Rothesay’s new business premiums rise to £1.9bn

Written by Adam Cadle

19/09/2023

Rothesay’s new business premiums were £1.9bn for H1 2023, up from £1bn a year earlier, according to its latest results, with the group currently in execution on over £9bn of additional new business.

Second half projections are particularly strong, with a further convertible new business pipeline of over £50bn for the second half of the year and beyond, in addition to the deals the company is currently executing.

The group also generated first half unaudited operating profits of £403m on an IFRS 17 basis (HY 2022 restated: £159m, FY 2022 restated: £579m). The group generated first half unaudited pre-tax IFRS profits of £260m (HY 2022 restated loss of: £801m, FY 2022 restated loss of: £1,054m).

Rothesay’s solvency position continues to be strong with a SCR coverage ratio of 309% as at 30 June 2023 (YE 2022: 255%). The group’s substantial surplus capital of £5.5bn (YE 2022: £4.9bn) means that the group has sufficient capital capacity to execute on its very strong new business pipeline.

Assets under management as at 30 June 2023 are £48.1bn (YE 2022: £47bn restated for IFRS 17).

Tom Pearce, CEO of Rothesay, said: “Rothesay’s substantial capital resources combined with our proven capability to execute large and complex transactions carefully, means we are able to effectively capitalise on the exciting new business opportunities we are seeing and transact on our record new business pipeline.

“As we navigate a bulk annuity market which has never been more buoyant, we will maintain our disciplined approach to underwriting, our focus on operational excellence, and our continued investment in our purpose-built risk management systems. It is this approach which allows us to deliver excellent financial performance despite ongoing economic turbulence, protecting the future for our policyholders and delivering value for our two long-term and supportive shareholders.”

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