0
Equity funds
348.7
282.7
Hedge funds
752.0
582.2
Illiquid assets
175.4
220.1
Investments through unconsolidated structured entities
2,418.5
1,574.0
Most of our unconsolidated structured entity exposures fall within our capital growth assets. The capital growth assets are held
in investee funds managed by asset managers who apply various investment strategies to accomplish their respective
investment objectives. The Group\u2019s investments in investee funds are subject to the terms and conditions of the respective
investee fund\u2019s offering documentation and are susceptible to market price risk arising from uncertainties about future values
of those investee funds. Investment decisions are made after extensive due diligence on the underlying fund, its strategy and
the overall quality of the underlying fund\u2019s manager and assets.
The right to sell or request redemption of investments in high-yield bond funds, collateralised loan obligations, equity funds and
hedge funds ranges in frequency from daily to semi-annually. The Group did not sponsor any of the respective structured
entities. The Group\u2019s maximum exposure to loss from its interests in investee funds is equal to the total fair value of its
investments in investee funds and unfunded commitments.
Notes to the financial statements continued
17 Financial assets and liabilities continued
17g Currency exposures
The currency exposures of our financial assets held are detailed below:
UK \u00a3
CAD $
EUR \u20ac
Other1
Sub total
US $
Total
2024
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
\u2013 Fixed and floating rate debt
\u00a0 securities
653.8
428.0
\u2014
\u2014
1,081.8
8,212.0
9,293.8
\u2013 Syndicate loans
29.5
\u2014
\u2014
\u2014
29.5
\u2014
29.5
\u2013 Equity linked funds
\u2014
\u2014
\u2014
\u2014
\u2014
348.7
348.7
\u2013 Hedge funds
\u2014
\u2014
\u2014
\u2014
\u2014
752.0
752.0
\u2013 Illiquid assets
13.5
\u2014
36.0
\u2014
49.5
125.9
175.4
\u2013 Derivative financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
11.2
11.2
Cash and cash equivalents
110.6
41.6
80.9
16.3
249.4
632.7
882.1
Amounts due from managed
syndicates and other receivables
216.7
12.8
69.9
\u2014
299.4
298.8
598.2
Total
1,024.1
482.4
186.8
16.3
1,709.6
10,381.3
12,090.9
1 Primarily comprises Swiss franc.
UK \u00a3
CAD $
EUR \u20ac
Other1
Sub total
US $
Total
2023
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
\u2013 Fixed and floating rate debt
\u00a0 securities
789.6
432.5
\u2014
\u2014
1,222.1
7,314.3
8,536.4
\u2013 Syndicate loans
34.1
\u2014
\u2014
\u2014
34.1
\u2014
34.1
\u2013 Equity linked funds
\u2014
\u2014
\u2014
\u2014
\u2014
282.7
282.7
\u2013 Hedge funds
\u2014
\u2014
\u2014
\u2014
\u2014
582.2
582.2
\u2013 Illiquid assets
6.4
\u2014
45.9
\u2014
52.3
167.8
220.1
\u2013 Derivative financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
10.0
10.0
Cash and cash equivalents
125.8
51.5
93.5
12.3
283.1
529.2
812.3
Amounts due from managed
syndicates and other receivables
27.6
9.4
51.4
\u2014
88.4
209.1
297.5
Total
983.5
493.4
190.8
12.3
1,679.9
9,095.3
10,775.3
1 Primarily comprises Swiss franc.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-339": { "value": "
18 Derivative financial instruments
Derivative financial instruments are utilised by the Group to manage its exposure to currency risk on existing assets and
liabilities. Over-the-counter foreign exchange forward agreements are used to economically hedge the balance sheet's net
assets by currency exposure.
The assets and liabilities of these contracts are detailed below. The Group has the right and intention to settle each contract
on\u00a0a net basis.
2024
2023
Notional
contract
amount
Market value
of derivative
position
Notional
contract
amount
Market value
of derivative
position
$m
$m
$m
$m
Contract assets
536.0
11.2
648.8
10.0
Contract liabilities
900.0
(27.3)
436.4
(6.3)
Total derivative financial instruments
(16.1)
3.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-340": { "value": "
19 Other assets
2024
2023
$m
$m
Investment in associates
0.2
0.3
Prepayments and accrued income
83.0
56.4
Due from syndicate 623
79.5
19.1
Due from syndicate 4321
7.8
6.3
Due from syndicate 5623
26.7
\u2014
Other receivables1
484.2
272.1
Total other assets
681.4
354.2
1 Includes $110.8m of investment receivables (2023: $56.3m) and $71.9m of accrued investment income (2023: $64.1m).
Amounts are due within one year of the reporting date, with the exception of the Group's investment in associates and $43.3m
(2023: $13.7m) of other assets which are due after one year from the reporting date.
Investment in associates
The Group\u2019s investments in associates are accounted for using the equity method and consist of the following:
2024
Country/region
of incorporation
% interest
held
Falcon Money Management Holdings Limited (and subsidiaries)
Malta\u00b9
25%
Pegasus Underwriting Limited
Hong Kong\u00b2
33%
CyberAcu View LLC
US\u00b3
14%
1 B2 Industry Street, Qormi, QRM 3000, Malta.
2 Suite 126, 12/F Somptuex Central, 52\u201354 Wellington Street, Hong Kong.
3 8 The Green, Ste A, Dover, DE 19901.
The Group has the ability to appoint a member to the Board of CyberAcuView LLC to represent its interest, therefore the Group
is deemed to have significant influence and this investment is recognised as an associate.
A share of loss on associates of $nil (2023: $0.1m) has been recognised in profit or loss for the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-341": { "value": "
20 Cash and cash equivalents
2024
2023
$m
$m
Cash at bank and in hand
841.3
812.3
Cash equivalents
40.8
\u2014
Total cash and cash equivalents
882.1
812.3
Included within Cash and cash equivalents held by the Group are balances totalling $273.6m (2023: $132.6m) not available
for immediate use by the Group outside of the Lloyd's syndicate within which they are held. Additionally, $57.3m (2023:
$73.1m) is pledged cash held against Funds at Lloyd's, and $56.1m (2023: $13.3m) is held in Lloyd's Singapore trust
accounts which are only available for use by the Group to meet local claim and expense obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-342": { "value": "
21 Share capital
2024
2023
No. of
shares (m)
$m
No. of
shares (m)
$m
Ordinary shares of 5p each
Issued and fully paid
639.0
44.6
672.5
46.7
Balance at 01 January
672.5
46.7
671.2
46.6
Issue of shares to satisfy employee share schemes
3.8
0.3
1.3
0.1
Share buyback1
(37.3)
(2.4)
\u2014
\u2014
Balance at 31 December
639.0
44.6
672.5
46.7
1 For further information on the share buyback, please see Note 22 Other reserves.
There are no limits to the authorised share capital of the Company.
On 07 March 2024, Beazley plc announced to the market its intention to return surplus capital to its shareholders through a
share repurchase programme (\"the buyback\"). The buyback completed on 30 September 2024, with 37.3m ordinary shares
repurchased for a total consideration of $327.8m. At 31 December 2024, there were 639.0m ordinary shares in issue.
The purchase price of shares and directly attributable transaction costs of $2.2m (such as stamp duty, commissions, legal
costs and registrar fees) are recognised through retained earnings. On their cancellation, the nominal value of the ordinary
shares is deducted from share capital and the equivalent amount is recognised within the capital redemption reserve
(refer\u00a0to\u00a0Note 22).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-343": { "value": "
22 Other reserves
Employee
share options
reserve
Employee
share trust
reserve
Capital
redemption
reserve1
Total
$m
$m
$m
$m
Balance at 01\u00a0January 2023
28.6
(36.2)
\u2014
(7.6)
Share-based payments
36.2
\u2014
\u2014
36.2
Tax on share option vestings
0.7
\u2014
\u2014
0.7
Acquisition of own shares held in trust
\u2014
(33.6)
\u2014
(33.6)
Transfer of shares to employees
(14.8)
6.3
\u2014
(8.5)
Balance at 31\u00a0December 2023
50.7
(63.5)
\u2014
(12.8)
Share-based payments
40.5
\u2014
\u2014
40.5
Tax on share option vestings
7.1
\u2014
\u2014
7.1
Acquisition of own shares held in trust
\u2014
(14.0)
\u2014
(14.0)
Transfer of shares to employees
(27.1)
15.7
\u2014
(11.4)
Share buyback
\u2014
\u2014
2.4
2.4
Balance at 31\u00a0December 2024
71.2
(61.8)
2.4
11.8
1 The price of shares purchased as part of the buyback scheme is recognised through retained earnings. On their cancellation, the nominal value of the ordinary
shares is deducted from share capital and the equivalent amount is recognised within the capital redemption reserve.
The employee share options reserve is held in accordance with IFRS 2 Share-based Payment. For awards satisfied by the
employee share trust (EBT), shares are purchased on the market with the financial assistance of Beazley plc and are
carried\u00a0at\u00a0cost. For further information, refer to Note 23. A reconciliation of the amounts included within the EBT reserve
is\u00a0provided below.
2024
2023
Number (m)
Number (m)
Balance at 01 January
9.8
5.7
Additions
1.8
5.1
Transfer of shares to employees
(2.5)
(1.0)
Balance at 31 December
9.1
9.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-344": { "value": "
23 Equity compensation plans
The Group offers the following equity compensation plans: long-term incentive plan (LTIP), Save-As-You-Earn (SAYE) plan,
deferred share plan, and retention share plan. Provided vesting conditions are met, the methods of settlement for each plan
are\u00a0as follows:
\u2022 LTIP \u2013 share options which entitle executives and senior management to acquire shares in the Company, satisfied either
through new issue or the EBT.
\u2022 SAYE \u2013 share options which entitle the Group\u2019s employees to buy shares at a set option price. These are satisfied through
new issue.
\u2022 Deferred awards \u2013 conditional awards granted to employees in the form of shares, satisfied through the EBT.
\u2022 Retention shares \u2013 conditional awards granted to senior management in the form of shares, satisfied through the EBT.
Almost all of these had vested by the balance sheet date, with less than 0.1m still outstanding.
The terms and conditions of the grants are as follows:
Equity compensation plans
No. outstanding (m)
Vesting conditions
Contractual life
LTIP (3-year)
11.7
Three years' service + NAVps + minimum shareholding +
sustainability
10 years
LTIP (5-year)
4.8
Five years' service + NAVps + minimum shareholding
10 years
SAYE (UK)
1.8
Three years' service
6 months
SAYE (US)
0.2
Two years\u2019 service
3 months
SAYE (others)
0.2
Two years\u2019 service
Various
Total options outstanding
18.7
Deferred share plan
6.4
Three years\u2019 service
n/a
Total outstanding
25.1
In summary, the vesting conditions are defined as follows:
\u2022 Two, three, five or six years\u2019 service \u2013 an employee has to remain in employment until the second, third, fifth or sixth
anniversary respectively from the grant date.
\u2022 NAVps \u2013 the net asset value per share (NAVps) growth, after adjusting for the effect of dividends, is greater than the risk-free
rate of return plus a premium per year.
\u2022 The Group CEO and Group CFO (\"the Executive Directors\") must hold and maintain a shareholding of 300% and 200%
respectively of base salary. The Executive Directors must maintain 100% of their shareholding requirement for two years post-
departure. Other executive management and senior management of the business are expected to hold and maintain a
shareholding of 150% and 100% respectively of base salary.
\u2022 Sustainability requirements \u2013 starting from 2023, the Group must reduce its carbon emissions and increase its female and
people of colour representation at the Board and senior manager level.
Further details can be found in the Directors\u2019 remuneration report on pages 135 to 157. The total gain on Directors\u2019 exercises
of share option plans during the year was \u00a30.5m (2023: \u00a30.5m).
Number of options and exercise prices
The following table summarises the number of options outstanding at the balance sheet date, the weighted average remaining
contractual life of these options, and the weighted average share price at exercise of options exercised during the year.
2024
2023
Weighted average
exercise price
(pence per share)
No. of\u00a0
options
(m)
Weighted average
exercise price
(pence per share)
No. of
options
(m)
Outstanding at 01 January
58.0
18.0
56.5
15.9
Forfeited during the year
70.0
(1.1)
40.9
(2.2)
Exercised during the year\u00b9
106.0
(4.7)
76.6
(1.4)
Granted during the year
92.3
6.5
57.8
5.7
Outstanding at 31 December\u00b2
56.9
18.7
58.0
18.0
Exercisable at 31 December
\u2014
\u2014
\u2014
\u2014
1 The weighted average share price at the point of exercise of these options was 694.8p (2023: 610.2p).
2 The weighted average remaining contractual life for the outstanding options at end of the year was 1.10 years (2023: 1.33 years).
23 Equity compensation plans continued
The range of exercise prices for options outstanding at the end of the year were as follows:
2024
2023
Exercise prices (pence per option)
No.
outstanding
(m)
No.
outstanding
(m)
0\u2013100
16.5
15.0
201\u2013300
\u2014
1.6
301\u2013400
0.5
0.6
401\u2013500
0.5
0.7
501\u2013570
1.2
0.1
Total options outstanding
18.7
18.0
Fair values
The fair values of the LTIP and SAYE plans are measured using the Black Scholes model, taking into account the terms and
conditions upon which the options were granted.
For these plans, amounts are recognised in the profit or loss as an employee expense over the period in which the employees
become unconditionally entitled to the options, with a corresponding increase in the employee share options reserve. The
amount recognised as an expense is adjusted to reflect the actual number once vested. The below table is a summary of the
assumptions used to calculate the fair value of share options awarded during the year ended 31 December 2024.
2024
2023
Share options charge to employee share options reserve ($m)
40.1
33.8
LTIP
Weighted average share price (pence per option)
674.8
614.0
Weighted average fair value (pence per option)
674.7
613.9
Weighted average exercise price (pence per option)
\u2014
\u2014
Average expected life of options (years)
2.9yrs
2.9yrs
Expected volatility
30.2%
35.0%
Expected dividend yield
\u2014%
\u2014%
Average risk-free interest rate
4.3%
3.9%
SAYE
Weighted average share price (pence per option)
646.1
582.5
Weighted average fair value (pence per option)
199.3
184.2
Weighted average exercise price (pence per option)
530.9
480.1
Average expected life of options (years)
3.3yrs
3.3yrs
Expected volatility
30.2%
34.8%
Expected dividend yield
2.4%
2.5%
Average risk-free interest rate
4.6%
3.8%
The expected volatility is based on historic volatility over a period of at least two years.
For the deferred share plan and retention share plan, fair values are determined based on the share price at date of grant.
Amounts are recognised in the statement of profit or loss on a straight-line basis over a period of three years and six
years\u00a0respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-346": { "value": "
25 Subordinated liabilities
In November 2016, the Group issued $250m of subordinated Tier 2 notes due in 2026. Annual interest, at a fixed rate of
5.875%, is payable in May and November each year. In September 2019, the Group issued $300m of subordinated Tier 2
notes due in 2029. Annual interest, at a fixed rate of 5.5% is payable in March and September each year.
The subordinated liabilities are subject to a covenant that requires the Group to notify the lender of any default (late payment of
principal by 7 days or late payment of interest by 14 days) on an annual basis or where otherwise requested. Compliance with
the covenant is tested annually until the maturity of the subordinated liabilities. The Group has no indication that it will have
difficulty complying with this covenant.
The carrying amounts of the subordinated liabilities are as follows. The total fair value of the Group's subordinated liabilities is
$544.6m (2023: $513.6m).
