Conduit
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Conduit (CRE) investor relations material

Conduit H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary18 Feb, 2026

Executive summary

  • Gross premiums written increased 6.9% year-on-year to $1.24 billion, with strong growth in casualty and stable property and specialty performance.

  • 2025 was a transitional year with significant management changes, including a strengthened executive team and new board chair.

  • The company absorbed the largest catastrophe loss in its history from California wildfires, impacting the combined ratio by 15.3 points.

  • Delivered comprehensive income of $116.8 million and an ROE of 11.1%, marking the third consecutive year of double-digit ROE.

  • Focused on portfolio rebalancing, reducing volatility, and maintaining capital discipline through share buybacks and dividends.

Financial highlights

  • Gross premiums written rose to $1.24 billion, up 6.9% year-on-year.

  • Comprehensive income was $116.8 million, with an ROE of 11.1%, down from $125.6 million and 12.7% in the prior year.

  • Net tangible assets per share increased 11.9% to $7.14, including dividends.

  • Investment return was 6.7%, generating $119.5 million of income; book yield at 4.2%.

  • Diluted EPS was $0.74, down from $0.79 in 2024.

Outlook and guidance

  • Growth expected to moderate in 2026 as the market softens, but pricing remains broadly adequate.

  • Entering 2026 with a more resilient portfolio and enhanced retrocession program to reduce volatility.

  • Focus remains on profitability and underwriting quality over top-line growth amid competitive market conditions.

  • Ongoing share buyback program and commitment to returning capital to shareholders.

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Frequently asked questions

Conduit Holdings Limited, together with its subsidiaries, engages in the reinsurance business. It underwrites property, casualty, and specialty reinsurance products. The company was incorporated in 2020 and is based in Hamilton, Bermuda

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