Lancashire Holdings Limited · LSE:LRE
Lancashire — Q4 2025 Earnings Presentation
23 slides from Lancashire's earnings presentation, Mar 5, 2026
Slide 1: Investor Presentation: Full-year 2025
Investor Presentation: Full-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: Alex Maloney, Group Chief Executive Officer
Alex Maloney Group Chief Executive Officer Investor presentation: Full-year 2025 3
Slide 4: 20 years of Lancashire
20 years of Lancashire… Focused on our customers and our people… a leading specialty (re)insurance underwriter 5 8 Valued relationships built over 20 years 5 an embedded entrepreneurial mindset Multi-product offering increases relevance expert and disciplined cycle and capital 5 managers Strong clai
Slide 5: 2025 highlights
Gross premiums written increased 5.1% 2025 highlights year-on-year to $2,259.3 million. Insurance revenue increased 5.4% year-on-year to $1,860.4 million. Strong underwriting profit supported by healthy investment Insurance service result of $381.1 million, returns discounted combined ratio of 83.7%
Slide 6: Paul Gregory, Group Chief Underwriting Officer
Paul Gregory Group Chief Underwriting Officer Investor presentation: Full-year 2025 6
Slide 7: Lancashire's franchise value
Lancashire’s franchise value Delivering… 5 8 Robust and diversified portfolio 5 More stable top and bottom line Over 50 sub-classes 5 Relevance to clients and brokers 7 6 5 4 Investor presentation: Full-year 2025 7
Slide 8: Gross premiums written and cumulative RPI
2,500.0 180% 2025 saw 170% continued growth 2,000.0 in line with 160% Gross premiums written ($m) opportunity Cumulative RPI (%) 150% 1,500.0 140% Gross premiums written 1,000.0 130% increased 5.1% year-on- year to $2,259.3 million 120% 500.0 110% Group RPI of 96% - 100% 2017 2018 2019 2020 2021 202
Slide 9: Gross premiums written: Insurance
Insurance 1,200.0 Continued to grow our footprint with growth 1,000.0 ahead of rate Gross premiums written ($m) 800.0 Premiums increased 1.9% year-on-year 600.0 Segment RPI of 95% 400.0 Majority of lines remain 200.0 well priced with healthy rate adequacy - 2020 2021 2022 2023 2024 2025 Energy & Mar
Slide 10: Gross premiums written: Reinsurance
Reinsurance 1,200.0 Continued to leverage franchise value with 1,000.0 core clients with growth ahead of rate Gross premiums written ($m) 800.0 Premiums increased 600.0 8.1% year-on-year 400.0 Segment RPI of 97% 200.0 Rating adequacy remains healthy - 2020 2021 2022 2023 2024 2025 Property Casualty
Slide 11: Natalie Kershaw, Group Chief Financial Officer
Natalie Kershaw Group Chief Financial Officer Investor presentation: Full-year 2025 11
Slide 12: 2025 financial highlights
2025 financial highlights Insurance revenue Allocation of Net investment Profit after tax 2024 to 2025 ($m) reinsurance premium return 400 380 55.8 2025: 1,860.4 2025: 423.5 2025: 218.0 2024: 1,765.1 2024: 439.4 2024: 162.2 360 % difference: 5.4 % difference: (3.6) % difference: 34.4 5 340 321.3 (44
Slide 13: 2025 claims environment
2025 claims environment Net losses (undiscounted, excluding reinstatement premiums) from catastrophe, weather and large loss events of $277.0 million (2024: $215.2 million) Catastrophe and weather losses of $184.7 million, including Increased resilience and the net loss impact of the California wild
Slide 14: Delivering value through financial strength
Delivering value through financial Capital resilience strength Lancashire is well capitalised, enabling flexible capital allocation and the ability to withstand shock events Our strong balance sheet and disciplined capital management mean Prudent reserves we are well placed to navigate changing mark
Slide 15: Regulatory capital
Comfortably above our preferred 170% BSCR Regulatory capital ECR ratio floor Preferred floor includes introduction of man- 36% made catastrophe loadings 271% Headroom above floor allows flexibility (37%) throughout cycle (10%) 240% (20%) Continued strengthening supported by growth of profitability i
Slide 16: Consistent prudent reserving
Consistent prudent reserving Prudent approach to Confidence level consistently at 85th percentile reserving (preferred range 80th to 90th percentile) 310 88% 86% 90% 83% 85% Reliable and consistent 5 8 methodology designed to 290 80% 5 build trust and confidence 270 70% with our stakeholders 60% 250
Slide 17: High quality investment portfolio
High quality investment Other government bonds and debt, Private investment 5% funds, 9% US government portfolio Investment portfolio growth bonds and agency debt, 13% Investor presentation: Full-year 2025 Managed cash and $218.0m short term We maintain our philosophy securities, 5% Asset Allocation
Slide 18: 2026 focus and outlook
2026 focus and outlook Continued build-out of US platform 1 A consistent strategy and DNA Simplification of Lloyd’s syndicates’ structure The breadth and quality of our franchise and talent creates Strongly placed into next part of the underwriting cycle optionality across the cycle Expect a high te
Slide 19: Contacts
Contacts Investor Relations Jelena Bjelanovic Lancashire Holdings Limited jelena.bjelanovic@lancashiregroup.com Media Peter Krinks Lancashire Holdings Limited peter.krinks@lancashiregroup.com FTI Consulting Tom.Blackwell@fticonsulting.com Registered and Head Office, Bermuda London Lancashire Holding
Slide 20: Investor Presentation: Appendix
Investor Presentation: Appendix
Slide 21: Capital returns to shareholders – $3.7bn since inception
Capital returns to shareholders – $3.7bn since inception 500 450 400 350 300 250 200 150 100 50 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Ordinary dividends Special dividends Share repurchases Investor presentation: Full-year 2025 21
Slide 22: A consistent strategy
A consistent strategy Underwriting will always come first Delivering… 5 We maximise the opportunities for 8 growth and rigorously monitor and manage our Profitable growth risk exposures. 5 Maximised risk-adjusted returns Balance risk and return through the cycle We actively manage our capital and ri
Slide 23: Our strategy is delivering value across the cycle
Our strategy is delivering value 1 Reduced volatility in results via diversification and stabilisation of our across the cycle catastrophe risk levels 2 Outwards reinsurance as a source of Lancashire remains agile, flexible capital resilient, and focused on delivering long-term value for shareholder