Tier 2
subordinated
debt (2029)
Tier 2
subordinated
debt (2026)
Total
$m
$m
$m
Opening balance at 01\u00a0January 2023
298.6
249.4
548.0
Amortisation of capitalised borrowing costs
0.2
0.1
0.3
Closing balance at 31\u00a0December 2023
298.8
249.5
548.3
Amortisation of capitalised borrowing costs
0.2
0.2
0.4
Closing balance at 31\u00a0December 2024
299.0
249.7
548.7
The annual interest expense on the Group's subordinated liabilities is included in Note 11. Accrued interest of $7.4m
(2023:\u00a0$7.4m) is included within Other liabilities (see Note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-345": { "value": "
25 Subordinated liabilities
In November 2016, the Group issued $250m of subordinated Tier 2 notes due in 2026. Annual interest, at a fixed rate of
5.875%, is payable in May and November each year. In September 2019, the Group issued $300m of subordinated Tier 2
notes due in 2029. Annual interest, at a fixed rate of 5.5% is payable in March and September each year.
The subordinated liabilities are subject to a covenant that requires the Group to notify the lender of any default (late payment of
principal by 7 days or late payment of interest by 14 days) on an annual basis or where otherwise requested. Compliance with
the covenant is tested annually until the maturity of the subordinated liabilities. The Group has no indication that it will have
difficulty complying with this covenant.
The carrying amounts of the subordinated liabilities are as follows. The total fair value of the Group's subordinated liabilities is
$544.6m (2023: $513.6m).
Tier 2
subordinated
debt (2029)
Tier 2
subordinated
debt (2026)
Total
$m
$m
$m
Opening balance at 01\u00a0January 2023
298.6
249.4
548.0
Amortisation of capitalised borrowing costs
0.2
0.1
0.3
Closing balance at 31\u00a0December 2023
298.8
249.5
548.3
Amortisation of capitalised borrowing costs
0.2
0.2
0.4
Closing balance at 31\u00a0December 2024
299.0
249.7
548.7
The annual interest expense on the Group's subordinated liabilities is included in Note 11. Accrued interest of $7.4m
(2023:\u00a0$7.4m) is included within Other liabilities (see Note 28).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-347": { "value": "
26 Leases
The Group leases offices and IT equipment. The leased offices are in several locations and the leases of large offices such as
London and New York typically run for a period of 10 years, with an option to renew the lease after that date or continue on a
rolling month-by-month basis. Lease payments are renegotiated as agreed in the lease contracts. Information about leases for
which the Group is a lessee are presented below. Note that the right-of-use assets do not meet the definition of investment
property as per IAS 40.
Right-of-use assets
Offices
IT equipment
Total
$m
$m
$m
Balance at 01\u202fJanuary 2023
53.3
7.2
60.5
Depreciation
(9.6)
(3.3)
(12.9)
Additions
10.9
\u2014
10.9
Foreign exchange gain
0.8
0.1
0.9
Balance at 31\u202fDecember 2023
55.4
4.0
59.4
Depreciation
(8.2)
(3.3)
(11.5)
Additions
1.5
\u2014
1.5
Foreign exchange gain
0.4
\u2014
0.4
Balance at 31\u202fDecember 2024
49.1
0.7
49.8
Lease liabilities
Offices
IT equipment
Total
$m
$m
$m
Balance at 01\u202fJanuary 2023
65.4
7.3
72.7
Lease payments
(8.5)
(3.5)
(12.0)
Interest on lease liabilities and dilapidation provision
3.1
0.2
3.3
Additions to lease portfolio
10.9
\u2014
10.9
Foreign exchange gain
1.5
0.2
1.7
Balance at 31\u202fDecember 2023
72.4
4.2
76.6
Lease payments
(11.0)
(3.7)
(14.7)
Interest on lease liabilities and dilapidation provision
2.7
0.2
2.9
Additions to lease portfolio
1.5
\u2014
1.5
Foreign exchange gain
0.6
\u2014
0.6
Balance at 31\u202fDecember 2024
66.2
0.7
66.9
The amount falling due within 12 months is $11.6m (2023: $13.5m). For a detailed maturity analysis, refer to Note 29d.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-348": { "value": "
27 Insurance and reinsurance contracts
27a Reconciliations by measurement component
This section shows how the net carrying amounts of insurance contracts issued and reinsurance contracts held by the Group
have changed during the year, as a result of changes in cash flows and amounts recognised in profit or loss.
i) Insurance contracts issued
The tables below set out the estimated present value of future cash flows, the risk adjustment for non-financial risk and the
CSM for insurance contracts issued.
Present value of
future cash
flows
Risk adjustment
for non-financial
risk
CSM
Total
31 December 2024
$m
$m
$m
$m
Opening insurance contract assets
103.8
(1.2)
(1.1)
101.5
Opening insurance contract liabilities
(6,874.5)
(774.8)
(342.9)
(7,992.2)
Net insurance contract liabilities at 01 January 2024
(6,770.7)
(776.0)
(344.0)
(7,890.7)
CSM recognised in profit or loss for services provided
\u2014
\u2014
807.3
807.3
Changes in the risk adjustment for non-financial risk for risk expired
\u2014
271.5
\u2014
271.5
Experience adjustments
494.2
(234.2)
\u2014
260.0
Total changes relating to current service
494.2
37.3
807.3
1,338.8
Changes in estimates that adjust the CSM
163.8
5.1
(168.9)
\u2014
Changes in estimates that result in onerous contract losses or
reversal of such losses
0.8
(0.1)
9.7
10.4
Contracts initially recognised in the period
1,079.8
(268.7)
(816.4)
(5.3)
Total changes relating to future service
1,244.4
(263.7)
(975.6)
5.1
Total changes relating to past service \u2013 adjustments to the LIC
205.0
196.2
\u2014
401.2
Recognised in insurance service result
1,943.6
(30.2)
(168.3)
1,745.1
Finance (expenses)/income from insurance contracts issued
(112.1)
(7.8)
30.8
(89.1)
Foreign exchange gains
27.9
1.2
1.0
30.1
Other amounts recognised in total comprehensive income
(84.2)
(6.6)
31.8
(59.0)
Premiums received net of insurance acquisition cash flows
(5,148.1)
\u2014
\u2014
(5,148.1)
Claims and other directly attributable expenses paid
2,558.6
\u2014
\u2014
2,558.6
Total cash flows
(2,589.5)
\u2014
\u2014
(2,589.5)
Closing insurance contract assets
24.5
(3.9)
(0.4)
20.2
Closing insurance contract liabilities
(7,525.3)
(808.9)
(480.1)
(8,814.3)
Net insurance contract liabilities at 31 December 2024
(7,500.8)
(812.8)
(480.5)
(8,794.1)
Notes to the financial statements continued
27 Insurance and reinsurance contracts continued
Present value of
future cash
flows
Risk adjustment
for non-financial
risk
CSM
Total
31 December 2023
$m
$m
$m
$m
Opening insurance contract assets
123.5
(12.9)
(26.5)
84.1
Opening insurance contract liabilities
(6,324.0)
(711.3)
(314.5)
(7,349.8)
Net insurance contract liabilities at 01 January 2023
(6,200.5)
(724.2)
(341.0)
(7,265.7)
CSM recognised in profit or loss for services provided
\u2014
\u2014
691.4
691.4
Changes in the risk adjustment for non-financial risk for risk expired
\u2014
316.8
\u2014
316.8
Experience adjustments
893.3
(285.5)
\u2014
607.8
Total changes relating to current service
893.3
31.3
691.4
1,616.0
Changes in estimates that adjust the CSM
135.0
(19.1)
(115.9)
\u2014
Changes in estimates that result in onerous contract losses or
reversal of such losses
6.0
(1.1)
7.5
12.4
Contracts initially recognised in the period
870.2
(264.2)
(616.6)
(10.6)
Total changes relating to future service
1,011.2
(284.4)
(725.0)
1.8
Total changes relating to past service \u2013 adjustments to the LIC
16.2
215.8
\u2014
232.0
Recognised in insurance service result
1,920.7
(37.3)
(33.6)
1,849.8
Finance income/(expenses) from insurance contracts issued
(190.2)
(13.9)
34.8
(169.3)
Foreign exchange gains/(losses)
1.9
(0.6)
(4.2)
(2.9)
Other amounts recognised in total comprehensive income
(188.3)
(14.5)
30.6
(172.2)
Premiums received net of insurance acquisition cash flows
(4,526.4)
\u2014
\u2014
(4,526.4)
Claims and other directly attributable expenses paid
2,223.8
\u2014
\u2014
2,223.8
Total cash flows
(2,302.6)
\u2014
\u2014
(2,302.6)
Closing insurance contract assets
103.8
(1.2)
(1.1)
101.5
Closing insurance contract liabilities
(6,874.5)
(774.8)
(342.9)
(7,992.2)
Net insurance contract liabilities at 31 December 2023
(6,770.7)
(776.0)
(344.0)
(7,890.7)
27 Insurance and reinsurance contracts continued
ii) Reinsurance contracts held
The tables below set out the estimates of the present value of future cash flows, risk adjustment for non-financial risk and CSM
for reinsurance contracts held.
Present value of
future cash
flows
Risk adjustment
for non-financial
risk
CSM
Total
31 December 2024
$m
$m
$m
$m
Opening reinsurance contract assets
2,143.4
166.2
117.1
2,426.7
Opening reinsurance contract liabilities
(404.4)
58.4
12.5
(333.5)
Net reinsurance contract assets at 01 January 2024
1,739.0
224.6
129.6
2,093.2
CSM recognised in profit or loss for the services provided
\u2014
\u2014
(173.1)
(173.1)
Changes in the risk adjustment for non-financial risk for the risk
expired
\u2014
(54.0)
\u2014
(54.0)
Experience adjustments
(71.3)
46.0
\u2014
(25.3)
Total changes relating to current service
(71.3)
(8.0)
(173.1)
(252.4)
Changes in estimates that adjust the CSM
159.0
(42.0)
(117.0)
\u2014
Contracts initially recognised in the period
(498.9)
96.6
402.3
\u2014
Total changes relating to future service
(339.9)
54.6
285.3
\u2014
Adjustments to incurred claims recovery
(157.8)
(97.1)
\u2014
(254.9)
Effect of changes in the risk of reinsurers\u2019 non-performance
(1.8)
\u2014
\u2014
(1.8)
Total changes relating to past service
(159.6)
(97.1)
\u2014
(256.7)
Recognised in insurance service result
(570.8)
(50.5)
112.2
(509.1)
Finance income/(expenses) from reinsurance contracts held
38.6
1.7
(7.1)
33.2
Foreign exchange losses
(2.8)
(0.4)
(0.1)
(3.3)
Other amounts recognised in total comprehensive income
35.8
1.3
(7.2)
29.9
Premiums paid net of ceding commissions and other directly
attributable expenses paid
1,254.7
\u2014
\u2014
1,254.7
Recoveries from reinsurance
(499.2)
\u2014
\u2014
(499.2)
Total cash flows
755.5
\u2014
\u2014
755.5
Closing reinsurance contract assets
2,309.7
160.4
196.5
2,666.6
Closing reinsurance contract liabilities
(350.2)
15.0
38.1
(297.1)
Net reinsurance contract assets at 31 December 2024
1,959.5
175.4
234.6
2,369.5
Notes to the financial statements continued
27 Insurance and reinsurance contracts continued
Present value of
future cash
flows
Risk adjustment
for non-financial
risk
CSM
Total
31 December 2023
$m
$m
$m
$m
Opening reinsurance contract assets
1,853.3
184.6
137.4
2,175.3
Opening reinsurance contract liabilities
(193.8)
12.7
19.9
(161.2)
Net reinsurance contract assets at 01 January 2023
1,659.5
197.3
157.3
2,014.1
CSM recognised in profit or loss for the services provided
\u2014
\u2014
(290.8)
(290.8)
Changes in the risk adjustment for non-financial risk for the risk
expired
\u2014
(105.2)
\u2014
(105.2)
Experience adjustments
(139.0)
84.2
\u2014
(54.8)
Total changes relating to current service
(139.0)
(21.0)
(290.8)
(450.8)
Changes in estimates that adjust the CSM
91.6
(16.1)
(75.5)
\u2014
Contracts initially recognised in the period
(436.3)
84.2
352.1
\u2014
Total changes relating to future service
(344.7)
68.1
276.6
\u2014
Adjustments to incurred claims recovery
(110.9)
(41.3)
\u2014
(152.2)
Effect of changes in the risk of reinsurers\u2019 non-performance
4.2
\u2014
\u2014
4.2
Total changes relating to past service
(106.7)
(41.3)
\u2014
(148.0)
Recognised in insurance service result
(590.4)
5.8
(14.2)
(598.8)
Finance income/(expense) from reinsurance contracts held
24.0
5.7
(13.8)
15.9
Foreign exchange (losses)/gains
(20.6)
15.8
0.3
(4.5)
Other amounts recognised in total comprehensive income
3.4
21.5
(13.5)
11.4
Premiums paid net of ceding commissions and other directly
attributable expenses paid
1,080.4
\u2014
\u2014
1,080.4
Recoveries from reinsurance
(413.9)
\u2014
\u2014
(413.9)
Total cash flows
666.5
\u2014
\u2014
666.5
Closing reinsurance contract assets
2,143.4
166.2
117.1
2,426.7
Closing reinsurance contract liabilities
(404.4)
58.4
12.5
(333.5)
Net reinsurance contract assets at 31 December 2023
1,739.0
224.6
129.6
2,093.2
27 Insurance and reinsurance contracts continued
27b Analysis of the liability for remaining coverage and the liability for incurred claims
i) Insurance contracts issued
The tables below analyse insurance contract assets and liabilities between the liability for remaining coverage (LRC) and the
liability for incurred claims (LIC) for insurance contracts issued.
