Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

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.

Share this article

Related Sharecast Articles

Billionaire Issa nearing deal to sell Asda stake to TDR Capital - report
(Sharecast News) - US private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
Billionaire Issa nearing deal to sell Asda stake to TDR Capital
(Sharecast News) - Private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
DS Smith tumbles as Mondi abandons pursuit
(Sharecast News) - DS Smith tanked on Friday after Mondi said it would not be making an offer for the rival packaging group, clearing the path for a takeover by International Paper.
Eqtec agrees amendment to Verde subscription
(Sharecast News) - Waste-to-energy technology developer Eqtec updated the market on the Verde Corporation subscription on Friday, confirming that an amendment to the subscription letter had been agreed upon with Verde.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.