On 22 February 2023 CHL's Board of Directors declared a final dividend of US$0.18 (approximately 15 pence) per common share, resulting in an aggregate payment of $28.8 million. The dividend will be paid in pounds sterling on 21 April 2023 to shareholders of record on 24 March 2023 (the "Record Date") using the pound sterling / US dollar spot exchange rate at 12 noon BST on the Record Date.
CHL previously declared and paid an interim dividend during 2022 of US$0.18 (approximately 15 pence) per common share. Consequently, the full 2022 dividend is $0.36 (approximately 30 pence) per common share in line with their stated dividend policy.
Other Financial Highlights:
• Gross premiums written for the twelve months ended 31 December 2022 of $637.5 million, up 68.3% from the prior year
• Net premiums earned increased by 148.4% to $482.3 million reflecting strong renewals and significant new business, plus continued recognition of quota share premiums from the prior year
• In Conduit's second year of operation, in a year with extreme natural catastrophe and man-made losses for the industry, Conduit Re's balanced and diversified portfolio recorded a small underwriting profit of $0.3 million
• Conduit Re's estimated ultimate losses, net of reinsurance recoveries and reinstatement premiums, from Hurricane Ian and from the Ukraine crisis remain in line with previous announcements
• Net acquisition expense ratio reduced by 2.2 percentage points versus the prior year to 28.2% (from 30.4% in 2021)
• Other operating expense ratio of 7.1% on a continued downwards path due to increasing economies of scale and maturity of earnings
• High quality investment portfolio with average credit quality of AA; book yield 2.4%, market yield 5.2%
• Net investment loss of $52.8 million which includes net unrealised losses of $67.8 million
• Short 2.2-year duration of portfolio; opportunity to reinvest at higher interest rates
