Slides
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Investor Presentation: Q3 2025
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Safe harbour statements Lancashire Holdings Limited: Third quarter 2025 trading statement 2 NOTE REGARDING FORWARD-LOOKING STATEMENTS: CERTAIN STATEMENTS AND INDICATIVE PROJECTIONS (WHICH MAY INCLUDE MODELLED LOSS SCENARIOS) MADE IN THIS PRESENTATION OR OTHERWISE THAT ARE NOT BASED ON CURRENT OR HISTORICAL FACTS ARE FORWARD-LOOKING IN NATURE INCLUDING, WITHOUT LIMITATION, STATEMENTS CONTAINING THE WORDS “BELIEVES”, “AIMS”, “ANTICIPATES”, “PLANS”, “PROJECTS”, “FORECASTS”, “GUIDANCE”, “INTENDS”, “EXPECTS”, “ESTIMATES”, “PREDICTS”, “MAY”, “CAN”, “LIKELY”, “WILL”, “SEEKS”, “SHOULD”, OR, IN EACH CASE, THEIR NEGATIVE OR COMPARABLE TERMINOLOGY. SUCH FORWARD-LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER IMPORTANT FACTORS THAT COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE GROUP TO BE MATERIALLY DIFFERENT FROM FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS. FOR A DESCRIPTION OF SOME OF THESE FACTORS, SEE THE GROUP’S ANNUAL REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 AND THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2025. IN ADDITION TO THOSE FACTORS CONTAINED IN THE GROUP’S 2024 ANNUAL REPORT AND ACCOUNTS AND THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2025. ALL FORWARD-LOOKING STATEMENTS IN THIS PRESENTATION OR OTHERWISE SPEAK ONLY AS AT THE DATE OF PUBLICATION. LANCASHIRE EXPRESSLY DISCLAIMS ANY OBLIGATION OR UNDERTAKING (SAVE AS REQUIRED TO COMPLY WITH ANY LEGAL OR REGULATORY OBLIGATIONS INCLUDING THE RULES OF THE LONDON STOCK EXCHANGE) TO DISSEMINATE ANY UPDATES OR REVISIONS TO ANY FORWARD-LOOKING STATEMENT TO REFLECT ANY CHANGES IN THE GROUP’S EXPECTATIONS OR CIRCUMSTANCES ON WHICH ANY SUCH STATEMENT IS BASED. ALL SUBSEQUENT WRITTEN AND ORAL FORWARD-LOOKING STATEMENTS ATTRIBUTABLE TO THE GROUP OR INDIVIDUALS ACTING ON BEHALF OF THE GROUP ARE EXPRESSLY QUALIFIED IN THEIR ENTIRETY BY THIS NOTE. PROSPECTIVE INVESTORS SHOULD SPECIFICALLY CONSIDER THE FACTORS IDENTIFIED IN THIS PRESENTATION AND THE REPORT AND ACCOUNTS NOTED ABOVE WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER BEFORE MAKING AN INVESTMENT DECISION. NOTE REGARDING ALTERNATIVE PERFORMANCE MEASURES: THE GROUP USES ALTERNATIVE PERFORMANCE MEASURES TO HELP EXPLAIN BUSINESS PERFORMANCE AND FINANCIAL POSITION. THESE MEASURES HAVE BEEN CALCULATED CONSISTENTLY WITH THOSE AS DISCLOSED IN THE GROUP’S ANNOUNCEMENT OF ITS RESULTS FOR THE YEAR ENDED 31 DECEMBER 2024. NOTE REGARDING RPI METHODOLOGY: THE RENEWAL PRICE INDEX (“RPI”) IS AN INTERNAL METHODOLOGY THAT MANAGEMENT USES TO TRACK TRENDS IN PREMIUM RATES OF A PORTFOLIO OF INSURANCE AND REINSURANCE CONTRACTS. THE RPI WRITTEN IN THE RESPECTIVE SEGMENTS IS CALCULATED ON A PER CONTRACT BASIS AND REFLECTS MANAGEMENT’S ASSESSMENT OF RELATIVE CHANGES IN PRICE, TERMS, CONDITIONS AND LIMITS AND IS WEIGHTED BY PREMIUM VOLUME. THE RPI DOES NOT INCLUDE NEW BUSINESS, TO OFFER A CONSISTENT BASIS FOR ANALYSIS. THE CALCULATION INVOLVES A DEGREE OF JUDGEMENT IN RELATION TO COMPARABILITY OF CONTRACTS AND THE ASSESSMENT NOTED ABOVE. TO ENHANCE THE RPI METHODOLOGY, MANAGEMENT MAY REVISE THE METHODOLOGY AND ASSUMPTIONS UNDERLYING THE RPI, SO THE TRENDS IN PREMIUM RATES REFLECTED IN THE RPI MAY NOT BE COMPARABLE OVER TIME. CONSIDERATION IS ONLY GIVEN TO RENEWALS OF A COMPARABLE NATURE SO IT DOES NOT REFLECT EVERY CONTRACT IN THE PORTFOLIO OF CONTRACTS. THE FUTURE PROFITABILITY OF THE PORTFOLIO OF CONTRACTS WITHIN THE RPI IS DEPENDENT UPON MANY FACTORS BESIDES THE TRENDS IN PREMIUM RATES.
