London, 6 August 2026 – Canopius Group, a leading international Specialty and P&C (re)insurer, today announced its financial results for the half-year ended 30 June 2026.
Key highlights include:
- Insurance Contract Written Premium increased by 10% to $2.66bn (1H25: $2.41bn)
- Net insurance revenue increased by 15% to $1.59bn (1H25: $1.39bn)
- Undiscounted net combined ratio of 87.3% (1H25: 89.7%)
- Discounted net combined ratio of 82.3% (1H25: 84.0%)
- Profit after tax increased by 76% to $391m (1H25: $222m)
- Profit after tax (excluding sale of Vave) increased by 18% to $261m (1H25: $222m)
- Tangible Net Asset Value (TNAV) increased to $2.50bn (YE 2025: $2.24bn)
- Annualised Return on Opening Tangible Equity (ROTE) of 23.2% (1H25: 24.5%)
Neil Robertson, Group Chief Executive Officer, said:
“At Canopius, we have a deliberate and sustainable strategy that is focused on delivering attractive returns through the cycle by expanding in areas where we have a competitive edge or differentiated capabilities. Despite more challenging market conditions, our clear strategy and focus on consistent and disciplined execution has again allowed us to deliver portfolio growth and strong underwriting profitability.
“Our foundation of underwriting excellence and operational efficiency, complemented by a strong performance culture, leaves the Group well placed to capitalise on the attractive fundamentals of our industry and take further advantage of emerging opportunities. We believe that this will allow us to sustain our track record of profitable growth with attractive returns.”
Momentum continues into 2026
“The year has started positively after a hugely successful 2025. Despite a more challenging trading environment, the breadth and diversity of our business and the momentum we have generated in recent periods continues to be reflected in premium growth and ongoing rate adequacy. Once again, we delivered growth across all business regions — the UK, US, Bermuda, and APAC — achieving year-on-year growth of 10%, a result of which we are collectively proud.
“Our balance sheet has strengthened once again this half year, giving us the flexibility to invest selectively, support our clients and pursue opportunities from a position of strength. Our reserving position is robust and has strengthened further, while our tangible net assets have grown by 12% to $2.50bn. Our high-quality and well-matched investment portfolio continues to deliver strong levels of income with low volatility as our asset base grows.”
Focusing on our value proposition
“We remain committed to driving excellence and consistency across our business and to generate lasting value to our customers and shareholders. During the first half of the year, we have again delivered further improvements to our value proposition while continuing to build on our Talent Manifesto to ensure people and culture remain at the heart of our business. We have opened our new Centre of Operational Excellence in Manchester, UK, welcomed many new talented colleagues into the business and built on our data-analytics capability.
“As market competition intensifies, we will continue to apply a disciplined and selective approach to capital allocation with a strongly held commitment to pricing integrity. The strength and agility of our underwriting platforms and the resilience of our balance sheet leave us confident in our ability to navigate challenges ahead and further develop our growth and profitability over the remainder of the year.”
Group 1H 2026 Financial Results commentary
CEO’s statement
The strong increase in profit after tax was driven by continued positive performance across a range of metrics and the sale of Vave.
On 1 April 2026, Vave Holdings Limited was sold to a subsidiary of Acrisure LLC. A non-recurring gain on this sale was recorded based on the probable consideration and booked within “Fees, commissions and other income”. The ultimate amount received remains subject to change as it is subject to contingent payments based upon performance.
Excluding the non-recurring gain on the sale of Vave, profit after tax increased by 18% to $261m, with higher revenues together with better underwriting ratios being the primary drivers of the uplift in profitability against the prior period.
Our underwriters remain focused on delivering profitable growth and Canopius has maintained its strong momentum of recent periods, notwithstanding ongoing rate pressure in selected product areas. Attractive organic growth has been recorded across all geographic regions whilst maintaining our underwriting discipline.
The reduction in our undiscounted loss ratio during the period reflects low levels of industry-wide catastrophe activity during the first half of 2026 and good current year attritional loss ratios, despite absorbing several significant market events in Energy and Aviation, a market-wide deterioration in Baltimore Bridge estimates and losses from the Middle East conflict. There was further favourable development on both current and prior accident years, demonstrating the robustness of our reserving approach.
Changes in business mix during the period contributed to a small rise in acquisition costs. Our disciplined approach to expense management, supported by top-line growth, has allowed a stable administrative expense ratio while still allowing us to make investments in the business.
Positive cash flows and an expanding asset base allowed high-quality recurring investment income to grow once again. However, due to the rise in yields during the period, some fair value losses were recorded, whereas in the prior period there were fair value gains. Our asset-liability matching strategy, aimed at reducing interest rate volatility in the income statement, again allowed for offsetting gains through the Net Insurance Financial Result.
Our profit after tax (excluding the sale of Vave) of $261m represents an annualised 23.2% ROTE with our tangible net asset value increasing by 12% to $2.50bn from $2.24bn at year-end.
Our balance sheet remains strong: reserves are struck conservatively; we have low levels of exposure to longer tail classes; we have a conservative investment portfolio; and our capital surplus is robust.
In 1H26, Insurance Contract Written Premium grew by 10% to $2.66bn, with good contributions across most of our geographic and product segments. Despite rates being down 7% across our portfolio, we have been able to deliver meaningful organic growth across our business, underpinned by continuing rate adequacy.
Property saw strong competition on rate, particularly in D&F, but we were still able to achieve some underlying growth from our delegated authorities. Casualty saw better rate as well as organic growth. Specialty continues to perform satisfactorily in a relatively stable rate environment. Portfolio Solutions has again seen substantial development from our new broker facilities, including in the US, and growth in existing ones. Financial Lines saw good growth from increasing submission volume. Cyber, despite rate pressure, continues to perform well. Reinsurance performed satisfactorily thanks to active portfolio management, despite considerable pressure on rate. Natural Resources is a class that continues to suffer from over-capacity and pressure on signings.
The UK has shown positive performance in the first half of the year. While much of the portfolio is seeing rate pressure in a competitive environment, our propositions continue to be well received by the market. We remain disciplined where we are unable to achieve our required rate.
In the US, our Portfolio Solutions business continues to attract significant interest from the wholesale market, and we remain excited about the growth opportunity. Property has seen pressure on rate, although rate adequacy remains robust. Casualty continues to perform well, while Cyber, Specialty and Financial Lines continue to develop positively. Overall, we remain confident in the US E&S market, and we expect further opportunities to expand both our product offerings and distribution capability.
In Bermuda, we non-renewed several significant contracts based on price, but our operations continue to benefit from the addition of new underwriting capabilities and a broader base of clients and lines of business. We see opportunities to expand further, and now that our foundations have been laid, we remain confident that we can continue to build a strong and increasingly profitable operation.
APAC has once again seen solid growth as the business continues to develop its Property & Casualty, Reinsurance and Specialty offerings across the region. We continue to maintain a good pipeline of business and strong retention.
Looking ahead, we anticipate our positive performance to continue into the second half of the year, albeit that trading conditions continue to be challenging. Significantly, rate adequacy remains robust across the portfolio and our presence in structural growth markets – combined with our diversified business model across product classes and geographies – positions us well to continue to allocate capital efficiently into profitable, expanding markets.
Neil Robertson
Group Chief Executive Officer
Note: unless otherwise stated, all figures are on IFRS 17 basis. Numbers in tables may not add up due to rounding.