Beazley : IFRS 17 Analyst Briefing 22 May 2023

Introducing

IFRS 17

at Beazley

Sally Lake - Group Finance Director Jahan Anzsar - Group Actuary

Investor presentation

Monday 22 May

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Disclaimer

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.

All numbers are illustrative or indicative, unaudited and subject to change.

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Agenda

1. What IFRS 17 means for Beazley

1. Our accounting choices

1. Equity walk
2. Reserving
   11 Contractual Service Margin (CSM)

1. Discounting
2. The new Profit & Loss
3. Combined ratio

1. Insurance Written Premium
2. In Summary

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What's staying the same?

Strategy

IFRS 17 and IFRS 9 do not change our strategy or the way we do business.

Cash generation

Our cashflows stay the same under IFRS 17. It's the timing of

profit recognition that will change.

Dividends and capital

There is no impact to

our regulatory capital position or dividend paying capacity.

Our dividend policy remains the same as set out in the Annual Report 2022.

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What's changing?

Proforma and KPI changes

The way we report will look different under IFRS 17 and our KPIs will be revised to reflect IFRS 17 metrics.

Reserving approach

Our reserving approach and setting of the risk adjustment will align to IFRS 17 principles.

Introduction of

Discounting

IFRS 17 requires that insurance cashflows are on a discounted basis. We have adopted the 'bottom up' approach to discounting.

Interest rate movement will be shown in the Profit & Loss as part of our net insurance and investment result.

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