12th November 2023

Lancashire Holdings announces Trading Statement for the Nine Months

Highlights are:
-Gross premiums written increased by 23.2% year-on-year to $1.6bn.
-IFRS 17 insurance revenue increased by 22.1% year-on-year to $1.1bn.
-Group Renewal Price Index (RPI) of 117%.
-Total net investment return, including unrealised gains and losses, of 2.8%.
-Capital return of up to $169m($119m in special dividend and up to $50m in buy-backs of Lancashire’s Common Shares) following strong operating performance year-to-date.
Alex Maloney, Group ceo, commented:
“During the first nine months of 2023, we have continued to successfully implement our long-term strategy to manage the market cycle and deliver strong profitable growth through a portfolio of diversified products.
Gross premiums written increased by 23.2% to $1.6bn in the year to date, with rates remaining extremely attractive across our product lines. We continue to expect a positive environment into 2024, with further opportunities for Lancashire.
Our investment returns have also continued to benefit from the higher interest rate environment and the short duration of our portfolio, with a total net investment return, including unrealised gains and losses, of 2.8% for the period.
Capital management and balancing risk and return have for a long time been at the heart of our strategy, and we continue to hold an extremely robust capital position.
Our disciplined underwriting, and successful diversification strategy, mean that we are in a position to pay out some of the capital generated to date, and still have the flexibility to fund further growth and realise our ambitions for this phase of the market cycle.
Following the strong operating performance in the year-to-date, I am pleased to report that the Board has approved a capital return of up to $169m, including $119m in special dividend and up to $50m in buy-backs.
Our previously announced plans to expand our international footprint further through Lancashire Insurance U.S. continue, and we are pleased with the progress we are making towards an underwriting launch in early 2024.
I am always impressed by the talent, hard work and dedication of our people across the Lancashire Group and I would like to thank them for their ongoing commitment to the business.
I would also like to thank our clients, brokers and shareholders for their continued support.”

Lancashire Trends(102 articles)