Insights
Lancashire plc has released its group result for the 2025 financial year
Posted 05/03/2026 – Insights
Group headline figures
| 2025 | 2024 | |
| Gross premiums written | $2,259.3m | $2,149.6m |
| Insurance revenue | $1,860.4m | $1,765.1m |
| Insurance service result | $381.1m | $379.9m |
| Profit after tax | $293.4m | $321.3m |
| Undiscounted combined ratio | 93.1% | 89.1% |
| Positive prior year development | $122.5m | $93.3m |
Group highlights
- Gross premiums written increased by 5.1% to $2,259.3m (2024: $2,149.6m)
- Profit after tax of $293.4m (2024: $321.3m)
- Undiscounted combined ratio deterioration of 4.0 points to 93.1% (2024: 89.1%)
- Average rate decrease of -4% (2024: +1%)
Alex Maloney, Chief Executive Officer, commented:
“Our results for 2025, a year that marked 20 years since Lancashire was founded, demonstrate the strategic progress we have made in refocusing the business to become more diversified across product lines and geographies. We have increased our resilience and significantly reduced volatility in our earnings. This has enabled the Group to deliver an excellent outcome for shareholders and positions the business to capture future market opportunities.”
Divisional headline figures
| Reinsurance | Insurance | |
| Gross premiums written | $1,187.2m | $1,081.1m |
| Insurance revenue | $904.4m | $956.0m |
| Insurance service result | $292.4m | $88.7m |
Divisional highlights
- Reinsurance – Reinsurance gross premiums written increased by 8.1% taking the opportunity to grow and build out their relationships and franchise value with core clients. The rate decrease for the division was -3% but rating adequacy remained very healthy.
- Insurance – The division’s gross premiums written increased by 1.9%. Despite rating pressures, they continued to selectively grow their footprint with increased premiums year-on-year. The rate decrease for the division was -5%.
Alpha comment
This is a good set of results for Lancashire. The group has achieved modest growth, despite the headwind of rating reductions. The group’s prior year releases were significant at $122.5m despite a reserve strengthening of $32.9m relating to the direct and indirect losses from the Ukraine conflict, with a reserve confidence level of 85%. Catastrophe and large losses for 2025 were $277.0m (2024: $215.2m) including a net loss reserve of $163.4m for California wildfires. Lloyd’s members provided capital to support Lancashire via syndicate 2010 until the end of 2025 when remaining private capital providers were bought out.
