- The company reported a profit before tax of $369.2m for the year ended 31 December 2021, compared to a loss of $50.4m in the previous year. - Gross premiums written increased by 30% to $4,618.9m, while the combined ratio improved to 93% from 109% in 2020. - Prior year reserve releases were $209.8m for 2021. The capital position remains strong at 27% of requirements. - A dividend of 12.9p per share will be paid in respect of 2021 results.

1. Results for the year ended
31 December 2021
Thursday, 10 February 2022

2. Certain statements made in this presentation, both oral and written, are or may constitute “forward looking statements” with respect to the
operation, performance and financial condition of the Company and/or the Group. These forward looking statements are not based on
historical facts but rather reflect current beliefs and expectations regarding future events and results. Such forward looking statements can
be identified from words such as “anticipates”, “may”, “will”, “believes”, “expects”, “intends”, “could”, “should”, “estimates”, “predict” and
similar expressions in such statements or the negative thereof, or other variations thereof or comparable terminology. These forward looking
statements appear in a number of places throughout this document and involve significant inherent risks, uncertainties and other factors,
known or unknown, which may cause the actual results, performance or achievements of the Company, or industry results, to be materially
different from any future results, performance or achievements expressed or implied by such forward looking statements. Given these
uncertainties, such forward looking statements should not be read as guarantees of future performance or results and no undue reliance
should be placed on such forward looking statements. A number of factors could cause actual results to differ materially from the results
discussed in these forward looking statements.
The information and opinions contained in this presentation, including any forward looking statements, are provided, and reflect knowledge
and information available, as at the date of this presentation and are subject to change without notice. There is no intention, nor is any duty
or obligation assumed by the Company, the Group or the Directors to supplement, amend, update or revise any of the information, including
any forward looking statements, contained in this presentation.
All subsequent written and oral forward looking statements attributable to the Company and/or the Group or to persons acting on its behalf
are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this document.
Disclaimer notice
2

3. • Overview 4-6
• Dividend Policy 7
• Financials 8-14
o Performance 9
o Investments 10-11
o Claims releases 12
o Reserves 13
o Capital position 14
• Underwriting 15-21
• The Outlook 22-23
• Questions 24
• Appendix 25-27
Contents
3

4. 4
Overview

5. • Profit before tax of $369.2m (2020: Loss $50.4m).
• Return on equity of 16% (2020: Loss on equity 3%).
• Gross premiums written increased by 30% to $4,618.9m
(2020: $3,563.8m).
• Combined ratio of 93% (2020: 109%).
• Rate increase of 24% on renewal portfolio
(2020: increase of 15%).
• Prior year reserve releases of $209.8m (2020: $93.1m).
• Net investment income of $116.4m (2020: $188.1m).
• Capital stands higher than preferred range at 27% (2020:
23%) which moves to 22% post dividend.
• Dividend of 12.9p to be paid in respect of 2021.
Return to profitable growth
5

6. 2,343.8
2,615.3
3,003.9
3,563.8
4,618.9
0
1,000
2,000
3,000
4,000
5,000
2017 2018 2019 2020 2021
Gross premiums written ($m)
6
+19%
+15%
+12%
+7%
+30%
41% 39% 38% 36% 35%
58% 59% 62% 73%
58%
99% 98% 100%
109%
93%
0%
25%
50%
75%
100%
125%
2017 2018 2019 2020 2021
Combined ratio (%)
Claims ratio Expense ratio
11.1 11.7 12.3
0.0
12.9
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2017 2018 2019 2020 2021
Dividends per share (p)
Interim and second interim
9
5
15
(3)
16
-5
0
5
10
15
20
25
2017 2018 2019 2020 2021
Return on equity (%)
Strong premium growth and return to profitability

