Results for the half year ended 30 June 2022

About this update from Randall & Quilter Investment Holdings Ltd.

[{"type":"text","content":"R&Q Insurance Holdings Ltd Results for the half year ended 30 June 2022 Strong progress against strategic objectives demonstrated by 112% growth in recurring Fee Income to a record $53.1 million 5 September 2022R&Q Insurance Holdings Ltd (AIM: RQIH) (‘R&Q’ or the ‘Group’), the leading non-life global specialty insurance company focusing on the Program Management and Legacy Insurance businesses, today announces its results for the half year ended 30 June 2022.Strategic and Governance UpdateRaised $130 million via a placing, including a $34 million Firm Issuance in June followed by a Conditional Issuance and Open Offer for the remaining $96 million in July (the ‘Fundraise’), demonstrating strong shareholder support for our strategySignificant progress made in executing against all 5 pillars of our 5-year strategy to become a recurring fee-based, capital-lighter business with increased returns on equity and growing shareholder dividendsAppointment of Robert Legget as the Senior Independent Director on 26 August as part of our ongoing plans to enhance our Board composition. The Board plans to introduce an Independent Non-Executive Chair as soon as possible with the appointment of further Independent Non-Executive Directors in due course H1 2022 Financial HighlightsProgram ManagementGross Written Premium of $807.3 million (H1 2021: $444.8 million, an 82% increase)Fee Income (incl. Tradesman stake) of $44.3 million (H1 2021: $25.1 million, a 76% increase); Fee Income (excl. Tradesman stake) increased 105%Pre-Tax Operating Profit of $23.3 million (H1 2021: $9.9 million, a 136% increase)Pre-Tax Operating Profit Margin of 54.0% (H1 2021: 39.9%, a 14.1 percentage point increase)Legacy InsuranceCompleted two transactions with Gross Reserves Acquired of $5.3 million (transactions are seasonally active in Q4)Reserves Under Management of $386.6 millionFee Income of $8.8 millionPre-Tax Operating Loss of $26.7 million as the business transitions to an annual recurring, fee-based revenue modelGroupTotal Fee Income of $53.1 million (H1 2021: $25.1 million, a 112% increase)Pre-Tax Operating Loss of $24.3 million; results impacted by Legacy Insurance revenue model transitionAn interim dividend for H1 2022 will not be declared; dividend strategy is to pay out 25 ‒ 50% of Pre-Tax Operating ProfitUnrealised net investme...

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