Canopius Group, a leading international specialty and P&C (re)insurer, today announced its financial results for the half-year ended June 30, 2024. Premiums are up and profits after tax are up 53%, which is impressive. Here are the details;
Key highlights include:
- Insurance Contract Written Premium increased 23% to $1.84bn (1H23: $1.50bn)
- Net insurance revenue increased 24% to $0.98bn (1H23: $0.79bn)
- Group net combined ratio (discounted) of 85.4% (1H23: 86.9%)
- Group net combined ratio (undiscounted) of 91.1% (1H23: 90.9%)
- Profit after tax increased 53% to $179m (1H23: $117m)
- Tangible Net Asset Value (TNAV) increased to $1.61bn (YE 2023: $1.45bn)
- Annualised Return on Opening Tangible Equity (ROTE) of 24.7% (1H23: 20.6%
Neil Robertson, Group Chief Executive Officer, said:
“We have a clear vision and strategy to deliver attractive and sustainable returns, growing in areas where we have distinction or competitive advantage. I am delighted with our start to the year, as we have again delivered robust underwriting profitability and ongoing disciplined growth. The business has excellent momentum and our focus on execution is now building an established track record of success.
We remain well placed to benefit from the strong industry fundamentals and continue to enhance our operational capabilities, our underwriting performance and our structural growth prospects, while we continue to execute at pace.”
Continued growth and profitability
“The year has started well for the Canopius Group, with attractive premium development, positive rate and good underwriting and investment returns delivering an annualised ROTE of 24.7% (1H23: 20.6%). We were again able to demonstrate growth and profitability across our three business regions of the UK, U.S. & Bermuda and APAC.
There were limited large catastrophe claims in the first half, although as in 2023 there were a significant number of smaller catastrophe events from severe convective storms, wildfires, floods and man-made claims. Attritional loss experience remains strong, including positive current and prior year developments and investment return from our high-quality investment portfolio continues to trend positively.
Canopius’ financial fundamentals are compelling, with both profitable growth and balance sheet strength. Canopius’ reserving position is prudent, and a robust capital surplus offers resilience as well as strategic optionality.”
Focusing on further success
“To continue to deliver value to customers and shareholders we must strive for ever greater excellence and consistency. The rating environment remains dynamic and as such we are highly selective in our allocation of capital, to align with our areas of underlying competitive advantage. Our price discipline is being maintained and rate adequacy for our portfolio remains strong. We have accelerated delivery in the last few years, creating a diverse business through focused execution of our strategy. We look forward with confidence to navigating the remainder of 2024 and further developing our value proposition.”
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