LRC
LIC
Total
Excluding loss
component
Loss
component
31 December 2024
$m
$m
$m
$m
Opening insurance contract assets
101.7
\u2014
(0.2)
101.5
Opening insurance contract liabilities
(848.8)
(8.3)
(7,135.1)
(7,992.2)
Net insurance contract liabilities at 01 January 2024
(747.1)
(8.3)
(7,135.3)
(7,890.7)
Insurance revenue
5,678.1
\u2014
\u2014
5,678.1
Insurance service expenses:
\u2013 Incurred claims and other directly attributable expenses
(80.8)
\u2014
(3,249.3)
(3,330.1)
\u2013 Changes that relate to past service \u2013 adjustments to the LIC
\u2014
\u2014
401.2
401.2
\u2013 Losses on onerous contracts and reversal of those losses
\u2014
5.1
\u2014
5.1
\u2013 Insurance acquisition cash flows amortisation
(1,009.2)
\u2014
\u2014
(1,009.2)
Recognised in insurance service result
4,588.1
5.1
(2,848.1)
1,745.1
Finance income/(expenses) from insurance contracts issued
96.7
\u2014
(185.8)
(89.1)
Foreign exchange gains
19.2
\u2014
10.9
30.1
Other amounts recognised in total comprehensive income
115.9
\u2014
(174.9)
(59.0)
Premiums received net of insurance acquisition cash flows
(5,148.1)
\u2014
\u2014
(5,148.1)
Claims and other directly attributable expenses paid
\u2014
\u2014
2,558.6
2,558.6
Total cash flows
(5,148.1)
\u2014
2,558.6
(2,589.5)
Closing insurance contract assets
52.4
\u2014
(32.2)
20.2
Closing insurance contract liabilities
(1,243.6)
(3.2)
(7,567.5)
(8,814.3)
Net insurance contract liabilities at 31 December 2024
(1,191.2)
(3.2)
(7,599.7)
(8,794.1)
Notes to the financial statements continued
27 Insurance and reinsurance contracts continued
LRC
LIC
Total
Excluding loss
component
Loss
component
31 December 2023
$m
$m
$m
$m
Opening insurance contract assets
87.2
\u2014
(3.1)
84.1
Opening insurance contract liabilities
(824.7)
(10.1)
(6,515.0)
(7,349.8)
Net insurance contract liabilities at 01 January 2023
(737.5)
(10.1)
(6,518.1)
(7,265.7)
Insurance revenue
5,442.4
\u2014
\u2014
5,442.4
Insurance service expenses:
\u2013 Incurred claims and other directly attributable expenses
(86.3)
\u2014
(2,825.3)
(2,911.6)
\u2013 Changes that relate to past service \u2013 adjustments to the LIC
\u2014
\u2014
232.0
232.0
\u2013 Losses on onerous contracts and reversal of those losses
\u2014
1.8
\u2014
1.8
\u2013 Insurance acquisition cash flows amortisation
(914.8)
\u2014
\u2014
(914.8)
Recognised in insurance service result
4,441.3
1.8
(2,593.3)
1,849.8
Finance income from insurance contracts issued
70.8
\u2014
(240.1)
(169.3)
Foreign exchange gains/(losses)
4.7
\u2014
(7.6)
(2.9)
Other amounts recognised in total comprehensive income
75.5
\u2014
(247.7)
(172.2)
Premiums received net of insurance acquisition cash flows
(4,526.4)
\u2014
\u2014
(4,526.4)
Claims and other directly attributable expenses paid
\u2014
\u2014
2,223.8
2,223.8
Total cash flows
(4,526.4)
\u2014
2,223.8
(2,302.6)
Closing insurance contract assets
101.7
\u2014
(0.2)
101.5
Closing insurance contract liabilities
(848.8)
(8.3)
(7,135.1)
(7,992.2)
Net insurance contract liabilities at 31 December 2023
(747.1)
(8.3)
(7,135.3)
(7,890.7)
27 Insurance and reinsurance contracts continued
ii) Reinsurance contracts held
The tables below analyse reinsurance contract assets and liabilities between the asset for remaining coverage (ARC) and asset
for incurred claims (AIC) for reinsurance contracts held.
ARC\u00b9
AIC
Total
31 December 2024
$m
$m
$m
Opening reinsurance contract assets
758.4
1,668.3
2,426.7
Opening reinsurance contract liabilities
(1,080.3)
746.8
(333.5)
Net reinsurance contract assets/(liabilities) at 01 January 2024
(321.9)
2,415.1
2,093.2
Allocation of reinsurance premium
(764.9)
\u2014
(764.9)
Amounts recoverable from reinsurers for incurred claims:
\u2013 Effect of changes in the risk of reinsurers\u2019 non-performance
\u2014
(1.8)
(1.8)
\u2013 Claims recovered
\u2014
516.9
516.9
\u2013 Other incurred directly attributable expenses
\u2014
(4.4)
(4.4)
\u2013 Changes that relate to past service \u2013 adjustments to incurred claims recovery
\u2014
(254.9)
(254.9)
Net expenses from reinsurance contracts held
(764.9)
255.8
(509.1)
Finance (expenses)/income from reinsurance contracts held
(27.3)
60.5
33.2
Foreign exchange losses
(0.9)
(2.4)
(3.3)
Other amounts recognised in total comprehensive income
(28.2)
58.1
29.9
Premiums paid net of ceding commissions and other directly attributable expenses paid
1,254.7
\u2014
1,254.7
Recoveries from reinsurance
\u2014
(499.2)
(499.2)
Total cash flows
1,254.7
(499.2)
755.5
Closing reinsurance contract assets
573.8
2,092.8
2,666.6
Closing reinsurance contract liabilities
(434.1)
137.0
(297.1)
Net reinsurance contract assets at 31 December 2024
139.7
2,229.8
2,369.5
1 Includes loss recovery component of $0.9m at 01 January 2024 and $0.2m at 31 December 2024.
Notes to the financial statements continued
27 Insurance and reinsurance contracts continued
ARC2
AIC
Total
31 December 20231
$m
$m
$m
Opening reinsurance contract assets
24.9
2,150.4
2,175.3
Opening reinsurance contract liabilities
(254.7)
93.5
(161.2)
Net reinsurance contract assets/(liabilities) at 01 January 2023
(229.8)
2,243.9
2,014.1
Allocation of reinsurance premium
(1,127.3)
\u2014
(1,127.3)
Amounts recoverable from reinsurers for incurred claims:
\u2013 Effect of changes in the risk of reinsurers\u2019 non-performance
\u2014
4.2
4.2
\u2013 Claims recovered
\u2014
680.1
680.1
\u2013 Other incurred directly attributable expenses
\u2014
(3.6)
(3.6)
\u2013 Changes that relate to past service \u2013 adjustments to incurred claims recovery
\u2014
(152.2)
(152.2)
Net expenses from reinsurance contracts held
(1,127.3)
528.5
(598.8)
Finance (expenses)/income from reinsurance contracts held
(40.9)
56.8
15.9
Foreign exchange losses
(4.3)
(0.2)
(4.5)
Other amounts recognised in total comprehensive income
(45.2)
56.6
11.4
Premiums paid net of ceding commissions and other directly attributable expenses paid
1,080.4
\u2014
1,080.4
Recoveries from reinsurance
\u2014
(413.9)
(413.9)
Total cash flows
1,080.4
(413.9)
666.5
Closing reinsurance contract assets
758.4
1,668.3
2,426.7
Closing reinsurance contract liabilities
(1,080.3)
746.8
(333.5)
Net reinsurance contract assets/(liabilities) at 31 December 2023
(321.9)
2,415.1
2,093.2
1 A presentational error was identified in the version of this disclosure included in the 2023 Annual Report and Accounts. The disclosure above has been restated
to correct these errors. There was no impact to the carrying value of any item in the statement of financial position, amounts recognised through the income
statement or the opening and closing balances in this disclosure. Certain amounts had been incorrectly classified between the asset for incurred claims and the
asset for remaining coverage. Specifically: an allocation of reinsurance premium of $763.5m had been classified as a movement in the AIC when it should have
been included in the ARC; movement in the ARC of $1.3m for the effect of changes in the risk of reinsurers non-performance, $767.1m for claims recovered and
$0.5m for other directly attributable expenses should have been included as movements relating to amounts recoverable from reinsurers in the AIC; and $1.8m
relating to foreign exchange is consequently required to be recognised as a movement in AIC, not the ARC.
2 Includes loss recovery component of $3.8m at 01 January 2023 and $0.9m at 31 December 2023.
27 Insurance and reinsurance contracts continued
27c New business
i) Impact of insurance contracts issued in the year
The following tables show the impact of new insurance contracts issued in the period. These are broken down by contracts
which were/were not deemed to be onerous on initial recognition.
Non-onerous
contracts
originated
Onerous
contracts
originated
Total
Year ended 31 December 2024
$m
$m
$m
Estimated present value of future cash outflows:
\u2013 Insurance acquisition cash flows
(949.7)
(20.7)
(970.4)
\u2013 Claims and other directly attributable expenses
(2,864.4)
(61.5)
(2,925.9)
Estimated present value of future cash inflows
4,890.2
85.9
4,976.1
Risk adjustment for non-financial risk
(259.7)
(9.0)
(268.7)
Contractual service margin
(816.4)
\u2014
(816.4)
Net increase in insurance contract liabilities
\u2014
(5.3)
(5.3)
Non-onerous
contracts
originated
Onerous
contracts
originated
Total
Year ended 31 December 2023
$m
$m
$m
Estimated present value of future cash outflows:
\u2013 Insurance acquisition cash flows
(759.3)
(68.1)
(827.4)
\u2013 Claims and other directly attributable expenses
(2,489.8)
(176.7)
(2,666.5)
Estimated present value of future cash inflows
4,115.0
249.1
4,364.1
Risk adjustment for non-financial risk
(249.3)
(14.9)
(264.2)
Contractual service margin
(616.6)
\u2014
(616.6)
Net increase in insurance contract liabilities
\u2014
(10.6)
(10.6)
ii) Impact of reinsurance contracts held in the year
The following table shows the impact of new reinsurance contracts initially recognised in the period which were not deemed
to\u00a0originate with a loss recovery component. Contracts originating with a loss recovery component were $0.3m (2023: $0.3m).
2024
2023
$m
$m
Estimated present value of future cash outflows
(1,035.3)
(1,253.5)
Estimated present value of future cash inflows
536.4
817.2
Risk adjustment for non-financial risk
96.6
84.2
Contractual service margin
402.3
352.1
Net increase in reinsurance contract assets
\u2014
\u2014
Notes to the financial statements continued
27 Insurance and reinsurance contracts continued
27d Future CSM release
The tables below show when the Group expects to release the closing CSM to the profit or loss in appropriate future time
bands. It is presented for both insurance contracts issued and reinsurance contracts held.
2024
2023
Insurance contracts issued
$m
$m
Number of years until expected to be recognised
1
421.7
299.0
2
20.1
14.7
3
13.6
10.5
4
8.7
7.6
5
5.5
5.1
6\u201310
10.9
7.1
Total
480.5
344.0
2024
2023
Reinsurance contracts held
$m
$m
Number of years until expected to be recognised
1
151.7
118.7
2
49.7
3.7
3
26.2
2.6
4
2.5
1.8
5
1.4
1.2
6\u201310
3.1
1.6
Total
234.6
129.6
27 Insurance and reinsurance contracts continued
27e Claims development
The following tables show the estimates of cumulative ultimate claims for each successive underwriting year from six years prior
to the reporting date, reconciled back to LIC. This information has been provided on a gross of reinsurance basis and separately
for reinsurance contracts held. Claims development information has only been disclosed from the 2019 underwriting year
onward (being five years before the end of the annual reporting period in which IFRS 17 was first applied by the Group). In the
below tables, historic periods have been revalued using current exchange rates. The cumulative estimate of claims and
recoveries comprises expected claims, reinsurance recovery cash flows and directly attributable expenses. It does not include
the risk adjustment, premiums or acquisition costs.
Underwriting year
Insurance contracts issued
2019
2020
2021
2022
2023
2024
Total
2024
$m
$m
$m
$m
$m
$m
$m
At end of underwriting year
1,711.5
2,309.2
2,696.2
3,122.6
3,110.9
3,403.8
1 year later
2,207.2
2,696.9
2,968.1
3,036.1
3,215.1
2 years later
2,240.9
2,804.3
2,787.7
2,912.8
3 years later
2,237.1
2,652.0
2,620.0
4 years later
2,228.1
2,582.6
5 years later
2,258.2
Cumulative gross estimate of claims
2,258.2
2,582.6
2,620.0
2,912.8
3,215.1
3,403.8
16,992.5
Cumulative payments to date
(1,871.3)
(1,982.9)
(1,615.0)
(1,405.8)
(1,105.7)
(254.1)
(8,234.8)
Carrying amount relating to 2018 and
prior underwriting years
752.1
Less liability for remaining coverage
claims only
(1,923.7)
Impact of discounting (LIC)
(666.6)
LIC risk adjustment for non-financial risk
680.2
Gross discounted LIC
7,599.7
Underwriting year
Reinsurance contracts held
2019
2020
2021
2022
2023
2024
Total
2024
$m
$m
$m
$m
$m
$m
$m
At end of underwriting year
(290.6)
(455.6)
(699.3)
(932.5)
(519.8)
(472.9)
1 year later
(412.4)
(635.6)
(708.1)
(882.8)
(553.1)
2 years later
(377.0)
(701.1)
(707.8)
(841.2)
3 years later
(396.1)
(578.1)
(647.6)
4 years later
(424.9)
(586.9)
5 years later
(468.0)
Cumulative gross estimate of claims
recoveries
(468.0)
(586.9)
(647.6)
(841.2)
(553.1)
(472.9)
(3,569.7)
Cumulative payments to date
315.3
411.6
253.8
159.3
55.2
9.5
1,204.7
Carrying amount relating to 2018 and
prior underwriting years
(305.2)
Less asset for remaining coverage
claims only
394.3
Impact of discounting (AIC)
186.9
AIC risk adjustment for non-financial risk
(140.8)
Reinsurance discounted AIC
(2,229.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-349": { "value": "
28 Other liabilities
2024
2023
$m
$m
Accrued expenses including staff bonuses
79.1
98.9
Due to syndicate 5623
106.6
217.7
Due to syndicate 6107
74.6
86.6
Other payables
382.5
207.3
Total other liabilities
642.8
610.5
All other liabilities are payable within one year of the reporting date, with the exception of $22.1m which is due after one year.
Profit uplift payment
The Group has agreed a potential profit uplift commission payment to the Members of Syndicate 623 on the 2023 year of
account contingent upon the underwriting profit recognised in certain entities in the 2025 to 2028 financial years, which would
become payable in 2029.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-350": { "value": "
29 Risk and sensitivity analysis
The symbol \u2020 by a table or numerical information means it has not been audited.
29a Insurance risk
The Group issues insurance contracts under which it accepts significant insurance risk from persons or organisations that are
directly exposed to an underlying loss from an insured event. Insurance risk arises from this risk transfer due to inherent
uncertainties about the occurrence, amount and timing of cash flows associated with the insured event. The four key
components of insurance risk are underwriting, reinsurance, claims management and reserving. Each element is considered
below.
i. Underwriting risk
Underwriting risk comprises four elements that apply to all insurance products offered by the Group:
\u2022 cycle risk \u2013 the risk that business is written without full knowledge as to the (in)adequacy of rates, terms and conditions;
\u2022 event risk \u2013 the risk that individual risk losses or catastrophes lead to claims that are higher than anticipated in plans and
pricing;
\u2022 pricing risk \u2013 the risk that the level of expected loss is understated in the pricing process; and
\u2022 expense risk \u2013 the risk that the allowance for expenses and inflation in pricing is inadequate.
The Group\u2019s underwriting strategy is to seek a diverse and balanced portfolio of risks in order to limit the variability of
outcomes. This is achieved by accepting a spread of business over time, segmented between different products, geographies
and sizes. The annual business plans for each underwriting team reflect the Group\u2019s underwriting strategy, and set out the
classes of business, the territories and the industry sectors in which business is to be written which are approved by the
appropriate Boards.
Our underwriters determine premiums for risks written based on a range of criteria tailored specifically to each individual risk.
These factors include but are not limited to financial exposure, loss history, risk characteristics, limits, deductibles, terms and
conditions, and acquisition expenses depending on the type of risk. A proportion of the Group\u2019s insurance risks are transacted
by third parties under delegated underwriting and claims authorities. Each third party is thoroughly vetted by our coverholder
approval group before it can bind risks, and is subject to monitoring to maintain underwriting quality and confirm ongoing
compliance with contractual guidelines. All underwriters also have a right to refuse renewal or change the terms and conditions
of insurance contracts upon renewal. Rate monitoring details, including limits, deductibles, exposures, terms and conditions
and risk characteristics, are also captured and the results are combined to monitor the rating environment for each class of
business.
