On 18 February 2025 Conduit Holdings Limited's Board of Directors declared a final dividend of $0.18 (approximately 14 pence using the exchange rate on 18 February 2025) per common share, resulting in an aggregate payment of $29.7 million. The dividend will be paid in pounds sterling on 17 April 2025 to shareholders of record on 21 March 2025 (the "Record Date") using the pound sterling / US dollar spot exchange rate at 12 noon BST on the Record Date.
Key highlights:
- Results for the year ended 31 December 2024
- 24.8% increase in gross premiums written to $1.16 billion (2023: $0.93 billion)
- Deliberate and targeted growth achieved across all three segments as the business continued to see opportunities in its target classes
- In an dynamic market, the business saw continued rate increases: overall risk-adjusted rate change of +1% (net of claims inflation)
- 2024 discounted combined ratio of 86.0% (2023: 72.1%) in a high catastrophe year - includes the impact of Hurricanes Helene and Milton as well as a series of elevated risk losses
- Enhanced operating leverage: total reinsurance and other operating expense ratio reduced to 12.7% (2023: 13.9%)
- Continuing to see the benefits of asset accumulation on the balance sheet: net investment income of $65.0 million (+57.4% on 2023)
- Comprehensive income of $125.6 million, resulting in a 12.7% return on equity in a high catastrophe year
- Final dividend of $0.18 (approximately 14 pence) per common share, taking the full 2024 dividend to $0.36 (approximately 28 pence) per common share, in line with our stated dividend policy
- Tangible net assets per share of $6.70 (£5.35) as at 31 December 2024 increased 12.9% including dividends paid during the year (31 December 2023 - $6.25 or £4.91)
