Canopius Group has reported its financial results for the first half of 2025, recording a 24% year-over-year increase in profit after tax to US$222 million.
The international specialty and property and casualty re/insurer reported growth across premium volumes, revenue, and profitability.
Insurance contract written premium rose 31% to US$2.41 billion, up from US$1.84 billion in the first half of 2024. Net insurance revenue reached US$1.39 billion, an increase of 42% from US$980 million in the prior-year period.
The group posted an undiscounted combined ratio of 89.7%, compared to 91.3% in the first half of 2024. On a discounted basis, the combined ratio improved to 84.0% from 85.4%.
Tangible net asset value increased to US$2.04 billion, up from US$1.81 billion at year-end 2024. Annualized return on opening tangible equity rose slightly to 24.5%, compared to 23.9% in the prior period.
Canopius’ first-half performance followed a record-setting 2024, when the company reported US$401.3 million in profit after tax and achieved a return on tangible equity of 27.7%. Written premiums for the year reached US$3.53 billion.
Group CEO Neil Robertson (pictured above) said that Canopius is focused on delivering returns through expansion in areas where it holds competitive or differentiated capabilities.
“The ongoing enhancement of our operational capabilities combined with our disciplined underwriting approach continues to position us well to take further advantage of emerging opportunities and sustain our profitable growth,” Robertson said.
Canopius noted that its UK business delivered a stable performance, with competitive pressure in certain parts of the portfolio. The company said it remains focused on rate discipline where pricing does not meet internal thresholds.
Growth in the UK was supported by new and existing broker facilities under its portfolio solutions segment. The casualty segment contributed to underlying growth, while the cyber business in professional lines continued to expand despite rate pressure. Specialty lines showed progress across several areas.
In the US, the insurer reported rate pressure in direct and facultative (D&F) property but said rate adequacy remains in place. Cyber growth continued, while exposure in more competitive classes – such as financial lines – was reduced.
The company reiterated its intent to expand its presence in the US excess and surplus (E&S) market, citing opportunities to grow both product offerings and distribution.
Bermuda operations benefited from new underwriting capabilities and a broadened client and product base. Canopius said it sees further opportunity to develop its platform in the region.
In Asia-Pacific, Canopius saw continued expansion across property, casualty, reinsurance, and specialty lines. The firm reported a solid pipeline and high retention rates across the region.
The group’s financial trajectory has also drawn increased backing from strategic investors. Earlier this year, Samsung Fire & Marine Insurance increased its equity stake in Canopius to 40% through an additional investment.
Looking ahead to the second half, the group expects to maintain performance levels. It said rate adequacy remains strong, and that its diversified business across geographies and product classes positions it to deploy capital into markets that offer profitable growth.
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