APAC segment leads Canopius' premium growth with 35% increase

Canopius' APAC segment saw its contract written premiums reach $295m.

Canopius saw its insurance contract written premiums climb by 22% year-on-year (YoY)  to reach $2.80b, with its Asia Pacific business showing the fastest growth.

Geographic-wise, Canopius’ APAC segment saw the largest YoY increase in contract written premiums, with 35% annual increment reaching $295m. This was followed by US (21% to $513m) and the UK (19% to $2.0b).

A significant increase in profit after tax, totalling $363m in 2023 as opposed to $129m the previous year.

Tangible net asset value (TNAV) saw a marked rise, reaching $1.45b, up from $1.13b in 2022.

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Net insurance revenue exhibited a growth of 10%, reaching $1.77b in 2023 compared to $1.61b in 2022.

The group achieved a net combined ratio of 88.7% (undiscounted) and 83.9% (discounted).

Total investment return for the year amounted to 5.6%, totaling $173m, a notable improvement from the $80m loss in 2022.

The return on opening tangible equity (ROTE) stood at an impressive 32%. Also, Shareholders’ equity jumped 25% YoY to $1.6b.