January 17, 2018 / 7:19 AM / 5 months ago

Insurer Beazley sees FY 2017 pre-tax profit ahead of market expectations

Jan 17 (Reuters) - Lloyd’s of London insurer Beazley said it expected to report 2017 pre-tax profit ahead of current market expectations, despite the sector having faced hurricanes, earthquakes and wildfire bills of over $135 billion.

The insurer pointed to a reduction of about $5 million in the value of its U.S. deferred tax asset following the cut in the U.S. corporation tax rate to 21 percent from 35 percent.

Beazley said it expected its combined ratio, a measure of underwriting profitability, to be 99 percent for 2017. A level below 100 percent indicates a profit.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Adrian Croft

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