The Group also recognises that insurance events are, by their nature, random, and the actual number and size of events during
any one year may vary from those estimated using established statistical techniques. To address this, the Group sets out the
exposure that it is prepared to accept in certain territories to a range of events such as natural catastrophes and specific
scenarios which may result in large industry losses. This is monitored through regular calculation of realistic disaster scenarios
(RDS). The aggregate position is monitored at the time of underwriting a risk, and reports are regularly produced to highlight the
key aggregations to which the Group is exposed.
The Group uses a number of modelling tools to monitor its exposures against the agreed risk appetite set and to simulate
catastrophe losses in order to measure the effectiveness of its reinsurance programmes. Stress and scenario tests are also
run using these models. The range of scenarios considered includes natural catastrophe, cyber, marine, liability, political,
terrorism and war events.
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
One of the largest types of event exposure relates to natural catastrophe events such as windstorms or earthquakes, with the
increasing risk from climate change impacting the frequency and severity of natural catastrophes. The Group continues to
monitor its exposure in this area. Where possible, the Group measures geographic accumulations and uses its knowledge
of\u00a0the business, historical loss behaviour and commercial catastrophe modelling software to assess the expected range of
losses at different return periods. Upon application of the reinsurance coverage purchased, the key gross and net exposures
are calculated on the basis of extreme events at a range of return periods. The Group\u2019s catastrophe risk appetite is set by
the\u00a0risk management function and approved by the Board, and the business plans of each team are determined within these
parameters. The Board may adjust these limits over time as conditions change. In 2024, the Group operated to a catastrophe
risk appetite for a probabilistic 1-in-250-year US event of \u2020 $578.0m (2023: $534.0m) net of reinsurance. This represents
an\u00a0increase of 8% in 2024.
Lloyd\u2019s has also defined its own specific set of RDS events for which all syndicates with relevant exposures must report.
Of\u00a0these, the three largest (net of reinsurance) events which could have impacted Beazley in 2023 and 2024 were as follows.
\u2020
Modelled
PML\u00b9 (before
reinsurance)
Modelled
PML\u00b9 (after
reinsurance)
2024
$m
$m
Lloyd\u2019s prescribed natural catastrophe event (total incurred losses)
Los Angeles earthquake (2024: $78bn)
952.9
410.4
San Francisco earthquake (2024: $80bn)
974.0
389.8
Gulf of Mexico windstorm (2024: $118bn)
1,075.3
374.8
1 Probable market loss.
\u2020
Modelled
PML\u00b9 (before
reinsurance)
Modelled
PML\u00b9 (after
reinsurance)
2023
$m
$m
Lloyd\u2019s prescribed natural catastrophe event (total incurred losses)
Los Angeles earthquake (2023: $78bn)
827.2
325.1
San Francisco earthquake (2023: $80bn)
854.1
315.0
Gulf of Mexico windstorm (2023: $118bn)
927.5
291.3
1 Probable market loss.
\u2020 The tables above show each event independent of each other and considered on their own.
\u2022 Net of reinsurance exposures for the Los Angeles quake scenario have increased by $85.3m or 26.2% in 2024, with gross
exposures increasing by $125.7m or 15.2%. The increase in gross exposures is being driven by growth in the Property Risks
division and specifically direct Property, which is also leading to the increase in the Northeast windstorm and Gulf of Mexico
windstorm events. The increase in net exposure is less than the increase in gross as additional Reinsurance was bought
during 2024 for the Property Risks division.
\u2022 For 2024, the second largest scenario remains as being the San Francisco earthquake scenario, with net of reinsurance
exposure increasing by $74.8m or 23.7% in 2024, with gross exposures increasing by $119.9m or 14.0%. Similar to the Los
Angeles quake scenario, the increase in net exposure is less than gross as additional reinsurance was bought during 2024.
\u2022 Windstorm exposures have increased in the Gulf of Mexico during 2024, which has resulted in the Gulf of Mexico scenario
increasing by $83.5m or 28.7% net, with the gross exposure increasing by $147.8m or 15.9%. Similar to the two earthquake
scenarios, the net exposure has increased less than gross due to additional Reinsurance being bought for the Property
Risks\u00a0division.
\u2022 The net natural catastrophe risk appetite increased by 8.2% in 2024 to $578.0m from $534.0m in 2023, with the increase
in appetite being driven by the Property Risks division.
The net exposure of the Group to each of these modelled events at a given point in time is a function of assumptions made
about how and where the event occurs, its magnitude, the amount of business written that is exposed to each event and the
reinsurance arrangements in place.
29 Risk and sensitivity analysis continued
The Group also has exposure to man-made claim aggregations, such as those arising from terrorism, liability, and cyber events.
Beazley chooses to underwrite cyber insurance within the Cyber Risks and Specialty Risks divisions using our team of specialist
underwriters, claims managers and data breach services managers. Other than for affirmative cyber coverage, Beazley\u2019s
preference is to exclude cyber exposure where possible.
To manage the potential exposure, the Board has approved a risk appetite for the aggregation of cyber-related claims, which is
set using a 1-in-250 net probabilistic appetite of $775m for 2024. In addition, the Group utilises Cyber realistic disaster
scenarios that have been developed internally. These scenarios include the failure of a data aggregator, the failure of a shared
hardware or software platform, the failure of a cloud provider, and physical damage scenarios. Whilst it is not possible to be
precise, as there is sparse data on actual aggregated events, these severe scenarios are expected to be very infrequent. To
manage underwriting exposures, the Group has developed limits of authority and business plans which are binding upon all
staff authorised to underwrite and are specific to underwriters, classes of business and industry.
\u2020
The reinsurance programmes that protect the Cyber and Specialty Risks divisions would partially mitigate the cost of most, but
not all, cyber catastrophes. The largest cyber net realistic disaster scenario for the Group as at 31 December 2024 was just
under $187m. Beazley also reports on cyber exposure to Lloyd\u2019s using the three largest internal realistic disaster scenarios and
three prescribed scenarios, which include a cloud provider scenario and a ransomware scenario.
Exposure by operating division
In 2024, the Group\u2019s business consisted of five operating divisions. The following table sets out the Group\u2019s insurance revenue
by operating division.
2024
2023
%
%
Cyber Risks
20%
22%
Digital
4%
4%
MAP Risks
16%
19%
Property Risks
27%
20%
Specialty Risks
33%
35%
Total
100%
100%
Concentration by geography
Included below is a geographical analysis of the Group's insurance revenue based on placement of risk.
2024
2023
%
%
UK (Lloyd\u2019s)
78%
83%
US (Non-Lloyd\u2019s)
15%
11%
Europe (Non-Lloyd\u2019s)
7%
6%
Total
100%
100%
Sensitivity analysis
The table below analyses the impact on the Group\u2019s profit after tax and equity of changes in underwriting risk variables that
were reasonably possible at the reporting date. This analysis has been performed assuming a uniform percentage change in
loss ratios used to determine best estimate cash flows within the liability for remaining coverage, and a uniform percentage
change in the best estimate liability within the liability for incurred claims, including any consequential impact on the risk
adjustment or CSM. It should be noted that movements in these variables are non-linear.
Profit after tax/Equity\u00b9
Profit after tax/Equity\u00b9
Gross
Net
Gross
Net
2024
2024
2023
2023
$m
$m
$m
$m
Reserves (5% increase)
(299.5)
(215.8)
(289.4)
(179.6)
Reserves (5% decrease)
299.0
215.4
287.7
178.0
1 Impact of changes in risk variables is consistent across profit after tax and equity.
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
ii. Reinsurance risk
Reinsurance risk arises for the Group where reinsurance contracts put in place to reduce gross insurance risk do not perform
as\u00a0anticipated, resulting in coverage disputes or proving inadequate in terms of the vertical or horizontal limits purchased.
Failure of a reinsurer to pay a valid claim is considered a credit risk, which is detailed in the credit risk section on page 245.
In\u00a0some cases, the Group deems it more economic to hold capital than to purchase reinsurance. These decisions are regularly
reviewed. The Reinsurance Security Committee examines and approves all reinsurers to ensure that they possess suitable
security. The Group\u2019s ceded reinsurance team ensures that these guidelines are followed, undertakes the administration
of\u00a0reinsurance contracts, and monitors and instigates our responses to any erosion of the reinsurance programmes.
iii. Claims management risk
Claims management risk may arise within the Group in the event of inaccurate or incomplete case reserves and claims
settlements, poor service quality or excessive claims handling costs. These risks may damage the Group brand and undermine
its ability to win and retain business, or incur punitive damages. These risks can occur at any stage of the claims lifecycle.
The\u00a0Group\u2019s claims teams are focused on delivering quality, reliability and speed of service to both internal and external clients.
Their aim is to adjust and process claims in a fair, efficient and timely manner, in accordance with the policy\u2019s terms and
conditions, the regulatory environment, and the business\u2019s broader interests. Case reserves are set for all known claims
liabilities, including provisions for expenses, as soon as a reliable estimate can be made of the claims liability.
iv. Reserving and ultimate reserves risk
Reserving and ultimate reserves risk occurs within the Group where established insurance liabilities are insufficient due to
inaccurate forecasting, or where there is inadequate allowance for expenses and reinsurer non-performance risk in the present
value of future cash flows. To manage reserving and ultimate reserve risk, a risk adjustment for non-financial risk is included
within the valuation of insurance contract liabilities.
The following sensitivity analysis shows how a change in risk adjustment impacts profit after tax and equity. The sensitivity
was\u00a0calculated by selecting the risk adjustment 2.5 points above/below the current confidence level on the distribution by
which it is calibrated and flowing the consequential impact through other components of (re)insurance assets/liabilities.
This\u00a0was performed both before and after risk mitigation by reinsurance. It should be noted that movements in these
variables\u00a0are non-linear.
Profit after tax/Equity\u00b9
Profit after tax/Equity\u00b9
Gross
Net
Gross
Net
2024
2024
2023
2023
$m
$m
$m
$m
Change in risk adjustment (2.5% increase)
(77.5)
(60.8)
(80.0)
(57.9)
Change in risk adjustment (2.5% decrease)
71.0
55.8
78.5
56.7
1 Impact of changes in risk variables is consistent across profit after tax and equity.
29 Risk and sensitivity analysis continued
29b Market risk
Market risk is referred to as \"asset risk\" in the Group\u2019s risk management framework. This risk arises from adverse financial
market movements in addition to other external market forces. The four key components of asset risk are investments,
foreign\u00a0exchange, interest rate, and prices of assets and derivatives. Each element is considered in further detail below.
i. Investments
Efficient management of market risk is key to the investment of Group assets for matching to future liabilities. Beazley uses an
Economic Scenario Generator to create multiple simulations of financial conditions in order to support stochastic analysis of
asset risk. Beazley uses these outputs to assess the value at risk of its investments, at different confidence levels, including
\"1 in 200\", which reflects Solvency II modelling requirements, and \"1 in 10\", reflecting scenarios which are more likely to occur
in practice. It is assessed for investments in isolation and also in conjunction with the present value of our liabilities, to assist
in the monitoring and management of asset risk for solvency and capital purposes. By its nature, stochastic modelling does not
provide a precise measure of risk, and Economic Scenario Generator outputs are regularly validated against actual market
conditions. Beazley also uses a number of other qualitative measures to support the monitoring and management of investment
risk, including stress testing and scenario analysis.
The Group\u2019s investment strategy is developed with reference to an investment risk appetite, approved annually by the Board.
The asset risk element of our Solvency II internal model is used to monitor actual investment risk against this appetite, which
specifies the worst-case return at a 12-month horizon relative to a risk-free portfolio, at 90% confidence. The risk-free portfolio
is a blend of government bonds that match Beazley's liability value and term structure, and short-dated government bills, equal
to the value of non-matching assets. The investment risk appetite was set at 2.6% of invested assets for 2025.
ii. Foreign exchange risk
The functional currency and presentational currency of Beazley plc and its main trading entities is US dollars. As a result, the
Group is mainly exposed to fluctuations in exchange rates for non-dollar denominated transactions and to net asset translation
risk on non-dollar functional currency entities.
The Group operates in four main currencies: US dollars, sterling, Canadian dollars and euros. Transactions in all currencies are
converted to US dollars on initial recognition, with any resulting monetary items being translated to the US dollar spot rate at
the reporting date. If any foreign exchange risk arises it is actively managed as described below.
In 2024, the Group managed its foreign exchange risk by periodically assessing its non-dollar exposures and hedging these to
a\u00a0tolerable level while targeting to have net assets that are predominantly denominated in US dollars. As part of this hedging
strategy, exchange rate derivatives were used to rebalance currency exposure across the Group. Details of foreign currency
derivative contracts entered into with external parties are disclosed in Note 18. On a forward-looking basis, an assessment is
made of expected future exposure development and appropriate currency trades are put in place to reduce risk. The Group\u2019s
underwriting capital is matched by currency to the principal underlying currencies of its insurance transactions. This helps to
mitigate the risk that the Group\u2019s capital required to underwrite business is materially affected by any future movements in
exchange rates.
The Group also has foreign operations with functional currencies that are different from the Group\u2019s presentational currency.
The effect of this on foreign exchange risk is that the Group is exposed to fluctuations in exchange rates for US dollar
denominated transactions and net assets arising in those foreign currency operations. It also gives rise to a currency
translation exposure for the Group to sterling, euro, Swiss francs, Canadian dollars and Singapore dollars on translation to the
Group\u2019s presentational currency. These exposures are minimal and are not hedged.
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
Exposure and risk concentrations by currency
The following tables summarise the carrying values of the insurance/reinsurance contract assets and liabilities and
overall\u00a0net\u00a0assets held by the Group, categorised by its main currencies. For a breakdown of financial assets by currency,
refer\u00a0to\u00a0Note\u00a017(g).
UK \u00a3
CAD $
EUR \u20ac
Subtotal
US $
Total $
2024
$m
$m
$m
$m
$m
$m
Insurance contract assets
1.4
(4.9)
1.6
(1.9)
22.1
20.2
Reinsurance contract assets
212.5
26.1
156.5
395.1
2,271.5
2,666.6
Other
662.0
221.8
577.7
1,461.5
11,270.7
12,732.2
Total assets
875.9
243.0
735.8
1,854.7
13,564.3
15,419.0
Insurance contract liabilities
(823.6)
(220.8)
(815.7)
(1,860.1)
(6,954.2)
(8,814.3)
Reinsurance contract liabilities
(29.7)
(3.6)
(7.6)
(40.9)
(256.2)
(297.1)
Other
(19.6)
(13.9)
(18.7)
(52.2)
(1,648.6)
(1,700.8)
Total liabilities
(872.9)
(238.3)
(842.0)
(1,953.2)
(8,859.0)
(10,812.2)
Net assets
3.0
4.7
(106.2)
(98.5)
4,705.3
4,606.8
UK \u00a3
CAD $
EUR \u20ac
Subtotal
US $
Total $
2023
$m
$m
$m
$m
$m
$m
Insurance contract assets
2.4
13.6
(3.6)
12.4
89.1
101.5
Reinsurance contract assets
243.1
37.0
166.4
446.5
1,980.2
2,426.7
Other
574.8
257.8
69.2
901.8
10,235.4
11,137.2
Total assets
820.3
308.4
232.0
1,360.7
12,304.7
13,665.4
Insurance contract liabilities
(804.4)
(229.0)
(782.3)
(1,815.7)
(6,176.5)
(7,992.2)
Reinsurance contract liabilities
(31.2)
(0.6)
(7.7)
(39.5)
(294.0)
(333.5)
Other
(69.1)
20.7
441.0
392.6
(1,850.2)
(1,457.6)
Total liabilities
(904.7)
(208.9)
(349.0)
(1,462.6)
(8,320.7)
(9,783.3)
Net assets
(84.4)
99.5
(117.0)
(101.9)
3,984.0
3,882.1
Sensitivity analysis
Fluctuations in the Group\u2019s trading currencies against the US dollar would result in a change in profit after tax and equity.
