Canopius records 10% YoY growth in profits for FY 2024

Insurance contract written premium surged 28% YoY.

Canopius Group saw its profit after tax increase by 10.4% year-on-year (YoY) to $401.3m for the fiscal year 2024.

Additionally, the group recorded a 26% YoY surge in insurance contract written premium to $3.53b, driven by strong underwriting performance and strategic growth initiatives. 

“Our market-leading business in APAC grew strongly once again, attributable to a broad number of lines of business,” the press release said.

The region’s insurance contract written premium surged 28% YoY to $377.3m for FY 2024.

“Specifically, Australian A&H growth was driven by increased travel volumes, and we benefitted from the first year of production from a newly acquired team of treaty underwriters in Australia and favourable conditions were experienced in Singapore on the reinsurance portfolio,” it added.

Net insurance revenue increased 28% YoY to $2.26b for FY 2024.

CEO Neil Robertson attributed the strong results to disciplined underwriting and a clear growth strategy, emphasising the company’s focus on sustainable expansion in specialty and P&C (re)insurance. 

He acknowledged that 2025 could present challenges but expressed confidence in the company’s ability to maintain its momentum.  

Looking ahead, Canopius aims to implement its three-year strategic plan whilst expanding its underwriting capabilities.