Final Results
FY25 gross premiums grew 6.9% but California wildfires caused largest loss in company history, resulting in 11.1% RoE
| Full year to 31 Dec 2025 | Now | Year before | Change |
|---|---|---|---|
| Operating profit | £89.6m | £99.2m | −9.7% |
| Net income | £88.6m | £98.3m | −9.8% |
| Cash from operations | £274.4m | £318.7m | −13.9% |
| Cash | £251.9m | £249.6m | +0.9% |
| Insurance revenue | £680.9m | £636.7m | +6.9% |
| Combined ratio | 89.1% | 86.0% |
Figures as reported, converted to £ where needed – see all financials.
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Growth in gross premiums written of 6.9%
Strong net investment return of 6.7%
Return on equity of 11.1%
Conduit Holdings, the ultimate parent company of Conduit Re, a multi-line Bermuda-based reinsurance business, today presents its preliminary results for the year ended 31 December 2025.
Neil Eckert, Chief Executive Officer, commented: "After a difficult start to 2025, we are pleased to have delivered an 11.1% RoE for the year. The result reflects our loss exposure to the California wildfires, the largest absorbed loss in Conduit's history, and our post‑event retrocession purchases. Our earnings were supported by strong investment performance, with a 6.7% net return and 24.2% growth in net investment income over 2024, and benign claims activity during the second half of 2025.
We have renewed our core retrocession programme for 2026 with enhanced coverage for peak and secondary perils, such as the California wildfires, to improve our portfolio resilience and better manage earnings volatility. This has been a critical body of work, alongside the strengthening of our team.
Conduit has had a successful January renewal season. We attracted select new business while continuing to support our key partners in a more meaningful way. At the same time, underwriting discipline remains our priority. As markets softened in 2025 and into 2026, our growth rate has moderated as we have reduced or exited business that did not meet our pricing or performance standards. Against the backdrop of more competitive market conditions, we are pleased with the start to 2026.
Moving forward, we will carefully deploy our capital or return it to shareholders as appropriate. Our balance sheet remains strong and we continue to have appetite for share repurchases."
Year ended 31 December
| Key financials ($m) | 2025 | 2024 | Change |
|---|---|---|---|
| Gross premiums written 1 | 1,243.0 | 1,162.4 | 6.9% |
| Reinsurance revenue | 897.1 | 813.7 | 10.2% |
| Net reinsurance revenue | 778.0 | 720.0 | 8.1% |
| Reinsurance service result | 109.9 | 131.6 | (16.5)% |
| Net investment result | 119.5 | 66.1 | 80.8% |
| Comprehensive income | 116.8 | 125.6 | (7.0)% |
| Financial ratios (%) | 2025 | 2024 | Change (pps) |
| Return on equity | 11.1 | 12.7 | (1.6) |
| Net loss ratio (discounted) | 77.5 | 73.3 | 4.2 |
| Reinsurance operating expense ratio | 8.4 | 8.4 | - |
| Other operating expense ratio | 3.2 | 4.3 | (1.1) |
| Combined ratio (discounted) | 89.1 | 86.0 | 3.1 |
| Combined ratio (undiscounted) | 101.5 | 97.1 | 4.4 |
| Total net investment return | 6.7 | 4.0 | 2.7 |
| Per share data ($) | 2025 | 2024 | Change |
| Tangible net assets per share | 7.14 | 6.70 | 0.44 |
| Dividends per common share for financial year | 0.36 | 0.36 | - |
| Diluted earnings per share | 0.74 | 0.79 | (0.05) |
Key highlights:
- Gross premiums written for the year ended 31 December 2025 of $1,243.0 million, a 6.9% increase over the year ended 31 December 2024, with growth driven by the Casualty segment
- Overall portfolio risk adjusted rate change of (3)%, net of claims inflation, reflects stable conditions in Casualty, balanced with softening prices in Property and Specialty
- Our undiscounted combined ratio of 101.5% for the year ended 31 December 2025 reflects a highly active period of natural catastrophe events and risk losses for the industry during the first half of the year, with a 15.3% contribution from the California wildfires
- Net investment result of $119.5 million for the year ended 31 December 2025 for a return of 6.7%, including a strong increase in net investment income due to a growing investment portfolio and unrealised gains