The\u00a0table below gives an indication of this impact for reasonably possible percentage changes in the relative strength of the
US\u00a0dollar against the value of sterling, the Canadian dollar and the euro, simultaneously. The analysis is prepared based on
the\u00a0net assets held by the Group at the balance sheet date.
Profit after tax
Equity
2024
2023
2024
2023
Change in exchange rate of sterling, Canadian dollar and euro relative to
US dollar
$m
$m
$m
$m
Dollar weakens (30%)
(22.4)
(25.0)
81.1
45.2
Dollar weakens (20%)
(15.0)
(16.7)
54.0
30.1
Dollar weakens (10%)
(7.5)
(8.3)
27.0
15.1
Dollar strengthens (10%)
7.5
8.3
(27.0)
(15.1)
Dollar strengthens (20%)
15.0
16.7
(54.0)
(30.1)
Dollar strengthens (30%)
22.4
25.0
(81.1)
(45.2)
29 Risk and sensitivity analysis continued
iii. Interest rate risk
The Group\u2019s financial instruments (e.g. cash and cash equivalents, certain financial assets at fair value, and subordinated
debt), in addition to its insurance and reinsurance contracts, are exposed to movements in market interest rates. The Group
manages interest rate risk by primarily investing in short duration financial assets along with cash and cash equivalents.
The\u00a0Investment Committee monitors the duration of these assets on a regular basis. The Group also entered into bond futures
contracts to manage the interest rate risk on bond portfolios.
Exposure and risk concentrations by duration
The following table shows the modified duration at the reporting date of the financial instruments that are exposed to
movements in market interest rates. Modified duration is a commonly used measure of volatility which represents the
percentage change of the price of a security to yield. The Group believes this gives a better indication than maturity of the likely
sensitivity of the portfolio to changes in interest rates.
<1 yr
1-2 yrs
2-3 yrs
3-4 yrs
4-5 yrs
5-10 yrs
Total
2024
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
- Fixed and floating rate debt securities
3,122.9
2,980.1
1,702.6
1,317.2
169.8
1.2
9,293.8
- Syndicate loans
29.5
\u2014
\u2014
\u2014
\u2014
\u2014
29.5
Cash and cash equivalents
882.1
\u2014
\u2014
\u2014
\u2014
\u2014
882.1
Subordinated debt
\u2014
(249.7)
\u2014
\u2014
(299.0)
\u2014
(548.7)
Total financial instruments
4,034.5
2,730.4
1,702.6
1,317.2
(129.2)
1.2
9,656.7
<1 yr
1-2 yrs
2-3 yrs
3-4 yrs
4-5 yrs
5-10 yrs
Total
2023
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
- Fixed and floating rate debt securities
2,499.9
3,123.8
1,214.6
1,419.5
229.1
49.5
8,536.4
- Syndicate loans
7.6
26.5
\u2014
\u2014
\u2014
\u2014
34.1
Cash and cash equivalents
812.3
\u2014
\u2014
\u2014
\u2014
\u2014
812.3
Subordinated debt
\u2014
\u2014
(249.5)
\u2014
\u2014
(298.8)
(548.3)
Total financial instruments
3,319.8
3,150.3
965.1
1,419.5
229.1
(249.3)
8,834.5
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
Sensitivity analysis
All elements of the carrying values of the Group's insurance and reinsurance contracts are exposed to interest rate risk.
The\u00a0following analysis is performed for reasonably possible movements in key variables with all other variables held constant,
showing the impact on profit after tax and equity. The correlation of variables will have a significant effect in determining the
ultimate impact of interest rate risk, but to demonstrate the impact due to changes in variables, variables had to be changed
on\u00a0an individual basis. It should be noted that movements in these variables are non-linear.
Profit after tax/Equity\u00b9
2024
2023
Insurance and reinsurance contracts
$m
$m
Interest rate increases (150 bps)
123.4
114.3
Interest rate increases (100 bps)
83.2
77.1
Interest rate increases (50 bps)
42.1
39.1
Interest rate decreases (50 bps)
(43.2)
(40.0)
Interest rate decreases (100 bps)
(87.5)
(81.0)
Interest rate decreases (150 bps)
(133.0)
(123.0)
1 Impact of changes in risk variables is consistent across profit after tax and equity.
Profit after tax/Equity\u00b9
2024
2023
Financial assets
$m
$m
Interest rate increases (150 bps)
(181.3)
(190.6)
Interest rate increases (100 bps)
(120.9)
(127.1)
Interest rate increases (50 bps)
(60.4)
(63.5)
Interest rate decreases (50 bps)
60.4
63.5
Interest rate decreases (100 bps)
120.9
127.1
Interest rate decreases (150 bps)
181.3
190.6
1 Impact of changes in risk variables is consistent across profit after tax and equity.
iv. Price risk
Listed investments that are quoted in an active market are recognised in the statement of financial position at quoted bid price,
which is deemed to be the approximate exit price. If the market for the investment is not considered to be active, then the
Group establishes fair value using valuation techniques (refer to Note 17). This includes comparison of orderly transactions
between market participants, reference to the current fair value of other investments that are substantially the same,
discounted cash flow models and other valuation techniques that are commonly used by market participants.
Price risk applies to financial assets that are susceptible to losses due to adverse changes in prices. At the reporting date,
the\u00a0Group\u2019s exposure to price risk was $1,276.1m (2023: $1,085.0m). This comprises hedge funds, equity investments and
illiquid assets, with no significant concentrations in one area. Note that the price of debt securities is affected by interest
rate\u00a0risk and credit risk, both of which have been described above. In addition, the Group does not have any insurance
or\u00a0reinsurance contracts which are exposed to price risk.
29 Risk and sensitivity analysis continued
Sensitivity analysis
Included below is a sensitivity analysis of the Group's financial assets against price risk. With all other variables remaining
constant, changes in fair values of the Group's hedge funds, equity investments and illiquid assets would affect reported profit
after tax and equity as indicated in the following table.
Profit after tax/Equity\u00b9
2024
2023
$m
$m
Fair value increases (30%)
304.0
266.6
Fair value increases (20%)
202.7
177.7
Fair value increases (10%)
101.3
88.9
Fair value decreases (10%)
(101.3)
(88.9)
Fair value decreases (20%)
(202.7)
(177.7)
Fair value decreases (30%)
(304.0)
(266.6)
1 Impact of changes in risk variables is consistent across profit after tax and equity.
A 10% decrease in the fair value of the Group's level 3 financial assets would have an impact of ($23.0m) on profit after tax/
equity (2023: ($20.8m)).
29c Credit risk
This risk arises due to the failure of another party to perform its financial or contractual obligations to the Group in a timely
manner. The Group accepts credit risk overall and recognises credit risk is aligned to its appetite for insurance risk. The primary
sources of credit risk for the Group are:
\u2022 reinsurers \u2013 reinsurers may fail to pay valid claims against a reinsurance contract held by the Group;
\u2022 brokers and coverholders \u2013 counterparties may fail to pass on premiums or claims collected/paid on behalf of the Group; and
\u2022 investments \u2013 the issuer may default, resulting in the Group losing all or part of the value of a financial instrument or a
derivative financial instrument.
An approval system exists for brokers with their credit and performance monitored. The Investment Committee has established
parameters for investment managers regarding the type, duration and quality of investments, including credit ratings acceptable
to the Group. The performance of investment managers is regularly reviewed to confirm adherence to these guidelines.
The\u00a0Group has developed processes to examine all reinsurers before entering into new business arrangements, and ongoing
relationships with Beazley are continually assessed. In addition, reinsurance recoverables are reviewed regularly to assess
their\u00a0collectability.
2024
A.M. Best
Moody\u2019s
S&P
Tier 1
A++ to A-
Aaa to A3
AAA to A-
Tier 2
B++ to B-
Baa1 to Ba3
BBB+ to BB-
Tier 3
C++ to C-
B1 to Caa
B+ to CCC
Tier 4
D, E, F, S
Ca to C
R, (U,S) 3
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
Maximum exposure
The following tables summarise the Group\u2019s maximum exposure to credit risk by reinsurance contract assets
and\u00a0financial\u00a0assets.
Tier 1
Tier 2
Tier 3
Tier 4
Unrated
Total
2024
$m
$m
$m
$m
$m
$m
Reinsurance contracts assets
2,584.9
\u2014
\u2014
\u2014
81.7
2,666.6
Financial assets at FVTPL:
- Fixed and floating rate debt securities
7,354.0
1,691.3
\u2014
\u2014
248.5
9,293.8
- Syndicate loans
29.5
\u2014
\u2014
\u2014
\u2014
29.5
- Equity funds
\u2014
\u2014
\u2014
\u2014
348.7
348.7
- Hedge funds
\u2014
\u2014
\u2014
\u2014
752.0
752.0
- Illiquid assets
\u2014
\u2014
\u2014
\u2014
175.4
175.4
- Derivative financial assets
\u2014
\u2014
\u2014
\u2014
11.2
11.2
Cash and cash equivalents
882.1
\u2014
\u2014
\u2014
\u2014
882.1
Amounts due from managed syndicates and other
receivables
\u2014
\u2014
\u2014
\u2014
598.2
598.2
Total
10,850.5
1,691.3
\u2014
\u2014
2,215.7
14,757.5
Tier 1
Tier 2
Tier 3
Tier 4
Unrated
Total
2023
$m
$m
$m
$m
$m
$m
Reinsurance contracts assets
2,387.5
\u2014
\u2014
\u2014
39.2
2,426.7
Financial assets at FVTPL:
- Fixed and floating rate debt securities
7,101.7
1,434.7
\u2014
\u2014
\u2014
8,536.4
- Syndicate loans
34.1
\u2014
\u2014
\u2014
\u2014
34.1
- Equity funds
\u2014
\u2014
\u2014
\u2014
282.7
282.7
- Hedge funds
\u2014
\u2014
\u2014
\u2014
582.2
582.2
- Illiquid assets
\u2014
\u2014
\u2014
\u2014
220.1
220.1
- Derivative financial assets
\u2014
\u2014
\u2014
\u2014
10.0
10.0
Cash and cash equivalents
812.3
\u2014
\u2014
\u2014
\u2014
812.3
Amounts due from managed syndicates and other
receivables
\u2014
\u2014
\u2014
\u2014
297.5
297.5
Total
10,335.6
1,434.7
\u2014
\u2014
1,431.7
13,202.0
The Group's maximum exposure to credit risk from insurance contract assets is $20.2m (2023: $101.5m). Overall exposure
to\u00a0credit risk is concentrated within Tier 1, with the largest counterparty being $2,910.7m of US treasuries (2023: $3,258.7m).
Financial investments falling within the unrated category are those for which there is no readily available market data to allow
classification within the respective tiers.
29 Risk and sensitivity analysis continued
Credit quality of reinsurance contract assets
Reinsurance recoveries are specifically referenced in IFRS 17 and explicitly de-scoped from IFRS 9. IFRS 17 requires the effect
of any risk of non-performance by the reinsurer, including the effects of collateral and losses from disputes, to be considered
when determining the estimates of the present value of future cash flows for the group of reinsurance contracts held. The Group
has developed an internal policy, which involves calculating and re-evaluating expected credit losses for reinsurance assets and
actively following up on disputes with reinsurers for recoveries. Reinsurance recoveries are assessed for Non-Performance Risk
Provision using a % of the reinsurance programme/year of account level under IFRS 17.
The Group has reinsurance recoveries that are past due at the reporting date. An aged analysis of these (on an undiscounted
basis) is presented below.
Up to 30 days
past due
30-60 days
past due
60-90 days
past due
Greater than 90
days past due
Total
2024
$m
$m
$m
$m
$m
Reinsurance recoveries
66.1
1.6
18.8
73.5
160.0
Up to 30 days
past due
30-60 days
past due
60-90 days
past due
Greater than 90
days past due
Total
2023
$m
$m
$m
$m
$m
Reinsurance recoveries
61.3
57.5
4.1
54.9
177.8
29d Liquidity risk
Liquidity risk arises where cash may not be available to pay obligations. The Group is exposed to daily calls on its available
cash resources, principally from claims arising from its insurance business, which is an industry norm. In the majority of the
cases, these claims are settled from the premiums received held as assets. Beazley avoids the risk of having insufficient liquid
assets to meet expected cash flow requirements.
The Group\u2019s approach is to manage its liquidity position so that it can reasonably survive a significant individual or market loss
event (details of the Group\u2019s exposure to RDS are provided on pages 237 to 239). This means that the Group maintains
sufficient liquid assets, or assets that can be converted into liquid assets at short notice and without any significant capital
loss, to meet expected cash flow requirements. These liquid funds are regularly monitored using cash flow forecasting to
ensure that surplus funds are invested to achieve a higher rate of return. The Group also makes use of loan facilities and
subordinated liabilities, details of which can be found in Note 25. Further information on the Group\u2019s capital resources is
contained on pages 17 to 18.
Maturity analysis \u2013 Insurance and reinsurance contracts
Included below is a maturity analysis of the estimated timing of the present value of future cash flows of the Group's net
insurance contract liabilities (per Note 27a). The tables also include the weighted average term to settlement, calculated
based\u00a0on undiscounted future cash flows for total ultimate claims, excluding the risk adjustment and premium-related
claims\u00a0cash flows.
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
Weighted
average
term to
claims
settlement
2024
$m
$m
$m
$m
$m
$m
$m
Years
Cyber Risks
594.4
441.8
247.3
125.8
56.7
51.7
1,517.7
1.7
Digital
68.8
51.0
25.0
11.3
5.6
8.4
170.1
1.7
MAP Risks
350.5
242.8
127.4
69.6
39.3
49.4
879.0
1.7
Property Risks
584.2
295.7
111.9
45.3
19.8
20.2
1,077.1
1.2
Specialty Risks
939.7
938.8
725.3
491.2
304.0
457.9
3,856.9
2.8
Net insurance contract liabilities
2,537.6
1,970.1
1,236.9
743.2
425.4
587.6
7,500.8
2.2
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
Weighted
average
term to
claims
settlement
2023
$m
$m
$m
$m
$m
$m
$m
Years
Cyber Risks
503.0
372.8
214.5
116.0
56.7
64.8
1,327.8
1.9
Digital
65.6
44.5
21.7
10.8
5.2
6.6
154.4
1.5
MAP Risks
344.5
232.3
130.4
71.0
37.9
50.0
866.1
1.7
Property Risks
510.3
247.5
93.9
39.6
18.8
21.0
931.1
1.2
Specialty Risks
796.9
884.1
677.1
453.2
280.1
399.9
3,491.3
2.6
Net insurance contract liabilities
2,220.3
1,781.2
1,137.6
690.6
398.7
542.3
6,770.7
2.1
No insurance contract liabilities held by the Group as at 31 December are payable on demand.
Included below is a maturity analysis of the estimated timing of the present value of future cash flows of the Group's net
reinsurance contract assets (per Note 27a). The tables also include the weighted average term to settlement for claims
recoveries, calculated based on undiscounted future cash flows for total ultimate claims, excluding the risk adjustment and
premium-related cash flows.
