Lancashire Holdings Limited

LRE · Main Market · Insurance · mcap £1,572m · 680.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 29 Jul 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,654m
Owner’s net cash: £122.5m
Net cash / market cap: 7%
Revenue: £1,386m
Price / tangible book: 1.77×
Net income (owners): £243.8m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 29 Jul 26 · read the results ↗

Source ↗

	2026 $m	2025 $m
Insurance revenue	930.0	930.1
Insurance service expenses	(593.9)	(792.1)
Insurance service result before reinsurance contracts held	336.1	138.0
Allocation of reinsurance premium	(231.8)	(203.6)
Amounts recoverable from reinsurers	94.5	221.3
Net (expense) income from reinsurance contracts held	(137.3)	17.7
Insurance service result	198.8	155.7
Net investment return	51.3	108.2
Finance expense from insurance contracts issued	(31.8)	(73.0)
Finance income from reinsurance contracts held	7.8	16.3
Net insurance and investment result	226.1	207.2
Share of profit of associate	0.3	1.8
Other income	15.2	3.7
Net foreign exchange gains (losses)	4.1	(1.4)
Other operating expenses	(64.4)	(64.2)
Equity based compensation	(12.7)	(11.4)
Financing costs	(17.6)	(17.1)
Profit before tax	151.0	118.6
Tax charge	(9.3)	(9.4)
Profit after tax	141.7	109.2
Earnings per share
Basic	$0.58	$0.45
Diluted	$0.56	$0.44

Source ↗

	30 June 2026 $m	31 December 2025 $m
Assets
Cash and cash equivalents	610.1	561.4
Accrued interest receivable	24.8	24.6
Investments	3,074.6	3,109.9
Reinsurance contract assets	661.4	717.8
Other receivables	47.9	101.2
Corporation tax receivable	0.3	0.4
Deferred tax asset	1.2	—
Investment in associate	4.1	4.8
Right-of-use assets	21.6	22.7
Property, plant and equipment	8.5	8.2
Intangible assets	251.6	253.0
Total assets	4,706.1	4,804.0
Liabilities
Insurance contract liabilities	2,631.7	2,712.1
Other payables	87.4	89.8
Corporation tax payable	7.2	—
Deferred tax liability	13.1	15.6
Lease liabilities	29.0	29.7
Long-term debt	447.7	447.5
Total liabilities	3,216.1	3,294.7
Shareholders’ equity
Share capital	122.0	122.0
Own shares	(5.6)	(8.7)
Other reserves	1,242.6	1,249.6
Retained earnings	131.0	146.4
Total shareholders’ equity	1,490.0	1,509.3
Total liabilities and shareholders’ equity	4,706.1	4,804.0

Source ↗

	2026 $m	2025 $m
Cash flows from operating activities
Profit before tax	151.0	118.6
Adjustments for
Tax paid	(5.7)	(2.1)
Depreciation	4.1	3.3
Amortisation of intangible assets	1.4	1.5
Interest expense on long-term debt	12.9	12.9
Interest expense on lease liabilities	0.9	0.6
Interest income	(70.8)	(71.7)
Dividend income	(7.5)	(9.9)
Net realised (gains) losses on investments	(5.8)	1.3
Net unrealised losses (gains) on investments	29.6	(31.0)
Equity based compensation	12.7	11.4
Foreign exchange (gains) losses	(3.2)	2.1
Share of profit of associate	(0.3)	(1.8)
Changes in operational assets and liabilities
Insurance and reinsurance contracts	(20.8)	55.8
Other assets and liabilities	(18.4)	(35.1)
Net cash flows from operating activities	80.1	55.9
Cash flows from investing activities
Interest income received	70.6	69.5
Dividend income received	7.5	9.9
Purchase of property, plant and equipment	(2.0)	(0.6)
Internally generated intangible asset	—	(1.2)
Investment in associate	0.9	2.9
Purchase of investments	(697.5)	(780.9)
Proceeds on sale of investments	780.5	707.5
Net cash flows from investing activities	160.0	7.1
Cash flows used in financing activities
Interest paid	(12.9)	(12.9)
Lease liabilities paid	(3.3)	(3.2)
Dividends paid	(157.1)	(96.5)
Shares purchased by the trust	(9.9)	—
Distributions by trust	(6.7)	(3.8)
Net cash flows used in financing activities	(189.9)	(116.4)
Net increase (decrease) in cash and cash equivalents	50.2	(53.4)
Cash and cash equivalents at beginning of period	561.4	684.3
Effect of exchange rate fluctuations on cash and cash equivalents	(2.6)	16.6
Effect of other items on cash and cash equivalents 1	1.1	5.7
Cash and cash equivalents at end of period	610.1	653.2

