Conduit (CRE) Q3 2025 TU earnings summary

Executive summary

• Gross premiums written grew 8.5% year-over-year to $1,039.1 million for the first nine months of 2025, with all segments contributing and strongest growth in Casualty.

• Net investment return reached 5.4% year-to-date, supported by strong net investment income and unrealised gains from lower treasury yields.

• Leadership strengthened with appointments of a new Chief Underwriting Officer and Independent Non-Executive Director.

• Q3 2025 saw benign loss activity after significant catastrophe losses in H1; prior loss estimates remain stable.

• 2025 marked as a transitional year with strategic focus on underwriting resilience and leadership enhancement.

Financial highlights

• Gross premiums written: $1,039.1 million (+8.5% year-over-year); Property up 6.0%, Casualty up 20.2%, Specialty up 2.2%.

• Reinsurance revenue increased 12.6% to $662.4 million year-over-year.

• Investment portfolio reached $2 billion, up $350 million over the last 12 months.

• Book yield: 4.2%; market yield: 4.3%; portfolio duration: 2.8 years; average credit quality: AA.

• Investment portfolio comprised 90.8% fixed maturity securities and 9.2% cash/cash equivalents as of 30 September 2025.

Outlook and guidance

• Reaffirmed mid single digit ROE guidance for 2025, with growth expected to moderate in 2026 as pricing softens.

• Anticipates further moderation in growth and a shift towards more excess of loss business, especially in Property.

• Focus remains on underwriting quality, portfolio resilience, and capital management, including resuming share buybacks.

• Share buyback programme resumed, with up to $50 million approved until May 2026.