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
Weighted
average
term to
settlement
of claims
recoveries
2024
$m
$m
$m
$m
$m
$m
$m
Years
Cyber Risks
59.0
237.0
127.9
62.9
27.9
25.8
540.5
1.6
Digital
(13.8)
11.8
5.1
1.9
0.8
1.0
6.8
1.4
MAP Risks
(120.0)
73.3
48.4
26.9
16.2
24.0
68.8
1.7
Property Risks
44.6
66.7
34.1
11.8
6.9
6.3
170.4
1.2
Specialty Risks
231.9
318.5
231.5
154.9
94.9
141.3
1,173.0
2.7
Net reinsurance contract assets
201.7
707.3
447.0
258.4
146.7
198.4
1,959.5
2.0
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
Weighted
average
term to
settlement
of claims
recoveries
2023
$m
$m
$m
$m
$m
$m
$m
Years
Cyber Risks
(51.4)
169.3
94.6
51.4
24.3
26.5
314.7
1.7
Digital
(11.4)
9.3
4.5
1.9
0.9
0.9
6.1
1.5
MAP Risks
(70.4)
61.7
52.3
30.7
18.2
25.6
118.1
1.5
Property Risks
104.4
59.2
27.0
15.6
3.4
5.3
214.9
1.1
Specialty Risks
75.8
336.5
249.7
167.7
105.9
149.6
1,085.2
2.8
Net reinsurance contract assets
47.0
636.0
428.1
267.3
152.7
207.9
1,739.0
2.0
29 Risk and sensitivity analysis continued
Maturity analysis \u2013 Total liabilities
The following is a maturity analysis of the net contractual cash flows of the Group\u2019s liabilities as at 31 December. This excludes
current tax and deferred tax liabilities, and reinsurance contracts which are in a net asset position at 31 December.
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
2024
$m
$m
$m
$m
$m
$m
$m
Net insurance contract liabilities
2,537.6
1,970.1
1,236.9
743.2
425.4
587.6
7,500.8
Financial liabilities:
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
- Derivative financial liabilities
27.3
\u2014
\u2014
\u2014
\u2014
\u2014
27.3
- Subordinated debt
31.2
278.9
16.5
16.5
311.4
\u2014
654.5
Lease liabilities
11.6
10.5
9.3
8.7
7.5
28.6
76.2
Other liabilities
642.8
\u2014
\u2014
\u2014
\u2014
\u2014
642.8
Total liabilities
3,250.5
2,259.5
1,262.7
768.4
744.3
616.2
8,901.6
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
2023
$m
$m
$m
$m
$m
$m
$m
Net insurance contract liabilities
2,220.3
1,781.2
1,137.6
690.6
398.7
542.3
6,770.7
Financial liabilities:
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
- Derivative financial liabilities
6.3
\u2014
\u2014
\u2014
\u2014
\u2014
6.3
- Subordinated debt
31.2
31.2
278.9
16.5
16.5
311.4
685.7
Lease liabilities
13.5
10.3
9.2
8.2
7.7
32.6
81.5
Other liabilities
610.5
\u2014
\u2014
\u2014
\u2014
\u2014
610.5
Total liabilities
2,881.8
1,822.7
1,425.7
715.3
422.9
886.3
8,154.7
Maturity analysis \u2013 Financial assets
Included below is a maturity analysis of the Group\u2019s financial assets as at 31 December, based on their carrying values per the
balance sheet.
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
2024
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
- Fixed and floating rate debt securities
2,497.6
2,660.4
1,843.0
843.7
1,237.5
211.6
9,293.8
- Syndicate loans
29.5
\u2014
\u2014
\u2014
\u2014
\u2014
29.5
- Derivative financial assets
11.2
\u2014
\u2014
\u2014
\u2014
\u2014
11.2
Cash and cash equivalents
882.1
\u2014
\u2014
\u2014
\u2014
\u2014
882.1
Amounts due from managed syndicates
and other receivables
598.2
\u2014
\u2014
\u2014
\u2014
\u2014
598.2
Total financial assets
4,018.6
2,660.4
1,843.0
843.7
1,237.5
211.6
10,814.8
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
2023
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
- Fixed and floating rate debt securities
2,014.6
3,061.5
1,336.2
929.6
1,045.3
149.2
8,536.4
- Syndicate loans
7.6
26.5
\u2014
\u2014
\u2014
\u2014
34.1
- Derivative financial assets
10.0
\u2014
\u2014
\u2014
\u2014
\u2014
10.0
Cash and cash equivalents
812.3
\u2014
\u2014
\u2014
\u2014
\u2014
812.3
Amounts due from managed syndicates
and other receivables
297.5
\u2014
\u2014
\u2014
\u2014
\u2014
297.5
Total financial assets
3,142.0
3,088.0
1,336.2
929.6
1,045.3
149.2
9,690.3
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
Our capital growth assets have no defined maturity dates and have thus been excluded from the above maturity table. However,
all $348.7m (2023: $282.7m) of equity funds could be liquidated within two weeks, $593.2m (2023: $440.2m) of hedge fund
assets within six months and the remaining $158.8m (2023: $142.0m) of hedge fund assets within 18 months, in normal
market conditions. Illiquid assets are not readily realisable and principal will be returned over the life of these assets, which
may be up to 12 years. The Group makes regular interest payments for its subordinated debt. Further details are provided in
Notes 11 and 25.
29e Capital management
The Group follows a risk-based approach to determine the amount of capital required to support its activities. Recognised
stochastic modelling techniques are used to measure risk exposures, and capital to support business activities is allocated
according to risk profile. Stress and scenario analysis is regularly performed and the results are documented and reconciled to
the Board\u2019s risk appetite where necessary.
The Group has several requirements for capital, including the following:
\u2022 To support underwriting at Lloyd\u2019s through the syndicates in which it participates, being 623 (via BSUL), 2623, 3622, 3623,
5623 and 4321. This is based on the Group\u2019s own individual capital assessment. It may be provided in the form of either the
Group\u2019s cash, investments, debt facilities, or letters of credit.
\u2022 To support underwriting in Beazley Excess and Surplus Insurance, Inc., Beazley Insurance Company, Inc., Beazley America
Insurance Company, Inc., and Beazley NewCo Captive Company, Inc. in the US.
\u2022 To support underwriting in Beazley Insurance dac in Europe.
\u2022 To support strategic acquisitions and investments.
All entities within the Group have been in compliance with externally imposed capital requirements during the year. The Group
uses letters of credit (LOC) available under a syndicated short-term banking facility led by Lloyds Banking Group plc to support
Funds at Lloyd\u2019s (FAL) requirements. Lloyd\u2019s of London applies certain criteria to banks issuing LOC as FAL, including minimum
credit rating requirements and counterparty limits. Should any of the banks on the existing LOC facility breach Lloyd\u2019s of London
requirements, the Group might be asked to replace the LOC provided with alternative eligible issuer(s) and/or assets meeting
Lloyd\u2019s requirements. The creditworthiness of the counterparties on the facility is monitored by the Group on an ongoing basis.
The Group considers Shareholders' Funds, Tier 2 subordinated debt and letters of credit to be the primary sources
of\u00a0capital\u00a0for\u00a0the Group. For more detail on the value of capital managed and how its value has changed in the year,
please\u00a0see\u00a0pages 17\u00a0to 18.
When deciding on the appropriate level of capital to hold, we consider several criteria: firstly, we aim to maintain a solvency
ratio in excess of 170% of solvency capital requirement. We also seek to absorb volatility to ensure financial resilience should
a\u00a01-in-250 event occur as well as assessing the impact of interest rate movements. Finally, we consider the opportunities
for\u00a0growth, which encompasses the business plan for the following year as well as the opportunities for growth in the medium
term (subsequent 1-2 years) whilst ensuring we can swiftly take advantage of rising unforeseen opportunities.
The Group operates a progressive dividend strategy, intending to grow the dividend each year. When considering the dividend
for 2024, the Board took into account the fact that the Group has grown significantly in recent years. To reflect this growth and
the Group's confidence in the sustainability of its results, the Board decided to rebase the ordinary dividend by 76% to 25p.
When determining the level of the dividend, the Board considers the Group's capital position, future investment and growth
opportunities and its ability to generate cash flows. Dividends are typically paid on an annual basis to align with the Group's
capital planning cycle. The Group's capital management strategy is to carry some surplus capital which makes it possible to
take advantage of growth opportunities which may arise. Where surplus capital cannot be profitably deployed, it will be returned
to shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-351": { "value": "b Market risk
Market risk is referred to as \"asset risk\" in the Group\u2019s risk management framework. This risk arises from adverse financial
market movements in addition to other external market forces. The four key components of asset risk are investments,
foreign\u00a0exchange, interest rate, and prices of assets and derivatives. Each element is considered in further detail below.
i. Investments
Efficient management of market risk is key to the investment of Group assets for matching to future liabilities. Beazley uses an
Economic Scenario Generator to create multiple simulations of financial conditions in order to support stochastic analysis of
asset risk. Beazley uses these outputs to assess the value at risk of its investments, at different confidence levels, including
\"1 in 200\", which reflects Solvency II modelling requirements, and \"1 in 10\", reflecting scenarios which are more likely to occur
in practice. It is assessed for investments in isolation and also in conjunction with the present value of our liabilities, to assist
in the monitoring and management of asset risk for solvency and capital purposes. By its nature, stochastic modelling does not
provide a precise measure of risk, and Economic Scenario Generator outputs are regularly validated against actual market
conditions. Beazley also uses a number of other qualitative measures to support the monitoring and management of investment
risk, including stress testing and scenario analysis.
The Group\u2019s investment strategy is developed with reference to an investment risk appetite, approved annually by the Board.
The asset risk element of our Solvency II internal model is used to monitor actual investment risk against this appetite, which
specifies the worst-case return at a 12-month horizon relative to a risk-free portfolio, at 90% confidence. The risk-free portfolio
is a blend of government bonds that match Beazley's liability value and term structure, and short-dated government bills, equal
to the value of non-matching assets. The investment risk appetite was set at 2.6% of invested assets for 2025.
ii. Foreign exchange risk
The functional currency and presentational currency of Beazley plc and its main trading entities is US dollars. As a result, the
Group is mainly exposed to fluctuations in exchange rates for non-dollar denominated transactions and to net asset translation
risk on non-dollar functional currency entities.
The Group operates in four main currencies: US dollars, sterling, Canadian dollars and euros. Transactions in all currencies are
converted to US dollars on initial recognition, with any resulting monetary items being translated to the US dollar spot rate at
the reporting date. If any foreign exchange risk arises it is actively managed as described below.
In 2024, the Group managed its foreign exchange risk by periodically assessing its non-dollar exposures and hedging these to
a\u00a0tolerable level while targeting to have net assets that are predominantly denominated in US dollars. As part of this hedging
strategy, exchange rate derivatives were used to rebalance currency exposure across the Group. Details of foreign currency
derivative contracts entered into with external parties are disclosed in Note 18. On a forward-looking basis, an assessment is
made of expected future exposure development and appropriate currency trades are put in place to reduce risk. The Group\u2019s
underwriting capital is matched by currency to the principal underlying currencies of its insurance transactions. This helps to
mitigate the risk that the Group\u2019s capital required to underwrite business is materially affected by any future movements in
exchange rates.
The Group also has foreign operations with functional currencies that are different from the Group\u2019s presentational currency.
The effect of this on foreign exchange risk is that the Group is exposed to fluctuations in exchange rates for US dollar
denominated transactions and net assets arising in those foreign currency operations. It also gives rise to a currency
translation exposure for the Group to sterling, euro, Swiss francs, Canadian dollars and Singapore dollars on translation to the
Group\u2019s presentational currency. These exposures are minimal and are not hedged.
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
Exposure and risk concentrations by currency
The following tables summarise the carrying values of the insurance/reinsurance contract assets and liabilities and
overall\u00a0net\u00a0assets held by the Group, categorised by its main currencies. For a breakdown of financial assets by currency,
refer\u00a0to\u00a0Note\u00a017(g).
UK \u00a3
CAD $
EUR \u20ac
Subtotal
US $
Total $
2024
$m
$m
$m
$m
$m
$m
Insurance contract assets
1.4
(4.9)
1.6
(1.9)
22.1
20.2
Reinsurance contract assets
212.5
26.1
156.5
395.1
2,271.5
2,666.6
Other
662.0
221.8
577.7
1,461.5
11,270.7
12,732.2
Total assets
875.9
243.0
735.8
1,854.7
13,564.3
15,419.0
Insurance contract liabilities
(823.6)
(220.8)
(815.7)
(1,860.1)
(6,954.2)
(8,814.3)
Reinsurance contract liabilities
(29.7)
(3.6)
(7.6)
(40.9)
(256.2)
(297.1)
Other
(19.6)
(13.9)
(18.7)
(52.2)
(1,648.6)
(1,700.8)
Total liabilities
(872.9)
(238.3)
(842.0)
(1,953.2)
(8,859.0)
(10,812.2)
Net assets
3.0
4.7
(106.2)
(98.5)
4,705.3
4,606.8
UK \u00a3
CAD $
EUR \u20ac
Subtotal
US $
Total $
2023
$m
$m
$m
$m
$m
$m
Insurance contract assets
2.4
13.6
(3.6)
12.4
89.1
101.5
Reinsurance contract assets
243.1
37.0
166.4
446.5
1,980.2
2,426.7
Other
574.8
257.8
69.2
901.8
10,235.4
11,137.2
Total assets
820.3
308.4
232.0
1,360.7
12,304.7
13,665.4
Insurance contract liabilities
(804.4)
(229.0)
(782.3)
(1,815.7)
(6,176.5)
(7,992.2)
Reinsurance contract liabilities
(31.2)
(0.6)
(7.7)
(39.5)
(294.0)
(333.5)
Other
(69.1)
20.7
441.0
392.6
(1,850.2)
(1,457.6)
Total liabilities
(904.7)
(208.9)
(349.0)
(1,462.6)
(8,320.7)
(9,783.3)
Net assets
(84.4)
99.5
(117.0)
(101.9)
3,984.0
3,882.1
Sensitivity analysis
Fluctuations in the Group\u2019s trading currencies against the US dollar would result in a change in profit after tax and equity.
The\u00a0table below gives an indication of this impact for reasonably possible percentage changes in the relative strength of the
US\u00a0dollar against the value of sterling, the Canadian dollar and the euro, simultaneously. The analysis is prepared based on
the\u00a0net assets held by the Group at the balance sheet date.
Profit after tax
Equity
2024
2023
2024
2023
Change in exchange rate of sterling, Canadian dollar and euro relative to
US dollar
$m
$m
$m
$m
Dollar weakens (30%)
(22.4)
(25.0)
81.1
45.2
Dollar weakens (20%)
(15.0)
(16.7)
54.0
30.1
Dollar weakens (10%)
(7.5)
(8.3)
27.0
15.1
Dollar strengthens (10%)
7.5
8.3
(27.0)
(15.1)
Dollar strengthens (20%)
15.0
16.7
(54.0)
(30.1)
Dollar strengthens (30%)
22.4
25.0
(81.1)
(45.2)
29 Risk and sensitivity analysis continued
iii. Interest rate risk
The Group\u2019s financial instruments (e.g. cash and cash equivalents, certain financial assets at fair value, and subordinated
debt), in addition to its insurance and reinsurance contracts, are exposed to movements in market interest rates. The Group
manages interest rate risk by primarily investing in short duration financial assets along with cash and cash equivalents.
