Q1 2023 Beazley PLC Earnings Call Transcript
Good morning, everyone, and thank you for joining us for our first quarter 2023 IMS. I'm going to cover the key elements of our trading statement, and then we'll open up to some questions.
So we're pleased, I think, with the first quarter's results, especially sharing the momentum that we've got in our property risk business, which underpins, I think, our confidence in reiterating our full year guidance for both expected growth and for combined ratio. Our overall growth rate of 12% is good. There are some seasonal effects in MAP, which means that it was always going to shrink in the first quarter. As we highlighted at the year-end, we've restructured the smart tracker so that we no longer front for the third-party capital, which means that 82% of that business no longer comes in its gross premium for us. Net, of course, is unchanged. 75% of that business is written in Q1, hence, the drag on overall growth this quarter. Actually, MAP was ahead of its sales budget at the end of the first quarter. On a net basis, growth is as we had
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