Insurer Beazley PLC on Thursday lifted annual guidance and said shareholders could net a $300 million ‘additional’ return.

The company now expects an undiscounted combined ratio in the ‘mid-70s’ for 2023, an improvement on the previous ‘low-80s’ guidance. A combined ratio below 100% means a profit on underwriting, so the lower the better.

In addition, it said shareholders can expect an ‘additional capital return in respect of 2023’ of $300 million.

It announces annual results on March 7.

Beazley shares jumped 9.2% to 635.25 pence each in London on Thursday morning.

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