Specialist (re)insurance underwriting business Canopius Group Limited has reported its interim financial results for the six months ended 30 June 2012.
The firm reported a profit to shareholders, after tax, of £33m in H1 2012, a return to the black after incurring a £51m loss in the corresponding period last year.
Annualised return on equity improved from minus 37% to a positive 25% result and gross written premiums declined marginally from £354m to £343m.
Year-on-year Canopius’ H1 investment return precisely doubled from £9m to £18m, and its net tangible assets increased from £238m to £269m.
Executive Chairman Michael Watson welcomed the record profits that the firm achieved during the first six months of 2012, and the return of Canopius to profitability.
The biannual profits of the firm follow and contrast with its 2011 annual loss to shareholders of £61m.