- Comprehensive income of $116.8 million, resulting in an 11.1% return on equity in a high catastrophe year
- Final dividend of $0.18 (approximately 13 pence) per common share, taking the full 2025 dividend to $0.36 (approximately 26 pence) per common share
- Share repurchases under the authorised buyback programme totalled $12.5 million during the year ended 31 December 2025, with an additional $5.4 million completed through 17 February 2026
- Tangible net assets per share of $7.14 (£5.30) as at 31 December 2025 increased 11.9%, including dividends paid during the year (31 December 2024: $6.70 or £5.35); the small decline in tangible net assets per share in GBP is due to the change in GBP:USD exchange rates during the period
Outlook:
- Successful January renewal season where we experienced a strong flow of new excess of loss and quota share opportunities, while we also exited or reduced treaties that did not meet our pricing requirements
- Market conditions remain adequate in most lines of business, although continued softening could lead to moderating premium growth rates over the course of the year, particularly in Property and Specialty segments
- In January we renewed and enhanced our core retrocession programme, with a reduced net retention for peak and secondary perils compared to the initial programme in the prior year
- Continued growth in our managed investments is expected to support strong net investment income
- Our balance sheet remains strong with an estimated BSCR ratio of 252% as at 31 December 2025; we continue to have flexibility to deploy or return capital depending on the opportunities we see in the market
Underwriting update
Premiums
Gross premiums written for the year ended 31 December 2025:
| 2025 | 2024 2 | Change | Change | |
|---|---|---|---|---|
| Segment | $m | $m | $m | % |
| Property | 659.4 | 645.1 | 14.3 | 2.2% |
| Casualty | 392.3 | 318.9 | 73.4 | 23.0% |
| Specialty | 191.3 | 198.4 | (7.1) | (3.6)% |
| Total | 1,243.0 | 1,162.4 | 80.6 | 6.9% |
During the year ended 31 December 2025, gross premiums written were $1,243.0 million compared to $1,162.4 million for 2024. We delivered strong growth in Casualty, modest growth in Property and a slight decline in Specialty gross premiums written. The growth in Casualty primarily reflects increases in general third-party liability business with preferred partners. Property growth has slowed throughout the year, reflecting softening prices and more competitive conditions. Specialty experienced a slight decline as we have reduced our growth in lines experiencing more pressure on pricing and terms.
Pricing
Following multiple years of compounding rate increases, pricing levels and terms and conditions softened in most classes of business. Certain Casualty lines continued to benefit from market correction driven by reserve deterioration and loss emergence, primarily from pre-2020 years before Conduit commenced business. Market conditions across the Property and Specialty segments reflected increased competition following significant pricing increases and strong profitability for the industry over the past several years.
Conduit Re's overall risk-adjusted rate change for the year ended 31 December 2025, net of claims inflation, was (3)% and by segment was:
| Property | Casualty | Specialty | ||
|---|---|---|---|---|
| (5)% | 1% | (5)% | ||
| Net reinsurance revenue | ||||
| For the year ended 31 December 2025: | ||||
| Property | Casualty | Specialty | Total | |
| $m | $m | $m | $m | |
| Reinsurance revenue | 494.5 | 256.6 | 146.0 | 897.1 |
| Ceded reinsurance expenses | (107.9) | (1.2) | (10.0) | (119.1) |
| Net reinsurance revenue | 386.6 | 255.4 | 136.0 | 778.0 |
| For the year ended 31 December 20243: | ||||
| Property | Casualty | Specialty | Total | |
| $m | $m | $m | $m | |
| Reinsurance revenue | 461.1 | 217.4 | 135.2 | 813.7 |
| Ceded reinsurance expenses | (81.7) | (1.4) | (10.6) | (93.7) |
| Net reinsurance revenue | 379.4 | 216.0 | 124.6 | 720.0 |
Reinsurance revenue for the year ended 31 December 2025 was $897.1 million compared to $813.7 million for 2024. The increase in reinsurance revenue relative to the prior year was due to continued growth in the business plus the earn-out of premiums from prior underwriting years.
