International specialty and property and casualty re/insurer Canopius Group has reported its financial results for the year ending Dec. 31, 2024, showing increases in written premiums, net revenue, and profit after tax.
The company’s insurance contract written premium rose 26% to US$3.53 billion, up from US$2.80 billion in 2023. Profit after tax increased 10% to US$401.3 million, compared to US$363.4 million the previous year.
Tangible Net Asset Value (TNAV) reached US$1.81 billion, marking a 25% increase from US$1.45 billion in 2023. Net insurance revenue saw a 28% rise to US$2.26 billion, up from US$1.77 billion.
Canopius reported a group net combined ratio (discounted) of 84.1%, slightly up from 83.9% in 2023. The undiscounted group net combined ratio increased to 90.2% from 88.7%.
The company’s total net investment return was 5.4%, amounting to US$193.8 million, compared to US$173.1 million the previous year. Return on Opening Tangible Equity (ROTE) was 27.7%, down from 32% in 2023.
The group’s 2024 results continue an upward trend, with Canopius also reporting record financials for 2023. The company’s profit after tax rose to US$363 million in 2023, a substantial increase from US$129 million in the previous year.
The previous year also saw Canopius exiting the space market, noting that it “was not an easy decision,” though it had not provided reasons for the departure. The high-profile exit saw the departure of space co-heads Chris Gibbs and Richard Parker.
Group chief executive officer Neil Robertson (pictured above) said the company achieved another record year of profitability, maintaining a consistent track record of returns.
Robertson said the company remains focused on growing as a specialty and P&C re/insurer in areas where it has or can develop a competitive advantage. He said that while 2025 is expected to present challenges, the company remains confident in its strategy and momentum.
Canopius noted that early 2025 has presented challenges, with loss trends and emerging rate pressures requiring a disciplined approach. However, the year has begun with favorable premium development and a positive reinsurance renewal.
The company acknowledged the broader rating environment remains dynamic, influenced by multiple factors. While there is some rate pressure, Canopius said that it continues to focus on pricing adequacy to maintain stability across its portfolio.
Looking ahead, the company outlined its priorities for 2025, which include implementing a refreshed three-year plan, maintaining its underwriting strategy, and building on its financial base.
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