Beazley Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	913.4	1,130	1,027	483.3	308.7
Depreciation & Amortization	29.6	28	30	42.2	28
Other Amortization	24.3	11.1	16.2	0.7	12.4
Gain (Loss) on Sale of Investments	-217.9	-227.3	-325.2	274.4	-45.8
Stock-Based Compensation	-	-	-	-	11
Change in Accounts Receivable	507	627.1	545.9	226.7	-950.1
Change in Insurance Reserves / Liabilities	-	-	-	-	1,901
Change in Other Net Operating Assets	-200.2	-294.9	-63.5	71.9	-
Other Operating Activities	258.6	-639.4	-837	-1,228	0.7
Operating Cash Flow	1,315	634.9	393.2	-129.1	1,170
Operating Cash Flow Growth	107.09%	61.47%	-	-	145.28%
Capital Expenditures	-13.4	-17.8	-4.3	-1	-4.5
Purchase / Sale of Intangible Assets	-53.5	-45	-50.9	-22.7	-17.7
Investment in Securities	-	-	-	-	-942
Other Investing Activities	-	-	-	-	70.6
Investing Cash Flow	-66.9	-62.8	-55.2	-23.7	-839.2
Total Debt Repaid	-8.4	-11.8	-8.9	-11.6	-12.8
Net Debt Issued (Repaid)	-8.4	-11.8	-8.9	-11.6	-12.8
Issuance of Common Stock	-	-	-	404.4	-
Repurchases of Common Stock	-536.7	-344	-33.6	-17.8	-
Common Dividends Paid	-211	-120.5	-107.7	-103	-
Other Financing Activities	-40.9	-39.3	-40.6	-36.3	-35.2
Financing Cash Flow	-797	-515.6	-190.8	235.7	-48
Foreign Exchange Rate Adjustments	35.5	13.3	12.6	-22.2	-
Net Cash Flow	486.4	69.8	159.8	60.7	282.3
Free Cash Flow	1,301	617.1	388.9	-130.1	1,165
Free Cash Flow Growth	110.89%	58.68%	-	-	151.13%
Free Cash Flow Margin	21.90%	10.44%	7.63%	-3.19%	35.39%
Free Cash Flow Per Share	2.06	0.93	0.57	-0.21	1.90
Cash Interest Paid	40.9	39.3	40.6	36.3	35.2
Cash Income Tax Paid	257.5	301.2	110.7	61.1	22.2
Levered Free Cash Flow	263.93	-712.73	-768.11	-8,724	284.05
Unlevered Free Cash Flow	500.18	-455.35	-505.8	-8,604	308.36
Change in Working Capital	306.8	332.2	482.4	298.6	857.8

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.