Ceded reinsurance expenses for the year ended 31 December 2025 were $119.1 million compared to $93.7 million for 2024. The increase in cost relative to the prior year reflected additional limits purchased due to the growth of the inwards portfolio exposures, as well as broader outwards protections bought during the year related to secondary perils.
Net reinsurance service expenses
For the year ended 31 December 2025:
| Property | Casualty | Specialty | Total | |
|---|---|---|---|---|
| $m | $m | $m | $m | |
| Reinsurance losses and loss related amounts | (305.9) | (187.3) | (130.0) | (623.2) |
| Reinsurance operating expenses | (41.3) | (15.5) | (8.4) | (65.2) |
| Ceded reinsurance recoveries | 2.3 | - | 18.0 | 20.3 |
| Net reinsurance service expenses | (344.9) | (202.8) | (120.4) | (668.1) |
| For the year ended 31 December 20244: | ||||
| Property | Casualty | Specialty | Total | |
| $m | $m | $m | $m | |
| Reinsurance losses and loss related amounts | (274.0) | (156.7) | (100.2) | (530.9) |
| Reinsurance operating expenses | (39.3) | (14.0) | (7.2) | (60.5) |
| Ceded reinsurance recoveries | (0.4) | - | 3.4 | 3.0 |
| Net reinsurance service expenses | (313.7) | (170.7) | (104.0) | (588.4) |
Net reinsurance losses and loss related amounts
2025 was another highly active period of natural catastrophe events and risk losses for the reinsurance industry, including the California wildfires, severe convective storms in the United States and several aviation losses, among others. The most significant event was the California wildfires which impacted the Los Angeles area in January 2025. Our undiscounted net loss attributed to the wildfires, net of reinsurance and reinstatement premiums, was $119.1 million. The California wildfires contributed 15.3% to our undiscounted net loss ratio. Absent this event our undiscounted net loss ratio would have been 74.6%.
2024 was also an above average year of loss activity for the industry. Hurricanes Helene and Milton made landfall in the United States, and there was also elevated activity across smaller and mid-size natural catastrophe and large risk events, such as the Baltimore Bridge.
Our discounted net loss ratio for the year ended 31 December 2025 was 77.5% compared with 73.3% for the 2024 year, while our undiscounted net loss ratio was 89.9% and 84.4% respectively. The increase for the year ended 31 December 2025 was primarily related to the California wildfires.
Our undiscounted ultimate loss estimates, net of ceded reinsurance and reinstatement premiums, for previously reported loss events remained broadly stable. The inherent uncertainty in estimating the net liability for incurred claims gives rise to favourable or adverse development. During the year ended 31 December 2025 the favourable development in the discounted net liability for incurred claims for prior accident years was $14.1 million (31 December 2024: $4.3 million).
Our loss and reserve estimates have been derived from a combination of reports and statements from brokers and cedants, modelled loss projections, pricing loss ratio expectations and reporting patterns, all supplemented with market data and assumptions. We continue to review these estimates as more information becomes available.
Reinsurance operating expenses and other operating expenses
For the year ended 31 December 2025:
| 2025 | 2024 | Change | Change | |
|---|---|---|---|---|
| $m | $m | $m | % | |
| Reinsurance operating expenses | 65.2 | 60.5 | 4.7 | 7.8% |
| Other operating expenses | 24.8 | 30.8 | (6.0) | (19.5)% |
| Total reinsurance and other operating expenses | 90.0 | 91.3 | (1.3) | (1.4)% |
| 2025 | 2024 | Change | ||
| % | % | (pps) | ||
| Reinsurance operating expense ratio | 8.4 | 8.4 | - | |
| Other operating expense ratio | 3.2 | 4.3 | (1.1) | |
| Total reinsurance and other operating expense ratio | 11.6 | 12.7 | (1.1) |
Reinsurance operating expenses includes brokerage and operating expenses deemed attributable to reinsurance contracts.
