Results
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The Club posted an investment loss of 3.8%, as fixed income assets were hit. -
The carrier is looking to boost specialty income to around 40% of overall premium.
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The underwriting vehicle increased its capacity for 2023 by 34% to £238mn.
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The P&C segment also reported a top-line expansion of 14%.
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The carrier’s combined ratio for commercial lines in Canada, Ireland and the UK strengthened slightly to 95.4%.
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The largest single loss event in the quarter was the Turkey and Syria earthquake, which cost EUR15mn.
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Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.
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Net profit at a group level took a hit, however, in part due to the impact from domestic natural disasters and major accidents.
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The international segment booked a 105bn yen Taiwanese Covid loss, offset by strong growth in North America.
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Parent company MS&AD reported a net profit for fiscal 2022 of 161.5bn yen.
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The company did not provide prior-year period figures as it usually discloses its results on a semiannual basis.
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The executive said IGI is seeing similar trends in treaty rate renewals during the second quarter of the year.
