Conduit Holdings Ltd. · LSE:CRE
Conduit — H1 2025 Earnings Presentation
22 slides from Conduit's earnings presentation, Jul 30, 2025
Slide 1: Conduit Holdings Limited 2025 Interim Results
Conduit Holdings Limited 2025 Interim Results 30 July 2025 ©
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
2025 interim results Today’s speakers Neil Eckert Elaine Whelan Nick Pritchard Chief Executive Officer Chief Financial Officer Interim Chief Underwriting Officer Agenda 01 02 03 04 05 2025 interim Overview of Performance by Financial & Outlook & closing results summary performance & segment investme
Slide 4: 2025 interim results update
2025 interim results update • Continued growth in each underwriting division, led by Property and Casualty, Gross premiums written1 of $803.3 million, a +8.9% increase over tempered by portfolio adjustments the same period in 2024 • Initial progress of planned portfolio rebalancing at mid-year renew
Slide 5: 9% increase in gross premiums written
9% increase in gross premiums written Market conditions becoming more competitive in most classes Initiated strategic portfolio adjustments ̶ Increased capacity in the market is driven by strong retained ̶ We have started to realign our portfolio towards a greater share of earnings for the industry
Slide 6: 9% increase in gross premiums written in Property
9% increase in gross premiums written in Property More competitive conditions emerging despite rising demand Selectively deploying capital to strengthen portfolio resilience ̶ Experiencing increased demand from regional and national carriers ̶ We have increased our line size on high performing portf
Slide 7: 14% increase in gross premiums written in Casualty
14% increase in gross premiums written in Casualty Market conditions vary widely by class of business and geography Expanding partnerships with strong cycle managers ̶ Rates are close to flat on average, with pockets of improving ̶ Growing shares with existing partners that have demonstrated conditi
Slide 8: 2% increase in gross premiums written in Specialty
2% increase in gross premiums written in Specialty Dynamic market with increased demand for specialty risks Disciplined cycle management amid softening market ̶ Existing and new capacity seeking to grow specialty risks that offer ̶ Reinforcing preferred partnerships with demonstrated history good ma
Slide 9: 2025 interim financial highlights
2025 interim financial highlights Key financials ($m) H1 2025 H1 2024 Change % Gross premiums written increased across all divisions, led Gross premiums written 803.3 737.8 8.9 by Property and Casualty, totalling 8.9% over the prior year Reinsurance revenue 433.3 382.0 13.4 H1 2025 was another highl
Slide 10: High quality investment portfolio
High quality investment portfolio Asset allocation as at 30 June 2025 Capital preservation and liquidity to support our underwriting 12.0% Corporate Bonds teams remain of paramount importance and determines our 1.3% U.S. Treasuries and U.S. Agency Debt conservative strategic portfolio allocation 32.
Slide 11: Compounding earnings contribution from investment portfolio
Compounding earnings contribution from investment portfolio Managed investments and cash Book yield Market yield Managed investments and cash totalling 5.2% 5.1% $1.9 billion as at 30 June 2025, 3.0 4.8% 4.5% representing an increase of ~$400 million 4.0% from 30 June 2024 4.2% 4.1% 2.5 3.7% 2.0 1.2
Slide 12: Transition to a stronger, more resilient business
Transition to a stronger, more resilient business Since its IPO, Conduit has achieved significant milestones and is now preparing for the next phase of evolution to create a stronger, more resilient business; we are in a period of transition as we execute on our strategy and prepare the business for
Slide 13: Closing remarks
Closing remarks We are in a period of transition and are preparing for the future ̶ Driven largely by losses from the California wildfires, we have made a disappointing loss for the first half of the year of $(13.5) million ̶ We are taking steps to improve the long-term resilience of our portfolio,
Slide 14: Appendices
Appendices
Slide 15: Conduit at a glance
Conduit at a glance 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 value creation for our stakeholders 12 months ended 30/06/2025 gross premiums written Key statistics Property Casualty Specialt
Slide 16: We are committed to driving meaningful change
We are committed to driving meaningful change Effective governance supports our strategy We empower our staff - Robust risk governance framework will ensure effective oversight and - As at 31 December, 2024, 45% of our workforce was female, accountability reflecting our commitment to gender diversit
Slide 17: Commercial insurance pricing environment
Commercial insurance pricing environment Marsh Global Insurance Market Index 22% 20% 19% 18% 15% 15% 14% 13% 11% 11% 9% 8% 6% 6% 4% 4% 3% 3% 3% 2% 2% 1% 1% 1% 1% 1% 0% (1)% (2)% (2)% (2)% (2)% (3)% (3)% (3)% (4)% (4)% (4)% (5)% © 17 Note: Conduit Re’s underwriting business incepted in Q1 2021
Slide 18: Bermuda corporate income tax
Bermuda corporate income tax Bermuda Corporate Income Tax Act 2023 (Bermuda CIT) passed into law in December 2023 and applied from January 2025 to multi-national entities that qualify. Conduit is not a multi-national entity. If the Group were to meet the Bermuda CIT criteria in the future, it is lik
Slide 19: Discounting on losses
Discounting on losses Reminder of our discounting calculation methodology Calculation methodology Variability Discount on − New incurred claims discounted using opening − Opening discount rates are fixed for the period but discount on material events are new incurred discount rate or date of loss ra
Slide 20: 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 2025 ($m) 52.6 (26.9) 0.9 130.9 (14.0) 118.3 Opening discount Incurred Net interest accretion Net change in discount rate Fx revaluation Closing discount © 20
Slide 21: Net reinsurance finance income (expense) reduces volatility from investment return
Net reinsurance finance income (expense) reduces volatility from 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) 70.6 66.1 63.8 20.8 (32.8) (30.8) (40.9) (52.8
Slide 22: Enquiries please contact
Enquiries please contact: David Haggie Brett Shirreffs Peter Rigby Investor Relations Caroline Klein +1 (441) 520 4058 Haggie Partners brett.shirreffs@conduitre.bm +44 (0) 207 562 4444 conduitre@haggiepartners.com About Conduit Re Conduit Re is a multi-line Bermuda-based reinsurer, with a global rea