Conduit Holdings Limited (CHL) has reported its interim results for the six months ended 30 June 2024, showcasing comprehensive income of $98.1 million and a Return on Equity (RoE) of 9.9%. The company experienced a robust year-on-year growth in gross premiums written, amounting to 36.1%, and achieved a combined ratio of 75.1%. An interim dividend of $0.18 per common share has been declared.
Trevor Carvey, Chief Executive Officer, highlighted the company's performance, stating, "Our 36.1% premium growth reflects our well-established distribution channels and our maintenance of underwriting discipline." The property and specialty lines, particularly the non-catastrophe exposed lines, attracted attention and capital deployment. In the casualty segment, the company's book continued to support a balanced underwriting portfolio.
The financials for the six months ended 30 June 2024 showed significant growth in gross premiums written, reinsurance revenue, net reinsurance revenue, reinsurance service result, and comprehensive income compared to the same period in 2023. The return on equity for the period was 9.9%, with a net loss ratio of 62.4% and a reinsurance operating expense ratio of 8.1%.
Looking ahead, CHL anticipates favorable market conditions across its targeted business classes, with property and specialty lines providing continued opportunities for growth. The company's established distribution channels are expected to deliver a healthy pipeline of new and repeat business. Additionally, the company remains well-capitalized to continue growing its premium base and delivering attractive shareholder returns.
The underwriting update revealed that gross premiums written for the six months ended 30 June 2024 saw significant growth across property, casualty, and specialty segments. Pricing levels and terms and conditions remained attractive during this period, with the non-catastrophe elements of property and specialty presenting good opportunities for selective growth.
Greg Roberts, Chief Underwriting Officer, emphasized the underwriting team's drive to work with partners to deliver solutions in a dynamic market. He noted that while rate increases have tempered, current rating levels benefit from several years of compounding and robust pricing levels achieved across the lines of business in which the company operates.
In summary, Conduit Holdings Limited's interim results reflect substantial growth and a strong underwriting performance, positioning the company for continued success in the reinsurance market.