Total reinsurance and other operating expenses were $90.0 million for the year ended 31 December 2025 compared with $91.3 million for the prior year. The reinsurance operating expense ratio was in line with the prior year, while the decrease in the other operating expense ratio was mainly due to the substance-based tax credits resulting from the Bermuda Tax Credit Act 2025, enacted during December 2025. Conduit has recognised tax credits of $6.9 million (2024: nil) in the statement of comprehensive income with these credits treated as a reduction in reinsurance and other operating expenses.
Net reinsurance finance income (expense)
For the year ended 31 December 2025:
| 2025 | 2024 | Change | |
|---|---|---|---|
| $m | $m | $m | |
| Net interest accretion | (61.1) | (37.6) | (23.5) |
| Net change in discount rates | (16.1) | 6.8 | (22.9) |
| Net reinsurance finance income (expense) | (77.2) | (30.8) | (46.4) |
The net reinsurance finance expense was $77.2 million for the year ended 31 December 2025 compared with $30.8 million for the prior year. The unwind of discount made up most of the expense in both years, increasing in 2025 in line with growing balance sheet reserves. There was some additional expense in 2025 related to the decrease in discount rates as we re-measured to those lower rates, while 2024 benefited from an increase in discount rates in the latter part of 2024.
Investments
In line with our stated strategy, we continue to maintain a relatively conservative approach to managing our invested assets with a strong emphasis on preserving capital and liquidity. Our strategy remains maintaining a short duration, highly-rated portfolio, with due consideration of the duration of our liabilities. Our investment portfolio does not hold any derivatives, equities or alternatives.
The investment return for the year ended 31 December 2025 was 6.7% driven by net investment income from a growing portfolio, and unrealised gains due to a decrease in yields. For 2024 the portfolio returned 4.0% driven mainly due to net investment income.
Net investment income, excluding realised and unrealised gains and losses, was $80.7 million for the year ended 31 December 2025 (31 December 2024: $65.0 million), or an increase of 24.2%, driven by growth in cash and investment balances year on year. Total investment return, including net investment income, net realised gains and losses, and net change in unrealised gains and losses, was $119.5 million (31 December 2024: $66.1 million).
The breakdown of the managed investment portfolio is as follows:
| As at 31 December 2025 | As at 31 December 2024 | |
|---|---|---|
| Fixed maturity securities | 88.3% | 85.8% |
| Cash and cash equivalents | 11.7% | 14.2% |
| Total | 100.0% | 100.0% |
Key investment portfolio statistics for our fixed maturities and managed cash were:
| As at 31 December 2025 | As at 31 December 2024 | |
|---|---|---|
| Duration | 2.8 years | 2.5 years |
| Credit Quality | AA | AA |
| Book yield | 4.2% | 4.1% |
| Market yield | 4.2% | 4.8% |
Capital & dividends
Total capital and tangible capital available was $1.10 billion as at 31 December 2025 (31 December 2024: $1.05 billion).
Tangible net assets per share as at 31 December 2025 was $7.14, or £5.30 (31 December 2024: $6.70 or £5.35). Including dividends, tangible net assets per share increased 11.9% during 2025.
During 2025 the Conduit Board of Directors approved a share buyback programme of up to $50.0 million. Shares purchased under this programme amounted to $12.5 million for the year ended 31 December 2025.
Shares purchased by CHL's employee benefit trust during 2025 amounted to $3.0 million (2024: $9.4 million) and will be held in trust to meet future obligations under CHL's variable incentive schemes.