7. 7
With brief suspension of dividend payments in 2020 we utilised the time to revisit our dividend strategy
• Beazley will operate a progressive dividend policy going forward, intending to grow dividend each year but
recognising that some earnings fluctuations are to be expected.
• When determining the level of dividend, we consider the Group’s capital position, future investment and
growth opportunities and our ability to generate cash flows. To the extent that our capital levels are significantly
in excess of what we need to invest in profitable growth, we will look to return capital to shareholders.
• Going forward, we intend to align our dividend payments more closely to our capital planning cycle.
Given the strong growth opportunities we see across our business over the medium term, we intend to declare
dividends annually with an announcement on a dividend with respect to the prior financial year as a whole at our
full year results and with payment in March.
Our updated dividend strategy

8. 8
Financials

9. 9
Financial performance
Year ended
31 December 2021
Year ended
31 December 2020
% Increase
Gross premiums written ($m) 4,618.9 3,563.8 30%
Net premiums written ($m) 3,512.4 2,917.0 20%
Net earned premiums ($m) 3,147.3 2,693.4 17%
Profit/(loss) before income tax ($m) 369.2 (50.4)
Claims ratio 58% 73%
Expense ratio 35% 36%
Combined ratio 93% 109%
Earnings per share (pence) 50.9 (6.3)
Dividend per share (pence) 12.9 -
Net assets per share (pence) 265.8 219.1
Net tangible assets per share (pence) 250.4 203.8

10. 10
2020 Financial Assets: $6.7bn
2021 Financial Assets: $7.9bn
41%
37%
6% 5% 4% 3% 3%
1%
51%
24%
6% 7%
5%
3% 3%
1%
0%
10%
20%
30%
40%
50%
60%
Sovereign Debt Investment Grade
Debt
Hedge Funds Cash and Cash
Equivalents
High Yield Debt Equities Illiquid Credit
Assets
Other
2020 2021
Investment portfolio

11. 11
Investment return
62.7
79.4
8.0
170.3
84.0 83.6
30.4
58.9
33.1
93.4
104.1
32.8
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
0.0
50.0
100.0
150.0
200.0
250.0
300.0
2016 2017 2018 2019 2020 2021
$m
1st half 2nd half Annualised Return

12. 12
Claims releases across all divisions
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
-60
-40
-20
0
20
40
60
80
100
120
140
160
180
200
220
2015 2016 2017 2018 2019 2020 2021
$m
CyEx Marine Market facilities PAC Property Reinsurance Specialty lines % of NEP

13. 13
6.1%
6.7%
6.4%
6.7%
7.5% 7.4%
8.2%
7.9%
7.4%
6.9%
8.2%
7.1%
8.2%
6.6%
5.0%
5.6%
6.8%
6.3% 6.4%
0.0%
5.0%
10.0%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
%
above
actuarial
estimate
Financial year
Surplus in net held reserves
Reserve surplus

14. 14
Capital position remains strong
• Our funding is made up of our own equity (on a Solvency II basis) plus $550m of Tier 2 debt and $450m of
banking facility (of which $225m remains unutilised and not included within the surplus calculation).
• As at 31 December 2021 the surplus capital is 27% of the Lloyd’s ECR* (including Solvency II adjustments)
which is above preferred range of 15% - 25%. This moves to 22% post dividend.
• The ECR requirement already anticipates growth planned in all the business written to the end of 2022.
• Requirement for the US insurance company is based on 300% of risk based capital. We continue to use
a captive arrangement set up in 2020 to manage our capital requirements in the US.
• We continue to use reinsurance as a tool to manage our capital position.
*Note: Ultimate plus 35%
• Group capital requirement: Year ended
31 Dec 2021
$m
Year ended
31 Dec 2020
$m
Lloyd’s economic capital requirement (ECR)* 2,225.3 2,116.5
Capital for US insurance company 247.8 246.3
2,473.1 2,362.8

15. 15
Underwriting

16. 16
Broad range of specialty products
60%
80%
100%
120%
140%
160%
180%
200%
220%
240%
2017 2018 2019 2020 2021
Cyber & Executive Risk
GWP
Rate Adjusted
60%
80%
100%
120%
140%
160%
180%
200%
220%
240%
2017 2018 2019 2020 2021
Specialty Lines
GWP
Rate Adjusted
• Growth driven by cyber until 2019 when D&O
market turned and accelerated.
• The reduction in exposure in 2021 was due to the
dislocation in the cyber market.
• Broad market positive rate change from 2019.
• Consistent exposure growth demonstrating long
term opportunity for specialty product set.

