Lancashire Holdings Limited has reported its results (under IFRS 17) for the six months ended 30 June 2023. It posted gross written premium of approximately £934m, up from £740m in the same period last year. Profit after tax jumped to £126m, up from last year’s figure of £24m.

Alex Maloney, group chief executive officer, said: “We are very pleased with our performance in the first half of 2023. Our long-term strategy to develop a more diversified and capital-efficient product portfolio is delivering the expected benefits, with a half year change in diluted book value per share of 12.2%.

“Our philosophy has always been to grow when market conditions are favourable, while maintaining our approach to underwriting discipline. During the first six months of 2023 we continued to take advantage of the strong underwriting environment with gross premiums written increasing 26.2% year-on-year. The undiscounted combined ratio was a healthy 79.2%, or 71.4% on a discounted basis.”

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