Canopius reports strongest underwriting result in history for 2023

Global specialty and P&C (re)insurer Canopius Group has revealed its profit after tax for 2023 reached $363 million, up from $129 million in 2022, with a combined ratio for the year of 88.7%.

Canopius’ insurance contract written premium also increased in 2023 to $2.8 billion, marking a rise of 22% from the previous year’s $2.29 billion. At the same time, the firm’s tangible net asset value increased to $1.45 billion, compared to $1.13 billion in 2022.

Meanwhile, Canopius’ net insurance revenue increased 10% to $1.77 billion for 2023, with a net combined ratio of 88.7% (undiscounted) and 83.9% (discounted).

The firm also saw a total investment return of 5.6%, amounting to $173 million, compared to a loss of $80 million in 2022.

Neil Robertson, Group Chief Executive Officer, Canopius Group, commented, “I am delighted with our 2023 results, achieving the strongest underwriting result in our history.

“Canopius has been able to deliver attractive underwriting profitability and business growth while undertaking major initiatives including adding substantial capabilities to our business.

“We have a clear vision against which we are executing our strategy – to deliver attractive and sustainable returns as a leading, dynamic international specialty and P&C (re)insurer, growing in areas where we have distinction or competitive advantage.

“I am pleased to report another year of strong delivery against this vision, and we are now establishing a track record of meeting our underwriting goals, quarter-on-quarter.”

Robertson continued, “Our 2023 results are a testament to the transformative work the business has undergone over the last two years.

“Our business leaders have been empowered, our operating models and systems enhanced and the accountability and transparency within our organisation has moved forward at pace.

“We have positioned the business to benefit from the broader industry tailwinds and in 2023 we continued to evolve our business, we materially strengthened our operational capabilities, our underwriting performance, and our structural growth prospects.”

Looking to 2024, Robertson noted that the year has started well for the firm, with attractive premium development, a positive rate, and a satisfactory reinsurance renewal. He added that while 2023’s result was very pleasing, Canopius’ journey continues.

“We recognise that for us to continue to deliver value to customers and shareholders we must strive for ever greater excellence and consistency,” he said.

Robertson concluded, “The broader rating environment remains dynamic and is being driven by several factors. This includes the sizeable shifts in reinsurance rate, capacity, terms and conditions, the ongoing inflationary impacts in claims and movements in interest yields.

“Decisive actions have been taken to accelerate delivery in the last few years and execution against our plans remains of utmost focus.

“Combined with a still positive overall rating environment, we look forward with confidence to navigating what 2024 brings and further developing our value proposition to drive consistent performance and build on our success and momentum achieved in 2023.”

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