2024-03-06 14:17:38 ET
Lancashire Holdings Limited (LCSHF)
Q4 2023 Results Conference Call
March 6, 2024 09:00 AM ET
Company Participants
Alex Maloney - Group CEO
Paul Gregory - Group Chief Underwriting Officer and LCM CEO
Natalie Kershaw - Group CFO
Denise O'Donoghue - Chief Investment Officer
Jelena Bjelanovic - Investor Relations
Conference Call Participants
James Pearse - Jefferies
Kamran Hossain - JPMorgan
Nick Johnson - Numis
Andreas van Embden - Peel Hunt
Andrew Ritchie - Autonomous
Ivan Bokhmat - Barclays
Darius Satkauskas - KBW
Will Hardcastle - UBS
Presentation
Operator
Hello, and welcome to the Lancashire Full year 2023 Earnings Call. [Operator Instructions] Please note that this call is being recorded. Today, I'm pleased to present Alex Maloney, CEO. Please begin your meeting.
Alex Maloney
Good morning, everyone, and thank you for joining our call today. I will just give you some brief highlights of the progress that we've made through the fourth quarter. And some of the highlights we've made throughout 2023. Paul will then focus on our underwriting progress, and Nat will cover our financials and then we'll go to Q&A.
We have delivered strong profits for the year, strong capital returns for our investors and maintained strong capital flexibility to fund the investments in our business. Lancashire continues to grow in line with our long-term strategy to grow and the underwriting opportunities are strong.
We continue to grow our premiums in excess of the strong rate change we have seen throughout 2023, demonstrating real momentum at the right time in the underwriting cycle. We have in fact grown our premiums in excess of the positive rate change we have seen in the last five years. If you believe in the underwriting cycle as we do, you have to demonstrate real momentum in strong underwriting markets.
Our 2023 result of nearly a 25% return on equity is clearly a strong result for Lancashire. Risk adjusted, probably the best in our history. We have benefited from the steep increase in rating across our underwriting portfolio where we saw real dislocation in our reinsurance segments and continued hardening in our insurance segment.
We've also benefited from the strengthening of retention levels in our cat exposed lines. We saw real benefit in a year that produced another year of insured losses, which exceeded $100 billion. Our insurance lines have also benefited from the tightening in terms and conditions driven by recent world events....
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Lancashire Holdings Limited (LCSHF) Q4 2023 Earnings Call Transcript