Business
Interim Results for the six months to 30/06/2024
Interim Results for the six months to 30/06/2024.
About this update from Conduit Holdings Ltd.
[{"type":"text","content":"\n\nPembroke, Bermuda - 31 July 2024\nPembroke, Bermuda - 31 July 2024\nConduit Holdings Limited\n(\"CHL\" LSE ticker: CRE)\nInterim results for the six months ended 30 June 2024\nComprehensive income of $98.1 million; RoE of 9.9%\nStrong year-on-year growth in gross premiums written of 36.1%; Combined ratio of 75.1%\nInterim dividend of $0.18 (approximately £0.14) per common share declared\n \nCHL, the ultimate parent company of Conduit Re, a Bermuda-based reinsurance business, today presents its interim results for the six months ended 30 June 2024.\nTrevor Carvey, Chief Executive Officer, commented: \"In another active period for industry loss events we are pleased to have produced an RoE of 9.9% for the half year. Our 36.1% premium growth reflects our well-established distribution channels and our maintenance of underwriting discipline. Property and specialty, in particular the non-catastrophe exposed lines, again attracted our attention and capital deployment. In casualty, while industry underwriting margins are tighter in our view, our casualty book is continuing to support our balanced underwriting portfolio.\"\n\n\n\n\nKey financials ($m)\n\n\nSix months ended 30 June 2024\n\n\nSix months ended 30 June 2023\n\n\nChange\n\n\n\n\nGross premiums written\n\n\n737.8\n\n\n542.2\n\n\n36.1%\n\n\n\n\nReinsurance revenue\n\n\n382.0\n\n\n278.7\n\n\n37.1%\n\n\n\n\nNet reinsurance revenue\n\n\n338.2\n\n\n242.8\n\n\n39.3%\n\n\n\n\nReinsurance service result\n\n\n99.7\n\n\n80.7\n\n\n23.5%\n\n\n\n\nNet investment result\n\n\n23.0\n\n\n22.6\n\n\n1.8%\n\n\n\n\nComprehensive income\n\n\n98.1\n\n\n78.6\n\n\n24.8%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nFinancial ratios (%)\n\n\nSix months ended 30 June 2024\n\n\nSix months ended 30 June 2023\n\n\nChange (pps)\n\n\n\n\nReturn on equity\n\n\n9.9\n\n\n9.1\n\n\n0.8\n\n\n\n\nNet loss ratio\n\n\n62.4\n\n\n57.5\n\n\n4.9\n\n\n\n\nReinsurance operating expense ratio\n\n\n8.1\n\n\n9.3\n\n\n(1.2)\n\n\n\n\nOther operating expense ratio\n\n\n4.6\n\n\n5.7\n\n\n(1.1)\n\n\n\n\nCombined ratio (discounted)\n\n\n75.1\n\n\n72.5\n\n\n2.6\n\n\n\n\nCombined ratio (undiscounted)\n\n\n85.7\n\n\n83.1\n\n\n2.6\n\n\n\n\nTotal net investment return\n\n\n1.5\n\n\n2.1\n\n\n(0.6)\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nPer share data ($)\n\n\nSix months ended 30 June 2024\n\n...