On 17 February 2026 CHL's Board of Directors declared a final dividend of $0.18 (approximately 13 pence using the exchange rate on 17 February 2026) per common share, resulting in an aggregate payment of $29.2 million. The dividend will be paid in pounds sterling on 16 April 2026 to shareholders of record on 20 March 2026 (the "Record Date") using the GBP:USD spot exchange rate at 12 pm UK time on the Record Date.
CHL previously declared and paid an interim dividend during 2025 of $0.18 (approximately 13 pence) per common share. Consequently, the full 2025 dividend was $0.36 (approximately 26 pence) per common share in line with our stated dividend policy.
Financial information
The unaudited consolidated financial statements for the year ended 31 December 2025 are published on Conduit's website at www.conduitreinsurance.com.
Conduit's 2025 Annual Report and Accounts are expected to be made available on Conduit's website by Friday 27 February 2026.
Presentation for analysts and investors on Wednesday, 18 February 2026 at 12:00 pm UK time
Conduit's management will host a virtual meeting for analysts and investors, via a webcast and conference call, on Wednesday, 18 February 2026 at 12:00 pm UK time. There will be an opportunity for questions and answers at the end of the presentation. To ask a question, please join via the conference call.
To access the webcast, please register in advance here:
To access the conference call, please register to receive unique dial-in details here:
Results and investor presentation via Investor Meet Company on Wednesday, 18 February 2026 at 4:00 pm UK time
Conduit's management will provide a separate presentation aimed at retail investors, relating to the full year 2025 financial results via the Investor Meet Company platform, on Wednesday, 18 February 2026 at 4:00 pm UK time.
LinkedIn: https://www.linkedin.com/company/conduit-re
Additional Performance Measures (APMs)
Conduit presents certain APMs to evaluate, monitor and manage the business and to aid readers' understanding of Conduit's financial statements and methodologies used. These are common measures used across the (re)insurance industry and allow the reader of Conduit's financial reports to compare those with other companies in the (re)insurance industry. The APMs should be viewed as complementary to, rather than a substitute for, the figures prepared in accordance with IFRS. Conduit's Audit Committee has evaluated the use of these APMs and reviewed their overall presentation to ensure that they were not given undue prominence. This information has not been audited.
Management believes the APMs included in the consolidated financial statements are important for understanding Conduit's overall results of operations and may be helpful to investors and other interested parties who may benefit from having a consistent basis for comparison with other companies within the (re)insurance industry. However, these measures may not be comparable to similarly labelled measures used by companies inside or outside the (re)insurance industry. In addition, the information contained herein should not be viewed as superior to, or a substitute for, the measures determined in accordance with the accounting principles used by Conduit for its consolidated financial statements or in accordance with IFRS.
Below are explanations, and associated calculations, of the APMs presented by Conduit:
| APM | Explanation | Calculation |
|---|---|---|
| Gross premiums written (KPI) | For the majority of excess of loss contracts, premiums written are recorded based on the minimum and deposit or flat premium, as defined in the contract. Premiums written for proportional contracts on a risks attaching basis are written over the term of the contract in line with the underlying exposures. Subsequent adjustments, based on reports of actual premium by the ceding company, or revisions in estimates, are recorded in the period in which they are determined. Reinstatement premiums are excluded. | Amounts payable by the cedant before any deductions, which may include taxes, brokerage and commission. Reinstatement premiums are excluded. |
