Conduit Holdings Ltd. · LSE:CRE
Conduit — FY2025 Earnings Presentation
26 slides from Conduit's earnings presentation, Feb 18, 2026
Slide 1: Full year 2025 results
Full year 2025 results Conduit Holdings Limited 18 February 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: 2025 results: speakers and agenda
2025 results Today’s speakers Neil Eckert Elaine Whelan Chief Executive Officer Chief Financial Officer Agenda 01 02 03 04 05 Introduction and Overview of Update on PMLs Financial and Outlook & closing full year 2025 performance and and volatility investment remarks highlights January renewals manag
Slide 4: Executive team
Executive team Executive management changes over the last 12 months have brought additional depth and strength to the team – The team has been stabilised and key employees have been retained. – Conduit has strengthened its executive team and welcomed highly experienced Chief Underwriting and Risk Of
Slide 5: Full year 2025 highlights
Full year 2025 highlights Key highlights – During the year we continued to find Gross premiums written1,3 Net investment result | return3 Comprehensive income select areas for growth while market conditions softened. $1,243.0 million $119.5 million | 6.7% $116.8 million – Absorbed the largest catast
Slide 6: 7% increase in gross premiums written
7% increase in gross premiums written Steady growth continued with an emphasis on classes with Market remains adequately priced despite recent softening resilient pricing – Risk adjusted rates declined 3% across our portfolio during 2025; – Carefully managed growth during 2025 reflects strong increa
Slide 7: 2% increase in gross premiums written in Property
2% increase in gross premiums written in Property Softening conditions and an active H1 for natural catastrophe More capacity driving rate softening; we will maintain a selective events drove results approach – After several years of positive rate compounding, the property – Risk adjusted rates decl
Slide 8: 23% increase in gross premiums written in Casualty
23% increase in gross premiums written in Casualty Growth in well performing lines brings attractive diversification to Prioritising long-term partnerships and disciplined underwriting our shorter tail portfolio in other segments – We are taking steps to improve diversification within the portfolio
Slide 9: 4% decrease in gross premiums written in Specialty
4% decrease in gross premiums written in Specialty Demonstrated discipline in competitive and softening conditions Focus remains on margin control and seeking new opportunities – Slight contraction in gross premiums written reflects our – Pricing generally continues to soften, but conditions vary wi
Slide 10: January renewal update
January renewal update Successful January renewal period where Conduit was well received by brokers and cedants Property – Wrote select new excess of loss and quota share opportunities. – We reduced exposure or exited treaties with poor loss experience or Risk-adjusted rate change at January 2026 re
Slide 11: Managing volatility and tail risk
Managing volatility and tail risk Exposure management is a critical function where we have added resources and expertise during 2025 Net PMLs for peak peril zones (% of TNAV)1 – Conduit has a defined appetite and tolerance level to manage 1 January 2025 1 January 2026 underwriting exposure accumulat
Slide 12: 2025 financial highlights
2025 financial highlights [] Key highlights Key financials ($m) 2025 2024 Change % – [] – Gross premiums written increased 6.9% over the prior – [] year primarily due to growth in Casualty. Gross premiums written 1,243.0 1,162.4 – [6.9% ] – An elevated net loss ratio and combined ratio was driven Re
Slide 13: High quality investment portfolio
High quality investment portfolio Asset allocation as at 31 December 2025 Capital preservation and liquidity to support our underwriting teams remain of paramount importance and determines our 12.4% Corporate Bonds 1.0% relatively conservative strategic portfolio allocation 30.5% U.S. Treasuries and
Slide 14: Increasing earnings contribution from investments
Increasing earnings contribution from investments Managed investments and cash Book yield Market yield – Managed investments and cash 3.0 5.2% 5.1% 4.8% totalling $2.2 billion as at 31 December 4.2% 2025, representing an increase of 4.0% ~$380 million from 31 December 2024. 2.5 4.1% 4.2% 3.7% $2.2 b
Slide 15: 5 year milestones
5 year milestones Key achievements $4.3 billion $2.2 billion Reaching scale Cumulative gross premiums written1,2 Managed investment portfolio as at – Conduit has achieved meaningful scale and 31 December 2025, growth of $1.1 billion established strong relationships with since 31 December 2021 cedant
Slide 16: Entering 2026 with reduced volatility
Entering 2026 with reduced volatility After a difficult start to 2025, we are pleased to have We enter 2026 with a more resilient renewing portfolio delivered steady results for the year and an aligned outwards retrocession programme, – Delivered growth in gross premiums written of 6.9%: We have mad
Slide 17: Appendix
Appendix AW CONDUIT RE
Slide 18: 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 19: 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 20: We maintain a prudent capital management strategy
We maintain a prudent capital management strategy Strong balance sheet that is well capitalised to support our underwriting teams – We maintain strong capital buffers above regulatory requirements, supporting our strategic objectives and underwriting plans. – Our BSCR position remains within our tar
Slide 21: 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 22: 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 23: 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 year ended 31 December 2025 ($m) 96.9 (61.1) 0.7 138.7 (16.1) 118.3 Incurred Net change in discount Closing discount Opening discount Net interest accretion rate Fx revaluation 23
Slide 24: 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 full year results ($m) Net investment result Net reinsurance finance income (expense) 119.5 70.6 66.1 20.8 -32.8 -30.8 -52.8 -77.2 2022 2023 2024
Slide 25: Representation of segment gross premiums written and reinsurance revenue
Representation of segment gross premiums written and reinsurance revenue Year to date ($m) Q1 2024 H1 2024 Q3 2024 FY 2024 Q1 2025 H1 2025 Q3 2025 FY 2025 Gross premiums written Property 225.6 463.1 566.3 645.1 246.3 501.1 592.4 659.4 Casualty 74.5 159.1 240.7 318.9 89.1 179.1 284.0 392.3 Specialty
Slide 26: 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