Business
Year ended 31 December 2022 Preliminary Results
Year ended 31 December 2022 Preliminary Results.
About this update from Conduit Holdings Ltd.
[{"type":"text","content":"\n \n \n Pembroke, Bermuda - 22 February 2023\n \n \n Conduit Holdings Limited\n \n \n (\"CHL\" LSE ticker: CRE)\n \n \n Year ended 31 December 2022 Preliminary Results\n \n \n Strong year-on-year growth: Gross premiums written increased by 68.3% and net premiums earned increased by 148.4%\n \n \n Efficient underwriting model, strong capital base, ideally positioned for continued growth into exceptional market conditions\n \n \n CHL, the parent company of Conduit Re, a pure-play reinsurance business based in Bermuda, today presents its preliminary results for the year ended 31 December 2022.\n \n Trevor Carvey, Chief Executive Officer, commented: \"Our planned growth path has continued over the last 12 months while all the time we have maintained our same disciplined approach to risk selection. We have seen exceptional growth, supported by our legacy-free balance sheet and a strong capital base. In a year where the industry has experienced extreme natural and man-made losses, the resilience of our results validates our business model.\n Looking forward, we are perfectly positioned to take advantage of the current exceptional market conditions. As the business grows, we will see the benefit from increasing efficiencies of scale and the significant pipeline of revenue we have in place which will continue to flow through to earnings. We are excited by our business prospects for 2023.\"\n \n \n \n \n \n \n Key financials ($m)\n \n \n \n \n 2022\n \n \n \n \n 2021\n \n \n \n \n \n Estimated ultimate premiums written\n \n \n 659.9\n \n \n 458.5\n \n \n \n \n Gross premiums written\n \n \n 637.5\n \n \n 378.8\n \n \n \n \n Net premiums written\n \n \n 580.9\n \n \n 346.2\n \n \n \n \n Net premiums earned\n \n \n 482.3\n \n \n 194.2\n \n \n \n \n Underwriting profit (loss)\n \n \n 0.3\n \n \n (7.0)\n \n \n \n \n Investment loss\n \n \n (52.8)\n \n \n (3.1)\n \n \n \n \n Comprehensive loss\n \n \n (89.7)\n \n \n (42.0)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Financial ratios (%)\n \n \n \n \n 2022\n \n \n \n \n 2021\n \n \n \n \n \n Return on equity\n \n \n (9.1)\n \n \n (4.0)\n \n \n \n \n Net loss ratio\n \n \n 71.7\n \n \n 73.2\n \n \n \n \n Net acquisition expense ratio\n \n \n 28.2\n \n \n 30.4\n \n \n \n \n Other operating expense ratio\n \n \n 7.1\n \n \n 15.8\n \n \n \n \n Combined ratio\n ...