The\u00a0Investment Committee monitors the duration of these assets on a regular basis. The Group also entered into bond futures
contracts to manage the interest rate risk on bond portfolios.
Exposure and risk concentrations by duration
The following table shows the modified duration at the reporting date of the financial instruments that are exposed to
movements in market interest rates. Modified duration is a commonly used measure of volatility which represents the
percentage change of the price of a security to yield. The Group believes this gives a better indication than maturity of the likely
sensitivity of the portfolio to changes in interest rates.
<1 yr
1-2 yrs
2-3 yrs
3-4 yrs
4-5 yrs
5-10 yrs
Total
2024
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
- Fixed and floating rate debt securities
3,122.9
2,980.1
1,702.6
1,317.2
169.8
1.2
9,293.8
- Syndicate loans
29.5
\u2014
\u2014
\u2014
\u2014
\u2014
29.5
Cash and cash equivalents
882.1
\u2014
\u2014
\u2014
\u2014
\u2014
882.1
Subordinated debt
\u2014
(249.7)
\u2014
\u2014
(299.0)
\u2014
(548.7)
Total financial instruments
4,034.5
2,730.4
1,702.6
1,317.2
(129.2)
1.2
9,656.7
<1 yr
1-2 yrs
2-3 yrs
3-4 yrs
4-5 yrs
5-10 yrs
Total
2023
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
- Fixed and floating rate debt securities
2,499.9
3,123.8
1,214.6
1,419.5
229.1
49.5
8,536.4
- Syndicate loans
7.6
26.5
\u2014
\u2014
\u2014
\u2014
34.1
Cash and cash equivalents
812.3
\u2014
\u2014
\u2014
\u2014
\u2014
812.3
Subordinated debt
\u2014
\u2014
(249.5)
\u2014
\u2014
(298.8)
(548.3)
Total financial instruments
3,319.8
3,150.3
965.1
1,419.5
229.1
(249.3)
8,834.5
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
Sensitivity analysis
All elements of the carrying values of the Group's insurance and reinsurance contracts are exposed to interest rate risk.
The\u00a0following analysis is performed for reasonably possible movements in key variables with all other variables held constant,
showing the impact on profit after tax and equity. The correlation of variables will have a significant effect in determining the
ultimate impact of interest rate risk, but to demonstrate the impact due to changes in variables, variables had to be changed
on\u00a0an individual basis. It should be noted that movements in these variables are non-linear.
Profit after tax/Equity\u00b9
2024
2023
Insurance and reinsurance contracts
$m
$m
Interest rate increases (150 bps)
123.4
114.3
Interest rate increases (100 bps)
83.2
77.1
Interest rate increases (50 bps)
42.1
39.1
Interest rate decreases (50 bps)
(43.2)
(40.0)
Interest rate decreases (100 bps)
(87.5)
(81.0)
Interest rate decreases (150 bps)
(133.0)
(123.0)
1 Impact of changes in risk variables is consistent across profit after tax and equity.
Profit after tax/Equity\u00b9
2024
2023
Financial assets
$m
$m
Interest rate increases (150 bps)
(181.3)
(190.6)
Interest rate increases (100 bps)
(120.9)
(127.1)
Interest rate increases (50 bps)
(60.4)
(63.5)
Interest rate decreases (50 bps)
60.4
63.5
Interest rate decreases (100 bps)
120.9
127.1
Interest rate decreases (150 bps)
181.3
190.6
1 Impact of changes in risk variables is consistent across profit after tax and equity.
iv. Price risk
Listed investments that are quoted in an active market are recognised in the statement of financial position at quoted bid price,
which is deemed to be the approximate exit price. If the market for the investment is not considered to be active, then the
Group establishes fair value using valuation techniques (refer to Note 17). This includes comparison of orderly transactions
between market participants, reference to the current fair value of other investments that are substantially the same,
discounted cash flow models and other valuation techniques that are commonly used by market participants.
Price risk applies to financial assets that are susceptible to losses due to adverse changes in prices. At the reporting date,
the\u00a0Group\u2019s exposure to price risk was $1,276.1m (2023: $1,085.0m). This comprises hedge funds, equity investments and
illiquid assets, with no significant concentrations in one area. Note that the price of debt securities is affected by interest
rate\u00a0risk and credit risk, both of which have been described above. In addition, the Group does not have any insurance
or\u00a0reinsurance contracts which are exposed to price risk.
29 Risk and sensitivity analysis continued
Sensitivity analysis
Included below is a sensitivity analysis of the Group's financial assets against price risk. With all other variables remaining
constant, changes in fair values of the Group's hedge funds, equity investments and illiquid assets would affect reported profit
after tax and equity as indicated in the following table.
Profit after tax/Equity\u00b9
2024
2023
$m
$m
Fair value increases (30%)
304.0
266.6
Fair value increases (20%)
202.7
177.7
Fair value increases (10%)
101.3
88.9
Fair value decreases (10%)
(101.3)
(88.9)
Fair value decreases (20%)
(202.7)
(177.7)
Fair value decreases (30%)
(304.0)
(266.6)
1 Impact of changes in risk variables is consistent across profit after tax and equity.
A 10% decrease in the fair value of the Group's level 3 financial assets would have an impact of ($23.0m) on profit after tax/
equity (2023: ($20.8m)).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-352": { "value": "c Credit risk
This risk arises due to the failure of another party to perform its financial or contractual obligations to the Group in a timely
manner. The Group accepts credit risk overall and recognises credit risk is aligned to its appetite for insurance risk. The primary
sources of credit risk for the Group are:
\u2022 reinsurers \u2013 reinsurers may fail to pay valid claims against a reinsurance contract held by the Group;
\u2022 brokers and coverholders \u2013 counterparties may fail to pass on premiums or claims collected/paid on behalf of the Group; and
\u2022 investments \u2013 the issuer may default, resulting in the Group losing all or part of the value of a financial instrument or a
derivative financial instrument.
An approval system exists for brokers with their credit and performance monitored. The Investment Committee has established
parameters for investment managers regarding the type, duration and quality of investments, including credit ratings acceptable
to the Group. The performance of investment managers is regularly reviewed to confirm adherence to these guidelines.
The\u00a0Group has developed processes to examine all reinsurers before entering into new business arrangements, and ongoing
relationships with Beazley are continually assessed. In addition, reinsurance recoverables are reviewed regularly to assess
their\u00a0collectability.
2024
A.M. Best
Moody\u2019s
S&P
Tier 1
A++ to A-
Aaa to A3
AAA to A-
Tier 2
B++ to B-
Baa1 to Ba3
BBB+ to BB-
Tier 3
C++ to C-
B1 to Caa
B+ to CCC
Tier 4
D, E, F, S
Ca to C
R, (U,S) 3
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
Maximum exposure
The following tables summarise the Group\u2019s maximum exposure to credit risk by reinsurance contract assets
and\u00a0financial\u00a0assets.
Tier 1
Tier 2
Tier 3
Tier 4
Unrated
Total
2024
$m
$m
$m
$m
$m
$m
Reinsurance contracts assets
2,584.9
\u2014
\u2014
\u2014
81.7
2,666.6
Financial assets at FVTPL:
- Fixed and floating rate debt securities
7,354.0
1,691.3
\u2014
\u2014
248.5
9,293.8
- Syndicate loans
29.5
\u2014
\u2014
\u2014
\u2014
29.5
- Equity funds
\u2014
\u2014
\u2014
\u2014
348.7
348.7
- Hedge funds
\u2014
\u2014
\u2014
\u2014
752.0
752.0
- Illiquid assets
\u2014
\u2014
\u2014
\u2014
175.4
175.4
- Derivative financial assets
\u2014
\u2014
\u2014
\u2014
11.2
11.2
Cash and cash equivalents
882.1
\u2014
\u2014
\u2014
\u2014
882.1
Amounts due from managed syndicates and other
receivables
\u2014
\u2014
\u2014
\u2014
598.2
598.2
Total
10,850.5
1,691.3
\u2014
\u2014
2,215.7
14,757.5
Tier 1
Tier 2
Tier 3
Tier 4
Unrated
Total
2023
$m
$m
$m
$m
$m
$m
Reinsurance contracts assets
2,387.5
\u2014
\u2014
\u2014
39.2
2,426.7
Financial assets at FVTPL:
- Fixed and floating rate debt securities
7,101.7
1,434.7
\u2014
\u2014
\u2014
8,536.4
- Syndicate loans
34.1
\u2014
\u2014
\u2014
\u2014
34.1
- Equity funds
\u2014
\u2014
\u2014
\u2014
282.7
282.7
- Hedge funds
\u2014
\u2014
\u2014
\u2014
582.2
582.2
- Illiquid assets
\u2014
\u2014
\u2014
\u2014
220.1
220.1
- Derivative financial assets
\u2014
\u2014
\u2014
\u2014
10.0
10.0
Cash and cash equivalents
812.3
\u2014
\u2014
\u2014
\u2014
812.3
Amounts due from managed syndicates and other
receivables
\u2014
\u2014
\u2014
\u2014
297.5
297.5
Total
10,335.6
1,434.7
\u2014
\u2014
1,431.7
13,202.0
The Group's maximum exposure to credit risk from insurance contract assets is $20.2m (2023: $101.5m). Overall exposure
to\u00a0credit risk is concentrated within Tier 1, with the largest counterparty being $2,910.7m of US treasuries (2023: $3,258.7m).
Financial investments falling within the unrated category are those for which there is no readily available market data to allow
classification within the respective tiers.
29 Risk and sensitivity analysis continued
Credit quality of reinsurance contract assets
Reinsurance recoveries are specifically referenced in IFRS 17 and explicitly de-scoped from IFRS 9. IFRS 17 requires the effect
of any risk of non-performance by the reinsurer, including the effects of collateral and losses from disputes, to be considered
when determining the estimates of the present value of future cash flows for the group of reinsurance contracts held. The Group
has developed an internal policy, which involves calculating and re-evaluating expected credit losses for reinsurance assets and
actively following up on disputes with reinsurers for recoveries. Reinsurance recoveries are assessed for Non-Performance Risk
Provision using a % of the reinsurance programme/year of account level under IFRS 17.
The Group has reinsurance recoveries that are past due at the reporting date. An aged analysis of these (on an undiscounted
basis) is presented below.
Up to 30 days
past due
30-60 days
past due
60-90 days
past due
Greater than 90
days past due
Total
2024
$m
$m
$m
$m
$m
Reinsurance recoveries
66.1
1.6
18.8
73.5
160.0
Up to 30 days
past due
30-60 days
past due
60-90 days
past due
Greater than 90
days past due
Total
2023
$m
$m
$m
$m
$m
Reinsurance recoveries
61.3
57.5
4.1
54.9
177.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-353": { "value": "d Liquidity risk
Liquidity risk arises where cash may not be available to pay obligations. The Group is exposed to daily calls on its available
cash resources, principally from claims arising from its insurance business, which is an industry norm. In the majority of the
cases, these claims are settled from the premiums received held as assets. Beazley avoids the risk of having insufficient liquid
assets to meet expected cash flow requirements.
The Group\u2019s approach is to manage its liquidity position so that it can reasonably survive a significant individual or market loss
event (details of the Group\u2019s exposure to RDS are provided on pages 237 to 239). This means that the Group maintains
sufficient liquid assets, or assets that can be converted into liquid assets at short notice and without any significant capital
loss, to meet expected cash flow requirements. These liquid funds are regularly monitored using cash flow forecasting to
ensure that surplus funds are invested to achieve a higher rate of return. The Group also makes use of loan facilities and
subordinated liabilities, details of which can be found in Note 25. Further information on the Group\u2019s capital resources is
contained on pages 17 to 18.
Maturity analysis \u2013 Insurance and reinsurance contracts
Included below is a maturity analysis of the estimated timing of the present value of future cash flows of the Group's net
insurance contract liabilities (per Note 27a). The tables also include the weighted average term to settlement, calculated
based\u00a0on undiscounted future cash flows for total ultimate claims, excluding the risk adjustment and premium-related
claims\u00a0cash flows.
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
Weighted
average
term to
claims
settlement
2024
$m
$m
$m
$m
$m
$m
$m
Years
Cyber Risks
594.4
441.8
247.3
125.8
56.7
51.7
1,517.7
1.7
Digital
68.8
51.0
25.0
11.3
5.6
8.4
170.1
1.7
MAP Risks
350.5
242.8
127.4
69.6
39.3
49.4
879.0
1.7
Property Risks
584.2
295.7
111.9
45.3
19.8
20.2
1,077.1
1.2
Specialty Risks
939.7
938.8
725.3
491.2
304.0
457.9
3,856.9
2.8
Net insurance contract liabilities
2,537.6
1,970.1
1,236.9
743.2
425.4
587.6
7,500.8
2.2
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
Weighted
average
term to
claims
settlement
2023
$m
$m
$m
$m
$m
$m
$m
Years
Cyber Risks
503.0
372.8
214.5
116.0
56.7
64.8
1,327.8
1.9
Digital
65.6
44.5
21.7
10.8
5.2
6.6
154.4
1.5
MAP Risks
344.5
232.3
130.4
71.0
37.9
50.0
866.1
1.7
Property Risks
510.3
247.5
93.9
39.6
18.8
21.0
931.1
1.2
Specialty Risks
796.9
884.1
677.1
453.2
280.1
399.9
3,491.3
2.6
Net insurance contract liabilities
2,220.3
1,781.2
1,137.6
690.6
398.7
542.3
6,770.7
2.1
No insurance contract liabilities held by the Group as at 31 December are payable on demand.
Included below is a maturity analysis of the estimated timing of the present value of future cash flows of the Group's net
reinsurance contract assets (per Note 27a). The tables also include the weighted average term to settlement for claims
recoveries, calculated based on undiscounted future cash flows for total ultimate claims, excluding the risk adjustment and
premium-related cash flows.
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
Weighted
average
term to
settlement
of claims
recoveries
2024
$m
$m
$m
$m
$m
$m
$m
Years
Cyber Risks
59.0
237.0
127.9
62.9
27.9
25.8
540.5
1.6
Digital
(13.8)
11.8
5.1
1.9
0.8
1.0
6.8
1.4
MAP Risks
(120.0)
73.3
48.4
26.9
16.2
24.0
68.8
1.7
Property Risks
44.6
66.7
34.1
11.8
6.9
6.3
170.4
1.2
Specialty Risks
231.9
318.5
231.5
154.9
94.9
141.3
1,173.0
2.7
Net reinsurance contract assets
201.7
707.3
447.0
258.4
146.7
198.4
1,959.5
2.0
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
Weighted
average
term to
settlement
of claims
recoveries
2023
$m
$m
$m
$m
$m
$m
$m
Years
Cyber Risks
(51.4)
169.3
94.6
51.4
24.3
26.5
314.7
1.7
Digital
(11.4)
9.3
4.5
1.9
0.9
0.9
6.1
1.5
MAP Risks
(70.4)
61.7
52.3
30.7
18.2
25.6
118.1
1.5
Property Risks
104.4
59.2
27.0
15.6
3.4
5.3
214.9
1.1
Specialty Risks
75.8
336.5
249.7
167.7
105.9
149.6
1,085.2
2.8
Net reinsurance contract assets
47.0
636.0
428.1
267.3
152.7
207.9
1,739.0
2.0
29 Risk and sensitivity analysis continued
Maturity analysis \u2013 Total liabilities
The following is a maturity analysis of the net contractual cash flows of the Group\u2019s liabilities as at 31 December. This excludes
current tax and deferred tax liabilities, and reinsurance contracts which are in a net asset position at 31 December.
