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Conduit Holdings' 2023 income to beat forecasts
(Sharecast News) - Bermuda-based reinsurer Conduit Holdings Limited (CHL) has revealed that 2023 income will be ahead of market estimates due to a positive revaluation of investments. In a brief performance update ahead of its annual report next month, the company explained that, in the second half of 2023, reductions in interest rates led to "substantial investment portfolio valuation gains".
As a result, "comprehensive income for the year is now estimated to be greater than current consensus forecasts", CHL said.
CHL, which will report its full-year results on 21 February, said last week in a trading statement that estimated ultimate premiums written totalled $582.4m in 2023, up 38% on 2022, helped by strong levels of renewing business with key partners, complemented by high quality new business.
"The quality and structure of the business being written is exactly where I want it to be, and our business platform is readily supporting our continued growth," said chief executive Trevor Carvey in a statement on 25 January.
The stock was up 1.4% at 471p by 1024 GMT.
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