Lancashire Holdings Limited · LSE:LRE
Lancashire — H1 2025 Earnings Presentation
19 slides from Lancashire's earnings presentation, Aug 6, 2025
Slide 1: Investor Presentation: Half-year 2025
Investor Presentation: Half-year 2025
Slide 2: Safe harbour statements
Safe harbour statements NOTE REGARDING FORWARD-LOOKING STATEMENTS: CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELLED LOSS SCENARIOS) MADE IN THIS PRESENTATION OR OTHERWISE THAT ARE NOT BASED ON CURRENT OR HISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMIT
Slide 3: Half-year 2025 highlights: Strong performance and increased resilience
Half-year 2025 highlights: Strong performance and increased resilience Gross premiums written increased 5.8% year-on-year to $1,356.2 million. Insurance revenue increased 8.9% year-on-year to $930.1 million. Insurance service result of $155.7 million, discounted combined ratio of 87.4%, undiscounted
Slide 4: A diversified and profitable portfolio
A diversified and profitable portfolio • Overall growth of 5.8%, or 2.5% Gross premiums written ($m) and cumulative Renewal Price Index (RPI) (%) for the first half 2021 to 2025 excluding reinstatement premiums. 1,600.0 140% • Group RPI of 96%. 1,400.0 120% • Most lines remain well-priced and 1,200.
Slide 5: Half-year 2025 financial results summary
Half-year 2025 financial results summary Six months to Six months to Variance 30 June 2025 30 June 2024 $m $m $m Insurance revenue 930.1 854.1 76.0 Insurance service expenses (792.1) (472.2) (319.9) Insurance service result before reinsurance contracts held 138.0 381.9 (243.9) Net income (expense) f
Slide 6: Half-year 2025 net loss environment
Half-year 2025 net loss environment Prior year development • The Group experienced net losses (undiscounted, excluding reinstatement premiums) from • Favourable prior catastrophe, weather and large loss events totalling $211.2 million. accident year loss • Catastrophe and weather losses were $172.0
Slide 7: Net discounting benefit
Net discounting benefit For the six months ended 30 June 2025 2024 Insurance Reinsurance Insurance Reinsurance contracts contracts contracts contracts issued held Total issued held Total $m $m $m $m $m $m Initial discount included in insurance service result 102.0 (26.3) 75.7 73.6 (14.6) 59.0 Unwind
Slide 8: Investments: Conservative short duration portfolio
Investments: Conservative short duration portfolio Asset Allocation Credit Quality Total investment portfolio and managed cash Fixed maturities and managed cash Other government Private bonds and debt, investment US government 4% funds, 9% AA, 32% bonds and agency debt, 12% A, 26% Managed cash and s
Slide 9: Remaining strongly capitalised
Remaining strongly capitalised BSCR Coverage Ratio 300% 280% 260% 240% Illustrative scenario impact on estimated BSCR Ratio 220% 200% Syndicate 2010 purchase of unaligned capacity (8%) 180% Stress scenario (1 in 100 Gulf of Mexico wind PML) at $335 million (38%) 160% Estimated annual transitional im
Slide 10: Outlook
Outlook • With a strong balance sheet and conservative capital base, the Group remains well-positioned to support growth and shareholder returns. • In light of our half-year performance, in a severe loss year with a similar level of catastrophe and large risk losses as 2024, in addition to the Calif
Slide 11: Appendix
Appendix Update the footer via the Insert Header/Footer menu 11
Slide 12: Our DNA
Why invest in Lancashire? Strong focus on our people and culture • We are delivering lower volatility and more sustainable results due to: Owner Excellent • Strong underwriting and capital management steward of management. mentality capital • Ability to attract quality people and the breadth of our
Slide 13: H1 2025: Reinsurance segment
H1 2025: Reinsurance segment Gross premiums written ($m) and cumulative Renewal Price Index (RPI) (%) for the first half 2021 to 2025 900.0 140% 800.0 120% 700.0 Gross premiums written ($m) 100% 600.0 Cumulative RPI (%) 80% 500.0 400.0 60% 300.0 40% 200.0 20% 100.0 - 0% 2021 2022 2023 2024 2025 Prop
Slide 14: H1 2025: Insurance segment
H1 2025: Insurance segment Gross premiums written ($m) and cumulative Renewal Price Index (RPI) (%) for the first half 2021 to 2025 600.0 140% 120% 500.0 Gross premiums written ($m) 100% 400.0 Cumulative RPI (%) 80% 300.0 60% 200.0 40% 100.0 20% - 0% 2021 2022 2023 2024 2025 Energy & Marine Property
Slide 15: Our products
Our products Insurance Aviation Casualty Energy and Marine Property Specialty • Space • Accident & Health / • Energy Downstream / • Construction • Property • Terror and Political • Aviation War and AV52 Casualty Energy Liability / D&F Violence • Airline and Airline • Professional Lines Energy Upstre
Slide 16: Our platforms
Our platforms Lancashire Lancashire Lancashire Lancashire Lancashire Lancashire Capital Insurance Company Insurance Company Syndicates Limited Underwriting Insurance US Management (UK) Limited Limited, based in Australia operates under a We manage two Lancashire Capital writes mostly direct Bermuda,
Slide 17: Our focus
Our focus 1 Underwriting will always come first Profitable growth We maximise the opportunities for growth 2 and rigorously monitor and manage our risk exposures. 3 Balance risk and return Insurance market through the cycle employer of choice Maximise risk-adjusted returns Positive culture enables s
Slide 18: The Lancashire Way
The Lancashire Way Responsible Straight-talking We focus on achieving We feel empowered to share tangible results with Hard-working thoughts and ideas, because consistent standards across We all have a everyone’s voice matters. the Group. stake in the Company’s success and are Positive proactive in
Slide 19: Contacts
Contacts Investor Relations Media Jelena Bjelanovic Peter Krinks FTI Consulting Lancashire Holdings Limited Lancashire Holdings Limited 200 Aldersgate, 20 Fenchurch Street, 20 Fenchurch Street, Aldersgate Street, London, EC3M 3BY London, EC3M 3BY London, EC1A 4HD E peter.krinks@lancashiregroup.com E