Source ↗

	2025 $m	2024 $m
Insurance revenue	1,860.4	1,765.1
Insurance service expenses	(1,451.2)	(1,186.1)
Insurance service result before reinsurance contracts held	409.2	579.0
Allocation of reinsurance premium	(423.5)	(439.4)
Amounts recoverable from reinsurers	395.4	240.3
Net expense from reinsurance contracts held	(28.1)	(199.1)
Insurance service result	381.1	379.9
Net investment return	218.0	162.2
Finance expense from insurance contracts issued	(133.6)	(77.9)
Finance income from reinsurance contracts held	30.7	24.0
Net insurance and investment result	496.2	488.2
Share of profit of associate	3.2	8.6
Other income	7.3	10.4
Net foreign exchange gains (losses)	1.7	(2.6)
Other operating expenses	(146.2)	(115.9)
Equity based compensation	(23.5)	(19.0)
Financing costs	(33.8)	(33.0)
Profit before tax	304.9	336.7
Tax charge	(11.5)	(15.4)
Profit after tax	293.4	321.3
Earnings per share
Basic	$1.21	$1.34
Diluted	$1.17	$1.30

Source ↗

	2025 $m	2024 $m
Assets
Cash and cash equivalents	561.4	684.3
Accrued interest receivable	24.6	22.0
Investments	3,109.9	2,864.9
Reinsurance contract assets	717.8	557.2
Other receivables	101.2	20.5
Corporation tax receivable	0.4	—
Investment in associate	4.8	9.1
Right-of-use assets	22.7	16.2
Property, plant and equipment	8.2	8.7
Intangible assets	253.0	197.0
Total assets	4,804.0	4,379.9
Liabilities
Insurance contract liabilities	2,712.1	2,300.4
Other payables	89.8	91.9
Corporation tax payable	—	2.7
Deferred tax liability	15.6	22.3
Lease liabilities	29.7	22.3
Long-term debt	447.5	447.0
Total liabilities	3,294.7	2,886.6
Shareholders' equity
Share capital	122.0	122.0
Own shares	(8.7)	(20.5)
Other reserves	1,249.6	1,242.3
Retained earnings	146.4	149.5
Total shareholders’ equity	1,509.3	1,493.3
Total liabilities and shareholders’ equity	4,804.0	4,379.9

Source ↗

	2025 $m	2024 $m
Cash flows from operating activities
Profit before tax	304.9	336.7
Adjustments for
Tax paid	(20.9)	(7.7)
Depreciation	7.3	6.3
Amortisation on intangible assets	3.0	1.2
Impairment of internally generated intangible assets	10.3	—
Interest expense on long-term debt	25.8	25.8
Interest expense on lease liabilities	1.4	1.3
Interest income	(145.4)	(131.5)
Dividend income	(18.5)	(16.6)
Net unrealised gains on investments	(58.2)	(20.4)
Net realised gains on investments	(1.3)	(2.7)
Equity based compensation	23.5	19.0
Foreign exchange losses	4.4	1.2
Share of profit of associate	(3.2)	(8.6)
Changes in operational assets and liabilities
Insurance and reinsurance contracts	210.5	316.9
Other assets and liabilities	(21.3)	52.9
Net cash flows from operating activities	322.3	573.8
Cash flows used in investing activities
Interest income received	142.9	126.2
Dividend income received	18.5	16.6
Purchase of property, plant and equipment	(2.3)	(1.5)
Purchase of syndicate participation rights	(68.0)	(11.2)
Internally generated intangible assets	(1.3)	(5.9)
Investment in associate	7.5	15.7
Advance to purchase private investment fund	(70.0)	—
Purchase of investments	(1,586.2)	(1,785.8)
Proceeds on sale of investments	1,425.3	1,394.0
Net cash flows used in investing activities	(133.6)	(251.9)
Cash flows used in financing activities
Interest paid	(25.8)	(25.8)
Lease liabilities paid	(6.0)	(4.0)
Dividends paid	(296.5)	(354.2)
Distributions by trust	(5.1)	(2.1)
Net cash flows used in financing activities	(333.4)	(386.1)
Net decrease in cash and cash equivalents	(144.7)	(64.2)
Cash and cash equivalents at beginning of year	684.3	756.9
Effect of exchange rate fluctuations on cash and cash equivalents	16.1	(8.2)
Effect of other items on cash and cash equivalents 1	5.7	(0.2)
Cash and cash equivalents at end of year	561.4	684.3

