International specialty and P&C re/insurer Canopius has reported a 76% increase in H1 2026 profit after tax, supported by premium growth, improved underwriting performance, and the sale of its Vave business.
Canopius’ profit after tax rose to $391m in H1 2026, compared with $222m in H1 2025. Excluding the impact of the sale of Vave, the firm said profit after tax increased 18% to $261m.
Meanwhile, the specialty and P&C re/insurer reported continued growth in its underwriting portfolio, with insurance contract written premiums increasing 10% to $2.66bn in H1 2026, up from $2.41bn in H1 2025.
At the same time, net insurance revenue rose 15% to $1.59bn in H1 2026, compared with $1.39bn a year earlier.
Canopius also delivered an improved underwriting result, with its undiscounted net combined ratio improving to 87.3%, from 89.7% in H1 2025.
Neil Robertson, Canopius’ Group Chief Executive Officer, commented, “At Canopius, we have a deliberate and sustainable strategy that is focused on delivering attractive returns through the cycle by expanding in areas where we have a competitive edge or differentiated capabilities.
“Despite more challenging market conditions, our clear strategy and focus on consistent and disciplined execution have again allowed us to deliver portfolio growth and strong underwriting profitability.
Our foundation of underwriting excellence and operational efficiency, complemented by a strong performance culture, leaves the Group well placed to capitalise on the attractive fundamentals of our industry and take further advantage of emerging opportunities. We believe that this will allow us to sustain our track record of profitable growth with attractive returns.”
Robertson continued, “The year has started positively after a hugely successful 2025. Despite a more challenging trading environment, the breadth and diversity of our business and the momentum we have generated in recent periods continues to be reflected in premium growth and ongoing rate adequacy.
“Once again, we delivered growth across all business regions — the UK, U.S., Bermuda and APAC — achieving year-on-year growth of 10%, a result of which we are collectively proud.
“Our balance sheet has strengthened once again this half year, giving us the flexibility to invest selectively, support our clients and pursue opportunities from a position of strength. Our reserving position is robust and has strengthened further, while our tangible net assets have grown by 12% to $2.50bn. Our high-quality and well-matched investment portfolio continues to deliver strong levels of income with low volatility as our asset base grows.
“We remain committed to driving excellence and consistency across our business and to generating lasting value to our customers and shareholders. During the first half of the year, we have again delivered further improvements to our value proposition while continuing to build on our Talent Manifesto to ensure people and culture remain at the heart of our business. We have opened our new Centre of Operational Excellence in Manchester, UK, welcomed many new talented colleagues into the business and built on our data-analytics capability.
“As market competition intensifies, we will continue to apply a disciplined and selective approach to capital allocation with a strongly held commitment to pricing integrity. The strength and agility of our underwriting platforms and the resilience of our balance sheet leave us confident in our ability to navigate challenges ahead and further develop our growth and profitability over the remainder of the year.”
