Conduit RoE improves amid 'strong' growth in gross written premiums

31st Jul 2024 09:32

(Sharecast News) - Reinsurance business Conduit said on Wednesday that its return on equity had improved in the six months ended 30 June, driven by "strong" year-on-year growth in gross written premiums.

Conduit recorded a comprehensive income of $98.1m for the first half, up 24.8% year-on-year, while gross written premium rose 36.1% to £737.8m and return on equity grew from 9.1% to 9.9%.

Looking forward, Conduit said market conditions remained "favourable" across the business classes it targets, with property and specialty lines, in particular, providing continued opportunities for growth.

Chief executive Trevor Carvey said:: "In another active period for industry loss events we are pleased to have produced an RoE of 9.9% for the half year. Our 36.1% premium growth reflects our well-established distribution channels and our maintenance of underwriting discipline.

"Property and specialty, in particular the non-catastrophe exposed lines, again attracted our attention and capital deployment. In casualty, while industry underwriting margins are tighter in our view, our casualty book is continuing to support our balanced underwriting portfolio."

As of 0930 BST, Conduit shares were up 1.61% at 531.40p.

Reporting by Iain Gilbert at Sharecast.com