Global specialty and P&C re/insurer Canopius Group has revealed its annual financial results for the fiscal year ending December 31, 2023.
The company announced growth and profitability, highlighted by a 22% increase in insurance contract written premium to $2.80 billion, up from $2.29 billion in 2022. Additionally, it reported a notable profit after tax of $363 million, a rise from $129 million in the previous year.
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Key financial metrics also saw improvement, with tangible net asset value (TNAV) rising to $1.45 billion from $1.13 billion, and net insurance revenue expanding by 10% to $1.77 billion. The group’s net combined ratio stood at 88.7% (undiscounted) and 83.9% (discounted).
Total investment return rebounded to 5.6%, totaling $173 million, a recovery from an $80 million loss in 2022. The return on opening tangible equity (ROTE) reached 32%.
Canopius Group also noted improvements in regional profitability following a transformative period, with growth and profitability reported across its UK, US & Bermuda, and APAC business regions. The absence of large catastrophe claims also contributed to a strong underwriting result.
This financial position was recently recognized by AM Best, which upgraded Canopius’ outlook from negative to stable, maintaining an A- (excellent) rating.
Neil Robertson, Canopius Group’s chief executive officer, expressed satisfaction with the year’s outcomes.
“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,” he said.
Looking ahead to 2024, Robertson remained optimistic about continuing the company’s success, citing attractive premium development and positive reinsurance renewals.
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