International specialty property and casualty re/insurer Canopius Group has released its financial results for the first half of 2024, ending June 30, highlighting significant growth across key financial metrics.
For the first half of 2024, Canopius reported a 23% increase in insurance contract written premium, totaling $1.84 billion, up from $1.50 billion in the same period last year. Net insurance revenue rose by 24% to $980 million, compared to $790 million in the first half of 2023.
The group’s net combined ratio (discounted) improved slightly to 85.4% from 86.9%, while the undiscounted net combined ratio stood at 91.1%, compared to 90.9% in the prior year.
Profit after tax surged by 53% to $179 million, up from $117 million in the first half of 2023. Tangible net asset value (TNAV) increased to $1.61 billion, compared to $1.45 billion at the end of 2023. The group also reported an annualized return on opening tangible equity (ROTE) of 24.7%, up from 20.6% in the same period last year.
Neil Robertson (pictured above), group chief executive officer, said that Canopius has a clear vision and strategy aimed at delivering sustainable and attractive returns, particularly by focusing on areas where the company holds a competitive advantage.
He also noted that the company had a strong start to the year, demonstrating robust underwriting profitability and disciplined growth, with the business maintaining positive momentum.
Robertson said that the company’s growth and profitability were evident across its three main regions: the UK, US & Bermuda, and APAC. Although the first half of the year saw limited large catastrophe claims, there were numerous smaller events, including severe convective storms, wildfires, floods, and man-made incidents.
Despite these challenges, attritional loss experience remained strong, supported by positive developments in both current and prior year results, and investment returns continued to trend positively.
Canopius reported that its financial fundamentals remain strong, with a combination of profitable growth and a solid balance sheet. The company’s prudent reserving position and robust capital surplus provide resilience and strategic flexibility.
Looking ahead, Robertson emphasized the importance of maintaining excellence and consistency to continue delivering value to customers and shareholders. He noted that the rating environment remains dynamic, and Canopius is highly selective in its capital allocation to align with areas of competitive advantage.
Price discipline is being maintained, and rate adequacy for the portfolio remains strong. Robertson expressed confidence in navigating the remainder of 2024 and further enhancing Canopius’ value proposition.
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