| Net loss ratio (discounted and undiscounted) | Ratio of net losses and loss related amounts expressed as a percentage of net reinsurance revenue in a period. This can be calculated using discounted or undiscounted net losses and loss related amounts. | Net losses and loss related amounts / Net reinsurance revenue Undiscounted net losses and loss related amounts / Net reinsurance revenue |
| Reinsurance operating expense ratio | Ratio of reinsurance operating expenses, which includes acquisition expenses charged by insurance brokers and other insurance intermediaries to Conduit, and operating expenses paid that are attributable to the fulfilment of reinsurance contracts, expressed as a percentage of net reinsurance revenue in a period. | Reinsurance operating expenses / Net reinsurance revenue |
| Other operating expense ratio | Ratio of other operating expenses expressed as a percentage of net reinsurance revenue in a period. | Other operating expenses/ Net reinsurance revenue |
| Combined ratio (discounted) (KPI) | The sum of the net loss ratio, reinsurance operating expense ratio and other operating expense ratio. Other operating expenses are not allocated to the segment combined ratio. | Net loss ratio + Net reinsurance operating expense ratio + Other operating expense ratio |
| Combined ratio (undiscounted) | The sum of the net loss ratio (undiscounted), reinsurance operating expense ratio and other operating expense ratio. Other operating expenses are not allocated to the segment combined ratio. | Net loss ratio (undiscounted) + Net reinsurance operating expense ratio + Other operating expense ratio |
| Accident year loss ratio | Ratio of the net losses and loss related amounts of an accident year (or calendar year) revalued at the current balance sheet date expressed as a percentage of net reinsurance revenue in a period. | Accident year net losses and loss related amounts / Net reinsurance revenue |
| Total net investment return (KPI) | Conduit's principal investment objective is to preserve capital and provide adequate liquidity to support the payment of losses and other liabilities. In light of this, Conduit looks to generate an appropriate total net investment return. Conduit bases its total net investment return on the sum of non-operating cash and cash equivalents and fixed maturity securities. Total net investment return is calculated daily and expressed as a percentage. | Net investment income + Net unrealised gains (losses) on investments + Net realised gains (losses) on investments / Non-operating cash and cash equivalents + Fixed maturity securities, at beginning of period |
| Return on equity (KPI) | RoE enables Conduit to compare itself against other peer companies in the immediate industry. It is also a key measure internally and is integral in the performance-related pay determinations. RoE is calculated as the profit for the period divided by the opening total shareholders' equity. | Profit (loss) after tax for the period / Total shareholders' equity, at beginning of period |
| Total shareholder return (KPI) | Total shareholder return allows Conduit to compare itself against other public peer companies. Total shareholder return is calculated as the percentage change in Common Share price over a period, after adjustment for Common Share dividends. | Closing Common Share price, at end of period - Opening Common Share price, at beginning of period + Common Share dividends during the period / Opening Common Share price, at beginning of period |
| Dividend yield | Calculated by dividing the annual dividends per Common Share by the Common Share price on the last day of the given year and expressed as a percentage. | Annual dividends per Common Share / Closing Common Share price |
| Net tangible assets per share (KPI) | This provides a measure of book value per share for all shares in issue less own shares held in treasury or the EBT trust. | Total shareholders' equity less intangible assets, at the end of the period / Total common shares in issue less own shares held The GBP equivalent of NTAVS is calculated using the end of period exchange rate between USD and GBP. |
| Consolidated statement of comprehensive income - unaudited | ||
| For the year ended 31 December 2025 | ||
| 2025 | 2024 | |
| $m | $m | |
| Reinsurance revenue | 897.1 | 813.7 |
| Reinsurance service expenses | (688.4) | (591.4) |
| Ceded reinsurance expenses | (119.1) | (93.7) |
| Ceded reinsurance recoveries | 20.3 | 3.0 |
| Reinsurance service result | 109.9 | 131.6 |
