Canopius profits surge 53% in H1 2024

Insurance contract written premiums also climbed 23% YoY.

Canopius saw its profit after tax surge 53% year-on-year (YoY) to $179m in H1 2024, up from $117m in the first half of 2023. 

It recorded a 23% YoY increase in Insurance Contract Written Premiums, reaching $1.84b, up from $1.50b in the first half of 2023. Net insurance revenue also saw a 24% YoY rise to $0.98b, compared to $0.79b in the same period last year.

The group reported a net combined ratio of 85.4% on a discounted basis, an improvement from 86.9% in 1H23. 

Neil Robertson, Group Chief Executive Officer, highlighted the company's maintaining growth and profitability across its key regions—the UK, U.S. & Bermuda, and APAC. 

“There were limited large catastrophe claims in the first half, although as in 2023 there were a significant number of smaller catastrophe events from severe convective storms, wildfires, floods and man-made claims. Attritional loss experience remains strong, including positive current and prior year developments and investment return from our high-quality investment portfolio continues to trend positively,” Robertson said.