Investor information

Five-year summary

A balanced business achieving sustainable growth

	2025 $m	2024 $m	2023 $m	2022 $m	2021 $m
Results
Profit/(loss) before tax	732.7	685.4	625.9	275.6	190.8*
Insurance revenue	4,883.7	4,672.5	4,483.2	4,273.3	-
Profit/(loss) for the year after tax	604.1	627.2	712.0	253.9	189.5*

	2025 $m	2024 $m	2023 $m	2022 $m	2021 $m
Assets employed
Goodwill and intangible assets	381.0	308.8	323.9	320.4	313.1
Financial assets carried at fair value	8,432.0	7,077.6	6,574.4	5,812.1	6,041.3
Cash and cash equivalents	878.0	1,227.0	1,437.0	1,350.9	1,300.7
Insurance liabilities and reinsurance assets	(5,052.7)	(4,419.5)	(4,505.7)	(4,177.1)	(4,690.4)*
Other net assets	(690.5)	(504.0)	(532.9)	(671.3)	(155.4)
Net assets	3,947.9	3,689.9	3,296.7	2,635.0	2,539.3
Net asset value per share (¢)	1,220.0	1086.4	951.5	764.5	739.8

	2025	2024	2023	2022	2021
Key statistics
Basic earnings/(loss) per share (¢)	180.7	183.2	206.1	73.8	55.3*
Diluted earnings/(loss) per share (¢)	175.0	178.1	201.5	72.7	54.7*
Combined ratio (%)	83.7‡	84.7‡	85.5‡	88.7‡	93.2*
Return on equity (%)	17.1	19.8	27.6	10.1	8.1*
Dividends per share (¢)	50.3	43.1	37.5	36.0	34.5
Share price – high† (p)	1,454.0	1,281.0	1,193.0	1,106.5	1,004.0
Share price – low†(p)	1,0220.0	998.0	938.0	827.2	770.0

*These numbers were previously transposed and have now been corrected.

^†Represent balances reported under IFRS 4 and IAS 39.

^‡Represents combined ratio on a discounted basis.

^§Closing mid-market prices.

¶This includes a tax credit relating to a $150 million deferred tax asset recognised in respect of the Bermuda ETA.

The five-year summary is unaudited.

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