| Net investment income | 80.7 | 65.0 |
| Net realised gains (losses) on investments | (0.4) | 0.1 |
| Net unrealised gains (losses) on investments | 39.2 | 1.0 |
| Net investment result | 119.5 | 66.1 |
| Net reinsurance finance income (expense) | (77.2) | (30.8) |
| Net foreign exchange gains (losses) | (0.1) | (2.2) |
| Net reinsurance and financial result | 152.1 | 164.7 |
| Equity-based incentive expense | (9.3) | (7.1) |
| Other operating expenses | (24.8) | (30.8) |
| Results of operating activities | 118.0 | 126.8 |
| Financing costs | (1.2) | (1.2) |
| Total comprehensive income for the year | 116.8 | 125.6 |
| Earnings per share | ||
| Basic | $0.75 | $0.80 |
| Diluted | $0.74 | $0.79 |
| Consolidated balance sheet - unaudited | ||
| As at 31 December 2025 | ||
| 2025 | 2024 | |
| $m | $m | |
| Assets | ||
| Cash and cash equivalents | 339.2 | 313.2 |
| Accrued interest receivable | 15.6 | 12.4 |
| Investments | 1,907.4 | 1,526.3 |
| Ceded reinsurance contract assets | 51.4 | 48.9 |
| Other assets | 11.1 | 4.0 |
| Right-of-use lease assets | 0.7 | 1.4 |
| Total assets | 2,325.4 | 1,906.2 |
| Liabilities | ||
| Reinsurance contract liabilities | 1,210.5 | 834.5 |
| Other payables | 11.7 | 18.9 |
| Lease liabilities | 0.8 | 1.6 |
| Total liabilities | 1,223.0 | 855.0 |
| Shareholders' equity | ||
| Share capital | 1.7 | 1.7 |
| Own shares | (52.7) | (40.6) |
| Other reserves | 1,070.9 | 1,065.0 |
| Retained earnings | 82.5 | 25.1 |
| Total shareholders' equity | 1,102.4 | 1,051.2 |
| Total liabilities and shareholders' equity | 2,325.4 | 1,906.2 |
| Statement of consolidated cash flows - unaudited | ||
| For the year ended 31 December 2025 | ||
| 2025 | 2024 | |
| $m | $m | |
| Cash flows from operating activities | ||
| Comprehensive income | 116.8 | 125.6 |
| Depreciation | 1.1 | 1.1 |
| Interest expense on lease liabilities | - | 0.1 |
| Net investment income | (82.1) | (65.3) |
| Net realised (gains) losses on investments | 0.4 | (0.1) |
| Net unrealised (gains) losses on investments | (39.2) | (1.0) |
| Net unrealised foreign exchange (gains) losses | 0.7 | 1.5 |
| Equity-based incentive expense | 9.3 | 7.1 |
| Change in operational assets and liabilities | ||
| - Reinsurance assets and liabilities | 363.2 | 337.1 |
| - Other assets and liabilities | (8.6) | 1.2 |
| Net cash flows from operating activities | 361.6 | 407.3 |
| Cash flows used in investing activities | ||
| Purchase of investments | (964.1) | (736.3) |
| Proceeds on sale and maturity of investments | 621.4 | 462.2 |
| Interest received | 73.5 | 55.1 |
| Purchase of property, plant and equipment | - | (0.7) |
| Net cash flows used in investing activities | (269.2) | (219.7) |
| Cash flows used in financing activities | ||
| Lease liabilities paid | (0.8) | (0.8) |
| Dividends paid | (59.4) | (59.5) |
| Purchase of own shares | (15.5) | (9.4) |
| Net cash flows used in financing activities | (75.7) | (69.7) |
| Net increase in cash and cash equivalents | 16.7 | 117.9 |
| Cash and cash equivalents at the beginning of the year | 313.2 | 199.8 |
| Effect of exchange rate fluctuations on cash and cash equivalents | 9.3 | (4.5) |
| Cash and cash equivalents at end of year | 339.2 | 313.2 |
1 Refer to the Alternative Performance Measures (APMs) section for an explanation and description of the calculation
2 Certain reinsurance contracts previously reported within the Specialty segment are now reported within the Property and Casualty segments to better align with Conduit's internal view of these contracts. Comparative periods have been re-presented in order to be consistent with the current period presentation.
3 Certain reinsurance contracts previously reported within the Specialty segment are now reported within the Property and Casualty segments to better align with Conduit's internal view of these contracts. Comparative periods have been re-presented in order to be consistent with the current period presentation.
4 Certain reinsurance contracts previously reported within the Specialty segment are now reported within the Property and Casualty segments to better align with Conduit's internal view of these contracts. Comparative periods have been re-presented in order to be consistent with the current period presentation.
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