17. 60%
80%
100%
120%
140%
160%
180%
200%
220%
240%
2017 2018 2019 2020 2021
Property and Reinsurance
GWP
Rate Adjusted
17
60%
80%
100%
120%
140%
160%
180%
200%
220%
240%
2017 2018 2019 2020 2021
Marine and PAC
GWP
Rate Adjusted
• Reduction in 2020 caused by demand for event
cancellation insurance collapsing.
• Consistent exposure growth demonstrating long term
opportunity for specialty product set.
• Exposure reduction since 2017 reflecting risk
reward as unmodelled peril losses increase.

18. 18
Natural catastrophe risk appetite
0%
5%
10%
15%
20%
25%
30%
35%
40%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Risk appetite as % NEP
• As % of NEP, modeled loss 1:250 decreasing.
• Similar change on gross basis.
• In absolute terms, 1:250 growing modestly, but
1:10 has been shrinking since 2019.
• Reflects relative deterioration in risk reward
and active cycle management.

19. Climate change: our approach to pricing
Climate exposed
classes
e.g., strengthen gates
for critical cat zones
Reduce exposure
19
• People & expertise
• Predictive tools
• RDS’s
• Engage clients
Build capabilities
Increased complexity
de-commoditises
Grow exposure

20. 20
0
100
200
300
400
500
600
700
800
900
1,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Forecast
GWP
(USD$m)
Tech E&O BBR InfoSec Vector
• 20% ransomware frequency reduction per policy
• 60% ransomware frequency reduction per premium
Cyber – increased premium, reduced exposure
Policy count

21. 21
1. Downward claims frequency trend sustained in the second half of the year.
2. Market conditions favourable as demand for cyber insurance has continued to outweigh supply.
3. Ongoing, successful investments and updates to the Beazley Cyber Ecosystem.
4. Risk management-based approach to the cyber threats increasingly desired by clients and brokers.
Cyber overview

22. 22
The outlook

23. 23
• Double digit growth supported by favorable rate environment
in 2022.
• Opportunities continue across both wholesale and domestic
platforms.
• We are growing in cyber whilst maintaining strongly diversified
business overall.
• Expected combined ratio around 90% for 2022.
• Yield on core investment portfolio of 0.9% at end of 2021.
• Capital markets day 18th May 2022.
Continued profitable growth in 2022

24. 24
Questions

25. 25
Appendices

26. 26
Cumulative rate change since 2015
80%
90%
100%
110%
120%
130%
140%
150%
160%
170%
180%
2015 2016 2017 2018 2019 2020 2021
Rate
Change
Underwriting Year
Marine Property Speciality lines CyEx
Reinsurance PAC Market facilities All divisions

27. 27
Performance by division
Year ended 31 December 2021
Cyber &
Executive Risk
Marine
Market
Facilities
PAC Property Reinsurance
Specialty
Lines
Gross premiums written ($m) 1,515.6 376.5 198.2 322.8 586.5 226.1 1,393.2
Net premiums written ($m) 1,150.6 345.6 55.0 270.9 439.7 133.4 1,117.2
Result from operating activities
($m)
100.7 97.4 0.9 69.2 25.8 (27.0) 141.1
Claims ratio 65% 33% 23% 54% 55% 91% 58%
Expense ratio 28% 39% 75% 44% 44% 35% 34%
Combined ratio 93% 72% 98% 98% 99% 126% 92%
Rate change 49% 8% 16% 7% 10% 14% 13%