A Strong and Resilient Result
Key points
- Profit on ordinary activities before the impact of FX and tax of $247.1m (2020: loss of $235.5m).
- Combined ratio of 95.7%1 (2020: 112.7%2), including 15.51 percentage points (pps) of major losses (2020: 23.7pps2), a resilient result.
- Gross written premiums of $3,238.3m (2020: $2,424.4m), an increase of 31.8% over 2020 at constant FX rates.
- Risk adjusted premium rates increases on renewal business of 12.9% (2020: 10.6%), bringing the total increase since 1 January 2018 to 33.1%.
- Attritional ratio of 47.7%1, an improvement of 4.8 pps (2020: 52.5%2).
- Return on invested assets3 after fees of $171.9m or 3.3% (2020: $44.6m or 1.0%).
- Gain on sale of two subsidiaries of $22.0m (2020: nil).
- Return on net tangible assets of 19.4%4 (2020: negative 20.1%4).
- Balance sheet remains strong: adjusted net tangible assets5 of $1,740.6m (2020: $1,436.8m).
- Capital surplus increased by 81.2% to $617.9m (2020: $341.0m). Strong capital ratio6 of 139.1% (2020: 122.1%).
- A highly successful first year of trading for Ki, receiving a very positive reception from its broking partners and recording GWP of $395.6m.
- Continued focus on our ‘Leadership, Innovation, Distribution’ strategy, including:
- Combined our US operations under our Ambridge brand to create a single leading MGA;
- Acquired the remaining shares of Camargue Underwriting Managers (Proprietary) Limited;
- Continued to focus on our customers with the launch of our algorithm to enable a faster claims response to catastrophe events and our Direct Pay claims solution;
- Piloted the first continuous binder at Lloyd’s; and
- Launched the Keel Marine Consortium.
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