Canopius reports 90.2% CoR as premiums rise to $3.5bn in 2024

Specialty and P&C insurer and reinsurer Canopius has reported a group undiscounted combined ratio of 90.2% for full year 2024, up on 2023’s 88.7%, while insurance contract written premium increased by 26% year on year to $3.53 billion, compared to FY’23’s $2.8 billion.

Canopius explains that the 26% premium growth witnessed in 2024 follows 22% growth in 2023, with strong momentum by product and geography.

The carrier generated a record result in 2024 with a return on equity of 28%, as profit after tax increased by 10% to $401.3 million in FY’24 compared to $363.4 million in the prior year.

At the same time, Tangible Net Asset Value rose 25% to $1.81 billion in 2024 from $1.45 billion in 2023.

Canopius generated net insurance revenue of $2.26 billion in 2024, an increase of 28% on the $1.77 billion reported in 2023.

As well as the slightly higher undiscounted combined ratio, Canopius generated a discounted combined ratio of 84.1% in 2024, up on the prior year’s 83.9%.

The re/insurer notes that its attritional loss experience “remains healthy” with a solid underlying accident year performance and positive prior year development.

Meanwhile, return on Opening Tangible Equity for 2024 was 27.7%, compared to 32% in 2023.

The firm’s total net investment return for 2024 was reported at 5.4%, amounting to $193.8 million, an increase on 2023’s $173.1 million.

Canopius reports that its balance sheet remains strong and strengthened substantially during 2024, with capital surplus over its capital requirements having risen by 31% to $651.3 million.

Neil Robertson, Group Chief Executive Officer, commented, “I am delighted with our 2024 results, achieving another record year of profitability. We have developed a consistent track record of returns and have the right framework, strategy and team to deliver profitable growth and attractive returns for our shareholders.

“Our strategy is to take an ambitious but disciplined approach to growing a sustainable international specialty and P&C (re)insurer in areas where we have or can have a distinction or competitive advantage. I am pleased to report another year of strong delivery against the goals we have set ourselves.

“While we expect 2025 to be a more challenging environment, we can look forward with confidence and are highly focused on building on our success and capitalising on the momentum we have achieved.”

Looking forward, the re/insurer explains that it still believes “there are many opportunities to improve and grow our business and we continue to be confident of the outlook for both for the coming year and into the future.”

“Our priorities for 2025 are to implement our refreshed three-year plan, continue to focus on our successful underwriting strategy and philosophy, and build on our strong financial base,” adds the company.

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