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
2024
$m
$m
$m
$m
$m
$m
$m
Net insurance contract liabilities
2,537.6
1,970.1
1,236.9
743.2
425.4
587.6
7,500.8
Financial liabilities:
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
- Derivative financial liabilities
27.3
\u2014
\u2014
\u2014
\u2014
\u2014
27.3
- Subordinated debt
31.2
278.9
16.5
16.5
311.4
\u2014
654.5
Lease liabilities
11.6
10.5
9.3
8.7
7.5
28.6
76.2
Other liabilities
642.8
\u2014
\u2014
\u2014
\u2014
\u2014
642.8
Total liabilities
3,250.5
2,259.5
1,262.7
768.4
744.3
616.2
8,901.6
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
2023
$m
$m
$m
$m
$m
$m
$m
Net insurance contract liabilities
2,220.3
1,781.2
1,137.6
690.6
398.7
542.3
6,770.7
Financial liabilities:
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
- Derivative financial liabilities
6.3
\u2014
\u2014
\u2014
\u2014
\u2014
6.3
- Subordinated debt
31.2
31.2
278.9
16.5
16.5
311.4
685.7
Lease liabilities
13.5
10.3
9.2
8.2
7.7
32.6
81.5
Other liabilities
610.5
\u2014
\u2014
\u2014
\u2014
\u2014
610.5
Total liabilities
2,881.8
1,822.7
1,425.7
715.3
422.9
886.3
8,154.7
Maturity analysis \u2013 Financial assets
Included below is a maturity analysis of the Group\u2019s financial assets as at 31 December, based on their carrying values per the
balance sheet.
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
2024
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
- Fixed and floating rate debt securities
2,497.6
2,660.4
1,843.0
843.7
1,237.5
211.6
9,293.8
- Syndicate loans
29.5
\u2014
\u2014
\u2014
\u2014
\u2014
29.5
- Derivative financial assets
11.2
\u2014
\u2014
\u2014
\u2014
\u2014
11.2
Cash and cash equivalents
882.1
\u2014
\u2014
\u2014
\u2014
\u2014
882.1
Amounts due from managed syndicates
and other receivables
598.2
\u2014
\u2014
\u2014
\u2014
\u2014
598.2
Total financial assets
4,018.6
2,660.4
1,843.0
843.7
1,237.5
211.6
10,814.8
<1 year
1-2 years
2-3 years
3-4 years
4-5 years
>5 years
Total
2023
$m
$m
$m
$m
$m
$m
$m
Financial assets at FVTPL:
- Fixed and floating rate debt securities
2,014.6
3,061.5
1,336.2
929.6
1,045.3
149.2
8,536.4
- Syndicate loans
7.6
26.5
\u2014
\u2014
\u2014
\u2014
34.1
- Derivative financial assets
10.0
\u2014
\u2014
\u2014
\u2014
\u2014
10.0
Cash and cash equivalents
812.3
\u2014
\u2014
\u2014
\u2014
\u2014
812.3
Amounts due from managed syndicates
and other receivables
297.5
\u2014
\u2014
\u2014
\u2014
\u2014
297.5
Total financial assets
3,142.0
3,088.0
1,336.2
929.6
1,045.3
149.2
9,690.3
Notes to the financial statements continued
29 Risk and sensitivity analysis continued
Our capital growth assets have no defined maturity dates and have thus been excluded from the above maturity table. However,
all $348.7m (2023: $282.7m) of equity funds could be liquidated within two weeks, $593.2m (2023: $440.2m) of hedge fund
assets within six months and the remaining $158.8m (2023: $142.0m) of hedge fund assets within 18 months, in normal
market conditions. Illiquid assets are not readily realisable and principal will be returned over the life of these assets, which
may be up to 12 years. The Group makes regular interest payments for its subordinated debt. Further details are provided in
Notes 11 and 25.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-354": { "value": "e Capital management
The Group follows a risk-based approach to determine the amount of capital required to support its activities. Recognised
stochastic modelling techniques are used to measure risk exposures, and capital to support business activities is allocated
according to risk profile. Stress and scenario analysis is regularly performed and the results are documented and reconciled to
the Board\u2019s risk appetite where necessary.
The Group has several requirements for capital, including the following:
\u2022 To support underwriting at Lloyd\u2019s through the syndicates in which it participates, being 623 (via BSUL), 2623, 3622, 3623,
5623 and 4321. This is based on the Group\u2019s own individual capital assessment. It may be provided in the form of either the
Group\u2019s cash, investments, debt facilities, or letters of credit.
\u2022 To support underwriting in Beazley Excess and Surplus Insurance, Inc., Beazley Insurance Company, Inc., Beazley America
Insurance Company, Inc., and Beazley NewCo Captive Company, Inc. in the US.
\u2022 To support underwriting in Beazley Insurance dac in Europe.
\u2022 To support strategic acquisitions and investments.
All entities within the Group have been in compliance with externally imposed capital requirements during the year. The Group
uses letters of credit (LOC) available under a syndicated short-term banking facility led by Lloyds Banking Group plc to support
Funds at Lloyd\u2019s (FAL) requirements. Lloyd\u2019s of London applies certain criteria to banks issuing LOC as FAL, including minimum
credit rating requirements and counterparty limits. Should any of the banks on the existing LOC facility breach Lloyd\u2019s of London
requirements, the Group might be asked to replace the LOC provided with alternative eligible issuer(s) and/or assets meeting
Lloyd\u2019s requirements. The creditworthiness of the counterparties on the facility is monitored by the Group on an ongoing basis.
The Group considers Shareholders' Funds, Tier 2 subordinated debt and letters of credit to be the primary sources
of\u00a0capital\u00a0for\u00a0the Group. For more detail on the value of capital managed and how its value has changed in the year,
please\u00a0see\u00a0pages 17\u00a0to 18.
When deciding on the appropriate level of capital to hold, we consider several criteria: firstly, we aim to maintain a solvency
ratio in excess of 170% of solvency capital requirement. We also seek to absorb volatility to ensure financial resilience should
a\u00a01-in-250 event occur as well as assessing the impact of interest rate movements. Finally, we consider the opportunities
for\u00a0growth, which encompasses the business plan for the following year as well as the opportunities for growth in the medium
term (subsequent 1-2 years) whilst ensuring we can swiftly take advantage of rising unforeseen opportunities.
The Group operates a progressive dividend strategy, intending to grow the dividend each year. When considering the dividend
for 2024, the Board took into account the fact that the Group has grown significantly in recent years. To reflect this growth and
the Group's confidence in the sustainability of its results, the Board decided to rebase the ordinary dividend by 76% to 25p.
When determining the level of the dividend, the Board considers the Group's capital position, future investment and growth
opportunities and its ability to generate cash flows. Dividends are typically paid on an annual basis to align with the Group's
capital planning cycle. The Group's capital management strategy is to carry some surplus capital which makes it possible to
take advantage of growth opportunities which may arise. Where surplus capital cannot be profitably deployed, it will be returned
to shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-355": { "value": "25.0", "decimals": 1, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-356": { "value": "
30 Subsidiary undertakings
Beazley plc, a company incorporated in England and Wales and resident for tax purposes in the United Kingdom, is the ultimate
parent and the ultimate controlling party within the Group.
The following is a list of all the subsidiaries in the Group as at 31\u00a0December 2024, all of which are wholly owned.
Country/region
of incorporation
Beazley Canada Limited
Canada
Beazley Corporate Member (No.2) Limited
England
Beazley Corporate Member (No.3) Limited
England
Beazley Corporate Member (No.6) Limited
England
Beazley Furlonge Holdings Limited
England
Beazley Furlonge Limited
England
Beazley Group Limited
England
Beazley Investments Limited
England
Beazley Management Limited
England
Beazley Staff Underwriting Limited
England
Beazley Solutions Limited
England
Beazley Underwriting Limited
England
Beazley Underwriting Services Limited
England
Beazley Security Limited
England
Beazley Corporate Governance Services Limited
England
BHI Digital UK Limited
England
Beazley Insurance dac
Ireland
Beazley Solutions International Limited
Ireland
Beazley Ireland Holdings plc
Jersey
Beazley Labuan Limited
Malaysia
Beazley America Insurance Company, Inc.**
USA
Beazley Group (USA) General Partnership*
USA
Beazley Holdings, Inc.*
USA
Beazley Insurance Company, Inc.**
USA
Beazley Newco Captive Company, Inc.**
USA
Beazley USA Services, Inc.*
USA
Beazley Excess and Surplus Insurance, Inc.**
USA
BHI Digital, LLC.*
USA
Beazley RI Manager, Inc.*
USA
Beazley Security LLC***
USA
Beazley Pte. Limited
Singapore
Please see page 252 for registered addresses.
Notes to the financial statements continued
30 Subsidiary undertakings continued
The following is a list of the Group's registered office locations:
Address
City
Postcode
Country/region
United Kingdom and Continental Europe
22 Bishopsgate
London
EC2N 4BQ
England
2 Northwood Avenue
Dublin
D09 X5N9
Ireland
22 Grenville Street
Saint Helier
JE4 8PX
Jersey
North America
1209 Orange Street*
Wilmington, Delaware
19801
USA
65 Memorial Road**
West Hartford, Connecticut
06107
USA
160 Greentree Drive, Suite 101 ***
Dover, Delaware
19904
USA
100 King Street West, Suite 4530
Toronto, Ontario
M5X 1E1
Canada
Asia
138 Market Street, 03-04 Capita Green
Singapore
048946
Singapore
Kensington Gardens, No. U1317, Lot 7616, Jalan Jumidar Buyong
Labuan
87000
Malaysia
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-357": { "value": "Beazley plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-358": { "value": "Beazley plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-359": { "value": "
31 Related party transactions
The Group has related party relationships with syndicates 623, 5623, 4321 and 6107, in addition to its subsidiaries,
associates and Directors. All amounts shown below exclude amounts attributable to Group entities.
31a Syndicates 623, 5623, 4321 and 6107
Syndicate 623
The Group received management fees and profit commissions for providing a range of management services to syndicate 623.
The total amount due from 623 at 2024 year end was $79.5m (2023: $19.1m). During the year, the Group began reinsuring a
portion of Property Treaty business from syndicate 623. Insurance revenue of $22.7m was recognised in the year, and the
amount due at the period end was $3.1m. The Group provides 9% of capital to 623 on all open years of account in order to
facilitate the staff participation plan.\u00a0
Syndicate 5623
The Group has historically ceded certain business to 5623. This has led to an allocation of reinsurance premium due of
$33.6m (2023: $27.0m). The Group also receives management fees and profit commissions from syndicate 5623. The amount
due at the 2024 year end was $26.7m (2023: nil). The total amount due from the Group to the syndicate at the year end was
$106.6m (2023: $217.7m). The Group provides approximately 18% and 20% of capital to 5623 for the 2023 and 2024 years
of account respectively.
Syndicate 4321
The total amount due from 4321 at 2024 year end was $7.8m (2023: $6.3m). The Group provides 10% of the capital for
syndicate 4321 for the 2022 and 2023 years of account.
Syndicate 6107
The Group ceded portions of a group of insurance policies to syndicate 6107, which has led to an allocation of reinsurance
premium due of $34.7m (2023: $40.4m). The amount due from the Group to the syndicate at 2024 year end was $74.6m
(2023: $86.6m). The participants on syndicate 6107 are solely third-party capital providers.
31b Key management compensation
2024
2023
$m
$m
Salaries and other short-term benefits
40.9
38.4
Pension costs
0.6
0.6
Share-based remuneration
15.4
11.9
56.9
50.9
Key management includes Executive and Non-Executive Directors and other senior management.
The total number of Beazley plc ordinary shares held by key management is 2.5m (2023: 2.5m). Apart from the transactions
listed in the table above, there were no further related party transactions involving key management or a close member of their
family. Further details of Directors\u2019 shareholdings and remuneration can be found in the Directors\u2019 remuneration report on
pages 135 to 157.
31c Other related party transactions
At 31\u00a0December 2024, the Group had purchased services from Falcon Money Management Holdings Limited of $3.4m
( 2023:\u00a0$3.1m) throughout the year. All transactions with the associates and subsidiaries are priced on an arm\u2019s length basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-360": { "value": "
31b Key management compensation
2024
2023
$m
$m
Salaries and other short-term benefits
40.9
38.4
Pension costs
0.6
0.6
Share-based remuneration
15.4
11.9
56.9
50.9
Key management includes Executive and Non-Executive Directors and other senior management.
The total number of Beazley plc ordinary shares held by key management is 2.5m (2023: 2.5m). Apart from the transactions
listed in the table above, there were no further related party transactions involving key management or a close member of their
family. Further details of Directors\u2019 shareholdings and remuneration can be found in the Directors\u2019 remuneration report on
pages 135 to 157.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-361": { "value": "
32 Contingencies
Funds at Lloyd\u2019s (FAL)
The following amounts are held in trust by Lloyd\u2019s to secure underwriting commitments:
2024
2023
$m
$m
Financial assets at fair value and cash\u00b9
1,469.7
1,277.8
Letters of credit (LOC)
225.0
225.0
Total Funds at Lloyd\u2019s
1,694.7
1,502.8
1 Included within \"financial assets at fair value\" and \"cash and cash equivalents\" on the statement of financial position.
The funds are held in trust and can be used to meet claims liabilities should syndicates fail to meet their claim liabilities.
The\u00a0funds can be only used to meet claim liabilities of the relevant member.
Letters of credit (FAL)
The Group has a syndicated short-term banking facility which was renewed on 25 May 2023, under which $450.0m may be
utilised as LOC placed as FAL to provide capital support for the Group\u2019s underwriting at Lloyd\u2019s. The cost of the facility is based
on a commitment fee of 0.4725% per annum and any amounts drawn are charged at a margin of 1.5% per annum. As at 31
December 2024, $225.0m (2023: $225.0m) has been issued as LOC and is being utilised to support FAL requirements. LOC
issued under the facility are uncollateralised. No liability is recognised in these financial statements for the LOC (2023: $nil),
as\u00a0amounts would only become due if called upon to fund liabilities. These borrowings are subject to covenants, with which
the\u00a0Group has complied throughout the year. The Group considers the risk of covenants being breached to be remote.
Letters of credit (US)
During the year, the Group has also placed LOC totalling $47.0m (2023: $47.0m) with the State of Connecticut Insurance
Department to collateralise reinsurance arrangements between the Group\u2019s US admitted carrier, Beazley Insurance Company
Inc. (BICI) and Beazley NewCo Captive Company Inc. These amounts are guaranteed by Beazley plc. In addition, BICI and
Beazley Excess and Surplus Insurance, Inc. (BESI) have standby letters of credit of $9.9m (2023: $7.5m) and $6.3m
(2023:\u00a0nil) respectively. These are in place to secure certain reinsurance transactions settled through Lloyd\u2019s. No amounts
relating to these letters of credit are recognised in the Group's statement of financial position (2023: $nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-362": { "value": "
33 Subsequent events
The Group is exposed to the California Wildfires which occurred in January 2025. Our initial estimates expect a net claims
impact of around $80m (unaudited).
On 3 March 2025, the Board of Beazley plc approved a share buyback of its ordinary shares for up to a maximum aggregate
consideration of $500m which is expected to commence on 5 March 2025. The buyback will reduce the Group's net asset
value by approximately $500m.
For details of dividends declared after the end of the reporting period please refer to note 14.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800VTOMUWD41GIT12", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }