Conduit Holdings Ltd. · LSE:CRE
Conduit — H1 2026 Earnings Presentation
23 slides from Conduit's earnings presentation, Jul 29, 2026
Slide 1: 2026 Interim Results
2026 Interim Results Conduit Holdings Limited 29 July 2026
Slide 2: Important notices
Important notices Important information (disclaimers) This announcement contains inside information for the purpose of the Market Abuse Regulation (EU) No 596/2014 (which forms part of UK domestic law pursuant to the European Union (Withdrawal) Act 2018, as amended). This announcement includes state
Slide 3: Today's speakers and agenda
2026 interim results Today’s speakers Neil Eckert Elaine Whelan Stephen Postlewhite Chief Executive Officer Chief Financial Officer Chief Underwriting Officer Agenda 01 02 03 04 05 2026 interim Overview of PML and Financial and Closing remarks results summary performance by retrocession investment s
Slide 4: H1 2026 results and business highlights
H1 2026 results and business highlights Key highlights – During H1 2026, we continued to actively manage our Comp. income (loss) Return on equity2,3 Gross premiums written1,2 portfolio to grow or maintain our share in areas where we believe rates are most attractive, while reducing in areas $80.3 mi
Slide 5: H1 2026 underwriting update
H1 2026 underwriting update Careful deployment with a focus on protecting net margins and Market softening continued in most classes through mid-year limiting volatility renewals – Slight decline in gross premiums written during H1 2026 with – Risk-adjusted rates declined 6% across our portfolio dur
Slide 6: Property segment update
Property segment update Portfolio rebalancing remains a focus with stable progress through Market softening continued through mid year renewals with mid year renewals increased industry capacity – Decline in premiums reflects a reduction in quota share and a – Risk-adjusted rates declined 10% across
Slide 7: Casualty segment update
Casualty segment update Continue to align with preferred partners, deepening our Pricing remains relatively stable creating continued opportunities relationships to drive growth to selectively deploy capacity – Gross premiums written driven by increases with clients showing – Risk-adjusted rates dec
Slide 8: Specialty segment update
Specialty segment update Modest reduction in premiums as we trade carefully in softening Competition remains strong as participants look for areas of environment with increased competition growth in an overall softening environment – We scaled back in several classes that have experienced more – Ris
Slide 9: Managing volatility and tail risk
Managing volatility and tail risk Comprehensive retrocession programme in place for 2026, Net PMLs for peak peril zones (% of TNAV) with a focus on reduced net exposure to peak and secondary perils 1 January 2025 1 January 2026 1 July 2026 – Conduit has expanded its retrocession coverage for peak 14
Slide 10: H1 2026 financial highlights
H1 2026 financial highlights Key financials ($m) H1 2026 H1 2025 Change % Key highlights 789.0 803.3 (1.8) – Gross premiums written decreased 1.8% over the prior year Gross premiums written period as growth in Casualty was offset by declines in Reinsurance revenue 455.9 433.3 5.2 Property and Specia
Slide 11: High quality investment portfolio
High quality investment portfolio Asset allocation as at 30 June 2026 31.8% Corporate Bonds Capital preservation and liquidity to support our underwriting 1.0% U.S. Treasuries and U.S. Agency Debt teams remain of paramount importance and determines our 1.6% relatively conservative strategic portfoli
Slide 12: Increasing earnings contribution from investments
Increasing earnings contribution from investments Managed investments and cash Book yield Market yield – Managed investments and cash 5.2% 5.1% totalling $2.3 billion as at 30 June 4.8% 4.5% 4.5% 4.2% 2026, representing an increase of ~$375 million from 30 June 2025. 4.2% 4.1% 4.2% 4.2% 3.7% Approx.
Slide 13: Closing remarks: strong results, focused on managing the cycle
Closing remarks: strong results, focused on managing the cycle Strong H1 2026 returns – Conduit delivered comprehensive income of $80.3 million and a 7.8% return on equity during the first six months of 2026. – Improved underwriting performance resulted in an undiscounted combined ratio of 92.6%, be
Slide 14: Appendix
Appendix AW CONDUIT RE
Slide 15: Conduit Re is a Bermuda-based, multi-line reinsurer
Conduit Re is a Our approach to cycle management across our classes of business, combined with an efficient operating model, plays a key role as we prioritise long-term Bermuda-based, value creation for our stakeholders. multi-line reinsurer. Key statistics as at 31 December 2025 Bermuda-based reins
Slide 16: Achieving scale and diversification
Achieving scale and diversification Gross premiums written by segment, class and location for the year ended 31 December 2025 Diversity by class of business Diversity by location Property Property • Personal - 18% • US - 29% • Commercial - 35% • Worldwide - 15% Casualty • Europe - 5% • General third
Slide 17: Tax credit update
Tax credit update The Bermuda Tax Credits Act 2025 was enacted on 11 December 2025 – Creates a structured, rules-based tax-incentive regime designed to encourage Bermudian employment, local expenditure and community investment across the economy. – Establishes three principal credit categories: – Su
Slide 18: Discounting on losses
Discounting on losses Reminder of our discounting calculation methodology Calculation methodology Variability Discount on − New incurred claims discounted using − Opening discount rates are fixed for the period but discount on material new incurred opening discount rate or date of loss rate events a
Slide 19: The discount on our balance sheet will be unwound over future years
The discount on our balance sheet will be unwound over future years Discount roll-forward for the six months ended 30 June 2026 ($m) 46.8 16.1 172.0 (0.2) 138.7 (29.4) Incurred losses and Net change in discount Closing discount Opening discount recoveries Net interest accretion rates FX revaluation
Slide 20: Net reinsurance finance income (expense) and investment return
Net reinsurance finance income (expense) and investment return Net investment result and net reinsurance finance income (expense) for half year and full year results ($m) Net investment result Net reinsurance finance income (expense) 119.5 70.6 66.1 20.8 25.3 (13.3) (32.8) (30.8) (52.8) (77.2) 2022
Slide 21: Return on equity reconciliation
Return on equity reconciliation New measure of return on equity Prior measure of return on equity – Conduit has adopted an amended measure of return on equity, which – Return on equity was previously calculated as the total comprehensive is the internal rate of return of the change in fully diluted
Slide 22: Fully diluted book value per share reconciliation
Fully diluted book value per share reconciliation Fully diluted book value per share – Fully diluted book value per share (FDBVPS) is calculated as total shareholders' equity less intangible assets at the end of the period, divided by the total common shares in issue plus dilutive shares relating to
Slide 23: Enquiries please contact: About Conduit Re
Enquiries please contact: About Conduit Re David Haggie Conduit Re is a Bermuda-based multi-line reinsurance business with global reach. Conduit Reinsurance Limited is licensed by the Bermuda Peter Rigby Monetary Authority as a Class 4 insurer. A.M. Best has assigned a Caroline Klein Financial Stren