A strong and robust underwriting result and significant growth
- Combined ratio1 of 96.6% (2021: 95.7%) and an underwriting profit of $95.4m (2021: $90.6m).
- GWP of $3,970.0m, an increase of 24.7% over 2021 ($3,238.3m) at constant rates of exchange.
- Risk adjusted premium rates increases on renewal business of 12.4% (2021: 12.9%), giving an compound increase since 1 January 2018 of 54.1%.
- A strong full year attritional ratio1 of 51.0% (2021: 47.7%).
- Major losses of $338.5m, impacting the CoR by 12.0pps (2021: $324.4m / 15.5pps).
- Investment return2 of -$132.1m or -2.3%, including $131.5m of unrealised losses, reflecting the market conditions (2021: gains of $171.9m or +3.3%).
- Result on ordinary activities before tax and FX of -$92.8m (2021: +$247.1m) and result after tax of -$96.3m (2021: +$236.9m).
- Return on net tangible assets of -3.6%3 (2021: +19.4%).
- Capital position remains strong, with our capital surplus increasing to $709.8m (2021: $617.9m). Strong capital ratio4 of 152.8% (2021: 139.1%).
- A highly successful second year of trading for Ki, recording GWP of $834.1m (2021: $395.6m), an increase at constant FX rates of 115.4%, and a combined ratio of 99.4%.
- Key developments include:
- Agreed the sale of our Ambridge MGA companies to Amynta Group;
- Executed our catastrophe strategy;
- Relaunched our Data and Digital strategy, supported by our new CTO and CDO; and
- Continued to focus on our customers through claims innovation, including deploying our algorithm to enable a faster claims response following Hurricane Ian, and by launching the Direct Pay payment solution in the US.