Lead Real Estate (US:LRE)2025-08-06 12:00Financial Performance - Gross premiums written increased by 5.8% year-on-year, reaching $1,356.2 million[5] - Insurance revenue increased by 8.9% year-on-year to $930.1 million[5] - Profit after tax was $109.2 million, resulting in a 7.6% change in DBVS[6] - The total investment return was 3.7%, inclusive of unrealized gains and losses[7] Underwriting Results - The insurance service result was $155.7 million, with a discounted combined ratio of 87.4% and an undiscounted combined ratio of 97.8%[5] - The Group experienced net losses from catastrophe, weather, and large loss events totaling $211.2 million, with catastrophe and weather losses accounting for $172.0 million[13] - Favorable prior accident year loss development resulted in a $109.1 million undiscounted net movement in loss reserves[13] Capital and Outlook - The estimated Q2 2025 BSCR coverage ratio is approximately 257%[20] - The Group expects a high-teens RoE for 2025, upgraded from mid-teens, assuming a similar H2 loss environment to 2024[7, 21] - Group RPI of 96%[10]