Half Year 2024 Conduit Holdings Ltd Earnings Call Transcript
Key Points
- Conduit Holdings Ltd (LSE:CRE) reported a comprehensive income of $98.1 million for the first half of 2024, representing a return on equity of 9.9%, up from $78.6 million and 9.1% in the same period last year.
- Gross premiums written increased by 36.1% year-on-year to $737.8 million, indicating strong growth.
- The company's book value increased to $6.69 per share, reflecting a solid financial position.
- The expense ratio improved from 5.7% in H1 2023 to 4.6% in H1 2024, showing better cost management.
- The property and specialty divisions showed significant growth, with gross premiums written increasing by $195.6 million, driven by new and renewal contracts.
- The combined ratio increased to 85.7% on an undiscounted basis, up from 83.1% in the prior year, indicating higher costs relative to premiums earned.
- The Baltimore Bridge event resulted in an estimated loss of $19.8 million, impacting the overall financial performance.
- The market environment showed signs of rate deceleration, which could affect future profitability.
- Increased competition in the property market, particularly in the cat-exposed lines, could pressure margins.
- The casualty division experienced modest growth of only 5%, indicating potential challenges in this segment.
Good morning and good afternoon, everyone. Welcome to Conduit Re interim results for the first six months of 2024. The presentation will be covered by our CEO, Trevor Carvey; our CFO, Elaine Whelan; and our CUO, Greg Roberts. Noting the disclaimer on page 2, I give the floor to our CEO, Trevor Carvey, starting on page 3.
Thanks, Antonio, and I'm pleased to report that we have delivered a comprehensive income of $98.1 million for the half year, representing a return on equity of 9.9%. This compares with $78.6 million, 9.1% for the same period in 2023. This means our book value increased to $6.69 per share. So good year-on-year performance in what has been acknowledged a relatively active loss period for the industry.
We've grown strongly with gross premiums written of $737.8 million, a 36.1% increase in comparison to the same period last year, a good progression year on year, but with perhaps slightly more front
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