- Conduit Holdings Limited Com Shs (DI)
- 30 July 2025 08:49:24
Source: Sharecast
Conduit swung to a $13.5m comprehensive loss in the six months ended 30 June, down from a $98.1m profit a year earlier, as its combined ratio ballooned to 122.1% from 85.7%.
The FTSE 250-listed firm highlighted that the California wildfires alone made up nearly a third of the loss ratio, while adverse reserve development following a UK High Court ruling on aviation losses tied to the Russian invasion of Ukraine added further pressure.
Conduit noted that despite an 8.9% rise in gross premiums written to $803.3m and a 3.9% investment return, its reinsurance service result sunk to a $15.2m loss, driven by higher claims and finance costs. Diluted losses per share came to $0.09, down from earnings of $0.62 per share twelve months earlier.
Looking ahead, Conduit now expects a mid-single-digit return on equity for 2025, down from prior guidance, but reiterated its medium-term target of mid-teens returns.
As of 0845 BST, Conduit shares had sunk 17.19% to 318.00p.
Reporting by Iain Gilbert at Sharecast.com