Canopius Group has announced a 10.4% increase in profit after tax for the fiscal year 2024, reaching $401.3 million. This marks a strong performance for the insurer, with growth driven by robust underwriting results and strategic business initiatives.
In addition to the profit growth, the company saw a 26% rise in insurance contract written premiums, totaling $3.53 billion. This growth was largely attributed to strong underwriting performance and the implementation of targeted expansion strategies across multiple markets.
The Asia-Pacific (APAC) region, in particular, showed a remarkable 28% increase in written premiums, reaching $377.3 million for FY 2024. Canopius highlighted that this growth was supported by multiple lines of business, with notable contributions from Australia and Singapore.
In Australia, the Accident & Health (A&H) segment benefited from higher travel volumes, while the company saw positive results from the first year of production following the acquisition of a team of treaty underwriters. Additionally, favorable conditions in Singapore’s reinsurance market further bolstered the region’s performance.
Net insurance revenue for Canopius also rose by 28% year-on-year, reaching $2.26 billion in FY 2024.
CEO Neil Robertson attributed the company’s strong results to disciplined underwriting practices and a clear, focused growth strategy. He emphasized the importance of sustainable growth within the specialty and property & casualty (P&C) reinsurance sectors. While Robertson acknowledged potential challenges for 2025, he expressed confidence in the company’s ability to sustain its momentum.
Looking to the future, Canopius plans to implement its three-year strategic plan, which will focus on expanding underwriting capabilities and continuing to build on its growth trajectory.
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