	LTM Jun 26	FY 25	FY 24
Insurance and banking
Gross written premium	1,645.8	1,714.8	1,682.1
Insurance revenue	1,385.6	1,412.0	1,381.2
Insurance service result	316.9	289.2	297.3
Combined ratio	–	83.7%	80.0%
Investment income	120.1	165.5	126.9
Revenue to operating profit
Amortisation	2.2	2.3	0.9
Share-based payments	(18.5)	(17.8)	(14.9)
Operating profit to net income
Finance costs	(25.5)	(25.7)	(25.8)
Profit before tax	252.2	231.4	263.5
Tax	(8.4)	(8.7)	(12.1)
Net income (owners)	243.8	222.7	251.4
Per share
EPS basic	100.8p	89.8p	106.8p
EPS diluted	97.1p	86.9p	103.6p

	H1 26	vs H1 25	H2 25	H1 25
Insurance and banking
Gross written premium	977.8	−7%	668.0	1,046.8
Insurance revenue	691.5	−4%	694.1	717.9
Insurance service result	147.8	+23%	169.1	120.2
Combined ratio	80.7%	–	–	87.4%
Investment income	38.1	−54%	81.9	83.5
Revenue to operating profit
Amortisation	1.0	−10%	1.1	1.2
Share-based payments	(9.4)	+7%	(9.0)	(8.8)
Operating profit to net income
Finance costs	(13.1)	−1%	(12.5)	(13.2)
Profit before tax	112.3	+23%	139.9	91.5
Tax	(6.9)	−5%	(1.5)	(7.3)
Net income (owners)	105.4	+25%	138.4	84.3
Per share
EPS basic	43.8p	–	57.0p	32.8p
EPS diluted	42.3p	–	54.8p	32.1p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	261.0	244.6	449.0
Interest paid	(19.2)	(19.6)	(20.2)
Tax paid	(18.5)	(15.9)	(6.0)
Investing activities
Capex (PP&E)	(2.8)	(1.7)	(1.2)
Capex (intangibles)	–	(1.0)	(4.6)
Financing activities
Lease principal paid	(4.5)	(4.6)	(3.1)
Dividends paid	(267.4)	(225.0)	(277.2)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	59.6	+38%	201.5	43.1
Interest paid	(9.6)	−4%	(9.6)	(10.0)
Tax paid	(4.2)	+161%	(14.2)	(1.6)
Investing activities
Capex (PP&E)	(1.5)	+221%	(1.3)	(0.5)
Capex (intangibles)	–	–	(0.1)	(0.9)
Financing activities
Lease principal paid	(2.5)	−1%	(2.1)	(2.5)
Dividends paid	(116.8)	+57%	(150.6)	(74.5)
Share buybacks	(7.4)	–	–	–

	30 Jun 26	31 Dec 25	31 Dec 24
Insurance and banking
Financial investments	2,319.8	2,309.2	2,283.0
Reinsurance assets	499.0	533.0	444.0
Insurance contract liabilities	1,985.6	2,013.9	1,833.1
Non-current assets
Other intangibles	189.8	187.9	157.0
Property, plant & equipment	6.4	6.1	6.9
Associates & JVs	3.1	3.6	7.3
Current assets
Cash	460.3	416.9	545.3
Total assets	3,550.7	3,567.2	3,490.2
Non-current liabilities
Borrowings, non-current	337.8	332.3	356.2
Total liabilities	2,426.5	2,446.5	2,300.2
Equity
Total equity	1,124.2	1,120.7	1,190.0

	30 Jun 26	31 Dec 25	31 Dec 24
Insurance and banking
Financial investments	2,319.8	2,309.2	2,283.0
Reinsurance assets	499.0	533.0	444.0
Insurance contract liabilities	1,985.6	2,013.9	1,833.1
Non-current assets
Other intangibles	189.8	187.9	157.0
Property, plant & equipment	6.4	6.1	6.9
Associates & JVs	3.1	3.6	7.3
Current assets
Cash	460.3	416.9	545.3
Total assets	3,550.7	3,567.2	3,490.2
Non-current liabilities
Borrowings, non-current	337.8	332.3	356.2
Total liabilities	2,426.5	2,446.5	2,300.2
Equity
Total equity	1,124.2	1,120.7	1,190.0

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