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Prices & Quotes - UK Markets - Lancashire Holdings Limited (LRE)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 744.00p
Change Today:
10.50p
Market Cap:
1,804.27m
Sector:
Insurance (non-life)

Lancashire Holdings profit drops in 'more cautious' underwriting environment

By Michele Maatouk

Date: Thursday 25 Jul 2019

LONDON (ShareCast) - (Sharecast News) - First-half profit at Lancashire Holdings fell, the insurer said on Thursday, amid a "more cautious" underwriting environment.
In the six months to the end of June, pre-tax profit dropped to $40.5m from $74.9m in the first half of last year due to lower reserve releases and higher claims activity.

RBC Capital Markets said pre-tax profit was 37.5% below consensus expectations, largely driven by the underwriting result, with Lancashire reporting a combined ratio of 86.8% compared to 67.1% the year before and versus consensus of 82.5%.

Gross premiums written were up 9.5% during the half to $429.6m.

Chief executive officer Alex Maloney said: "I am pleased with our performance in the first half of 2019. I am also encouraged by the emerging evidence that the (re)insurance market is now experiencing the long anticipated improvements in discipline and pricing in many of the group's core business lines.

"We have seen good new business momentum in the first half of 2019, as we were able to benefit from our longstanding disciplined underwriting approach. In the face of a more cautious underwriting environment and evidence of market retrenchment in the specialty lines in which we write, we were able to take advantage of improving terms and demand. While the market overall was characterised by a number of attritional losses in the first half of 2019 and substantial loss creep on prior year events, it is worth noting that our ultimate net loss estimates for the 2018 and 2017 catastrophe events have remained largely stable, allowing us to deliver a solid combined ratio of 86.6% for the half year."

At 1045 BST, the shares were up 2.9% at 717.50p.

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LRE Market Data

Currency UK Pounds
Price 744.00p
Change Today 10.50p
52 Week High 850.00p
52 Week Low 528.00p
Volume 334,328
Shares Issued 242.51m
Market Cap 1,804.27m

Performance Indicators

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What The Brokers Say

Strong Buy 10
Buy 0
Neutral 3
Sell 0
Strong Sell 0
Total 13
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

LRE Dividends

  Latest Previous
  Interim Final
Ex-Div 13-Aug-20 07-May-20
Paid 11-Sep-20 05-Jun-20
Amount 5.00¢ 10.00¢

Trades for 04-Dec-2020

Time Volume / Share Price
16:35 191,631 @ 744.00p
16:29 84 @ 739.00p
16:29 169 @ 740.50p
16:29 11 @ 740.50p
16:29 300 @ 740.50p

LRE Key Personnel

CEO Alex Maloney
CFO Natalie Kershaw