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Q3 2025 highlights: Strong operational performance 3 Strong third quarter with continued growth and disciplined and selective underwriting. Gross premiums written +7.4% year-on-year to $1.8 billion; Insurance revenue +7.8% year-on-year to $1.4 billion. Total investment return of 5.6%, including unrealised gains and losses, year-to-date. Minority buy-out of Syndicate 2010 achieved, offering new opportunities and strategic flexibility. Special dividend of 75 cents per common share, or $182 million, reflecting robust capital position and positive operating performance. Lancashire Holdings Limited: Third quarter 2025 trading statement
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A diversified and profitable portfolio 4 Gross premiums written ($m) and cumulative Renewal Price Index (RPI) (%) for the first nine months 2021 to 2025 • Measured growth in the reinsurance segment across most lines including planned growth in areas of specialty reinsurance including aviation, marine and energy treaty. • In the insurance segment, classes such as energy liability and property insurance grew with the continued build-out of Lancashire US, along with growth in marine hull and war and political risk lines via our London platforms. • Overall pricing remains healthy with a Group RPI of 96%. Lancashire Holdings Limited: Third quarter 2025 trading statement 0% 20% 40% 60% 80% 100% 120% 140% - 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 1,800.0 2,000.0 2021 2022 2023 2024 2025 Cumulative RPI (%) Gross premiums written ($m) Reinsurance Insurance Cumulative RPI
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Financial update 5 • Insurance revenue increased by $101.8 million, or 7.8%, in the first nine months compared to the same period in 2024. • The increase in insurance revenue (vs gross premiums written) reflects premium earnings from prior underwriting years where the business saw substantial growth. • Special dividend of 75 cents per common share, or $182 million, reflects robust capital position and positive operating performance. Lancashire Holdings Limited: Third quarter 2025 trading statement • The third quarter catastrophe loss environment was relatively benign. • Environment for large single risks losses remains active, consistent with trends seen earlier in the year. Loss environment
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Investments: Conservative short duration portfolio 6 • Total investment portfolio and managed cash at 30 September 2025 was $3,316.5 million. • Total net investment return, including foreign exchange movements, of 5.6% year-to-date Asset Allocation Total investment portfolio and managed cash Credit Quality Fixed maturities and managed cash Lancashire Holdings Limited: Third quarter 2025 trading statement Private investment funds, 9% Corporates and bank loans, 41% Agency structured products, 12% Non-agency structured products, 13% Managed cash and short term securities, 7% US government bonds and agency debt, 14% Other government bonds and debt, 4% Duration 2.1 years AAA, 20% AA, 34% A, 26% BBB, 14% BB or below, 6% Average credit rating of A+
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Outlook 7 • Strong balance sheet and conservative capital base. • Well-positioned to continue to support disciplined and selective growth and shareholder returns. • Clear strategy with capacity to navigate volatility through diversified portfolio across product lines and geographies. • Overall pricing remains robust. • Continued focus on disciplined underwriting and excellent capital management. Lancashire Holdings Limited: Third quarter 2025 trading statement
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8 Contacts Investor Relations Jelena Bjelanovic Lancashire Holdings Limited jelena.bjelanovic@lancashiregroup.com Registered and Head Office, Bermuda Lancashire Holdings Limited Power House, 7 Par-la-Ville Road, Hamilton HM 11, Bermuda info@lancashiregroup.com Media Peter Krinks Lancashire Holdings Limited peter.krinks@lancashiregroup.com London Lancashire Holdings Limited 20 Fenchurch Street, London, EC3M 3BY info@lancashiregroup.com FTI Consulting Tom.Blackwell@fticonsulting.com Lancashire Holdings Limited: Third quarter 2025 trading statement