Business
Q2 2022 Earnings Release
Q2 2022 Earnings Release.
About this update from Lancashire Holdings Limited
[{"type":"text","content":"\n \n LANCASHIRE HOLDINGS LIMITED\n 27 July 2022\n Hamilton, Bermuda\n Lancashire Holdings Limited (“Lancashire” or “the Group”) announces its results for the six months ended 30 June 2022.\n Highlights:\n \n \n Gross premiums written increased by 34.6% year-on-year to $938.1 million\n \n \n \n \n Group RPI (Renewal Price Index) of 106%\n \n \n \n \n Excellent underwriting performance, with a combined ratio of 78.2%\n \n \n \n \n Profit before tax of $78.0 million\n \n \n \n \n Total net investment return of negative 3.8%, primarily driven by unrealised losses\n \n \n \n \n Interim dividend of $0.05 per common share, in line with our dividend policy\n \n \n \n \n \n \n Six months ended\n \n \n \n \n \n 30 June 2022\n \n \n 30 June 2021\n \n \n \n \n \n Financial highlights ($m)\n \n \n \n \n \n \n Gross premiums written\n 938.1\n 697.2\n \n \n Net premiums written\n 622.6\n 427.9\n \n \n Underwriting profit\n 164.5\n 127.1\n \n \n Profit before tax\n 78.0\n 54.1\n \n \n Comprehensive (loss) income1\n (7.1)\n 33.6\n \n \n Change in FCBVS2\n 0.0%\n 2.4%\n \n \n \n \n \n \n \n \n \n Financial ratios\n \n \n \n \n \n \n Total investment return\n (3.8%)\n 0.3%\n \n \n Net loss ratio\n 37.9%\n 38.4%\n \n \n Combined ratio\n 78.2%\n 80.7%\n \n \n \n \n \n \n \n \n \n Per share data\n \n \n \n \n \n \n Fully converted book value per share\n $5.67\n $6.33\n \n \n Dividends per common share for the financial year\n $0.05\n $0.05\n \n \n Diluted earnings per share\n $0.30\n $0.19\n \n \n \n 1 These amounts are attributable to Lancashire and exclude non-controlling interests.\n 2 Defined as the change in fully converted book value per share, adjusted for dividends. See the section headed “Alternative Performance Measures” below.\n Alex Maloney, Group Chief Executive Officer, commented:\n “The Group delivered strong premium growth in the first half of the year with a 34.6% increase in gross premiums written year-on-year to $938.1 million. We continue to see attractive rate increases across a number of business lines with a renewal price index for the first six months of 106%.\n Over the past few years, we have successfully diversified our underwriting portfolio. I am pleased that we are seeing a strong performance from a number of these newer classes of business while we a...