Lancashire Holdings Limited · LSE:LRE
Lancashire — H1 2026 Earnings Presentation
18 slides from Lancashire's earnings presentation, 2026
Slide 1: H1 2026 results
H1 2026 results Investor presentation
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
Presentation Title Text Here Subtitle text here Alex Maloney Group Chief Executive Officer Results presentation: H1 2026 3
Slide 4: Highlights
Highlights Delivered a robust underwriting and financial performance: 19.6% annualised RoE 90.8%: Undiscounted combined ratio Investing in portfolio diversification and growth potential $142m: Profit after tax Prudent balance sheet: reserves, 254%: BSCR coverage ratio 1 investments & capital Capital
Slide 5: Paul Gregory, Group Chief Underwriting Officer
Presentation Title Text Here Subtitle text here Paul Gregory Group Chief Underwriting Officer Results presentation: H1 2026 5
Slide 6: Diversified portfolio
Diversified portfolio FIVE INSURANCE HEADLINE CLASSES THREE REINSURANCE HEADLINE CLASSES Aviation Casualty Specialty Casualty Property Specialty Space Accident & Health / Terror and Political General Liability Property Catastrophe Aviation Aviation War and AV52 Casualty Violence Professional Lines P
Slide 7: Managing the cycle
Managing the cycle 1,600 Gross premiums written (H1) 1,400 • Gross premiums written $1,315 million, -1% on 1,200 1,000 $ million underlying basis 800 600 400 • Planned reduction in property retrocession offset by 200 0 continued maturity of US, impact of Syndicate 2010 2017 2018 2019 2020 2021 2022
Slide 8: Reduced net catastrophe exposure
Reduced net catastrophe exposure Net catastrophe exposure • Continued management of net catastrophe exposure (% of tangible capital) 25% via disciplined underwriting & efficient use of reinsurance 20% 15% 10% 5% 0% Gulf of Mexico Non-Gulf of Mexico Pan-European California earthquake Japan Earthquake
Slide 9: Natalie Kershaw, Group Chief Financial Officer
Presentation Title Text Here Subtitle text here Natalie Kershaw Group Chief Financial Officer Results presentation: H1 2026 9
Slide 10: Financial summary
Financial summary $m H1 2026 H1 2025 Stable revenue, in line with guidance Insurance revenue 930.0 930.1 Insurance service expenses (593.9) (792.1) Allocation of reinsurance premium (231.8) (203.6) Amounts recoverable from reinsurers 94.5 221.3 Resilient insurance service result Insurance service re
Slide 11: Robust financial performance
Robust financial performance • Stable revenue • Lower combined ratio • Efficient use of reinsurance • Operating expenses in line with expectations $930m $232m 90.8% $15.2m 9.2% Insurance revenue Reinsurance Undiscounted Other income Operating expense (unchanged) premiums combined ratio (consortia fe
Slide 12: Consistently prudent reserving
Consistently prudent reserving Confidence level within preferred range • Disciplined reserving underpins ability to manage more 88% 86% 85% 85% challenging markets 83% • Favourable net prior year development $22 million (H1 2025: $109 million) • Lower net losses from catastrophe, weather & large los
Slide 13: High quality investment portfolio
High quality investment portfolio Investment portfolio composition1 Credit quality of fixed maturities & managed cash • Total investments $3.3 billion Private investment funds BB or below 5% US government bonds 9% & agency debt 13% BBB 14% AAA 23% Non-agency • Profile complements structured products
Slide 14: Capital management
Capital management • BSCR coverage ratio provides substantial capital buffer BSCR coverage ratio of • Underpins ability to manage effectively across the cycle 254%1 versus regulatory floor of 170% • Proven track record of returning surplus capital to shareholders when appropriate • Disciplined capit
Slide 15: Outlook
Outlook CONSISTENT FOCUS FY2026 guidance unchanged EXPERT CYCLE 1 MANAGEMENT High-teens RoE DISCIPLINED UNDERWRITING AND 2 EFFICIENT USE OF REINSURANCE PRUDENT Stable top line premiums and insurance revenue Maintain reserves within 80% to 90% confidence level 3 RESERVING AND CAPITAL MANAGEMENT Consi
Slide 16: Appendix
Appendix
Slide 17: Gross premiums written & RPI
Gross premiums written & RPI Insurance Reinsurance 600 140% 900 140% 800 120% 120% Gross premiums written ($m) 500 Gross premiums written ($m) 700 100% 100% 400 600 80% 500 80% 300 60% 400 60% 200 300 40% 40% 200 100 20% 20% 100 - 0% - 0% 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025 2026 E
Slide 18: Contacts
Contacts Investor Relations Paul Measday Lancashire Holdings Limited paul.measday@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 Holdings Limited