Conduit Holdings Limited Com Shs DI
Website:
Conduit Holdings Limited Com Shs DI
Index:
Main Market
EPIC: CRE
Supersector:
Insurance
Sector:
Nonlife Insurance
Subsector:
Reinsurance
Market Cap:
£650.65M
Payout Frequency: Semi-Annual
Conduit Holdings Limited Com Shs DI Dividend Analysis and Summary
Declared Dividend – Key Details
- Dividend type: Final (FY2025)
- Amount: $0.18 per common share (c. 13p)
- Total FY2025 dividend: $0.36 per share (unchanged vs FY2024)
- Record date: 20/03/2026
- Ex-dividend date: 19/03/2026 (derived as one business day before record date)
- Payment date: 16/04/2026
- Currency: Declared in USD; paid in GBP at the GBP:USD spot rate at 12 pm UK time on the Record Date
- Cash cost of the final dividend: $29.2m
Dividend Sustainability and Growth
- Coverage: FY2025 diluted EPS $0.74 vs FY dividend $0.36 ? dividend cover ~2.1x (payout ~49%).
- Earnings/cash support: Total comprehensive income $116.8m; operating cash flow $361.6m more than covers prior-year cash dividends ($59.4m) and the proposed final ($29.2m payable in April 2026).
- Profit drivers: Despite a heavy wildfire loss, discount-adjusted combined ratio at 89.1% and strong net investment return 6.7% supported earnings; RoE 11.1%.
- Capital strength: Estimated BSCR ratio 252%; tangible net assets per share rose to $7.14.
- Growth trajectory: FY dividend held flat at $0.36 for a second year, indicating a stable rather than progressive policy through the softening reinsurance cycle.
How Well Supported by Financials and Capital Allocation
- Underwriting/investment balance: Undiscounted combined ratio 101.5% (wildfire-driven) means investment income was an important earnings pillar in 2025; however, the discount-adjusted combined ratio (89.1%) indicates underlying profitability and helps underpin the payout.
- Investment profile: Conservative, short-duration, high-quality fixed income (duration 2.8 years, AA credit). Book yield ~4.2% supports ongoing income generation.
- Capital returns: Active buybacks ($12.5m in 2025; $5.4m YTD to 17 Feb 2026) alongside the dividend suggest excess capital capacity; management reiterates appetite to repurchase shares, which can enhance per-share metrics and future dividend affordability.
Structural or Policy Considerations
- No M&A, demergers or share consolidations disclosed.
- Enhanced 2026 retrocession programme with reduced net retention for peak/secondary perils (e.g., California wildfires) aims to moderate earnings volatility—supportive for dividend stability.
- Dividend paid in GBP at Record Date spot rate introduces FX variability to UK holders’ cash receipts.
Risks and Flags to Dividend Stability
- Market softening: Management notes softening in Property and Specialty and moderated growth—could pressure underwriting margins if discipline slips.
- Catastrophe exposure: 2025 California wildfires were the largest absorbed loss in company history; elevated nat-cat/risk event frequency remains a key uncertainty.
- Earnings mix: With an undiscounted combined ratio above 100%, results are partly reliant on investment income; a lower investment return environment would tighten cover.
- Reinsurance finance expense: Higher unwind/discount-rate effects ($77.2m expense) add earnings volatility.
- Regulatory/tax: Bermuda rules are evolving; while 2025 benefitted from tax credits, future changes could affect costs and distributable profits.
Read more
Conduit Holdings Limited Com Shs DI Annual Dividend Yield - 6.04%
Dividends Used in Calculation:
| Ex-Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 20/03/2025 |
17/04/2025 |
Final |
18.00¢ |
USX |
| 14/08/2025 |
11/09/2025 |
Interim |
18.00¢ |
USX |
Total (Annual Dividends Per Share):
26.66p
(Using exchange rate on 29/04/2026
$ = £0.74069)
Dividend Yield =
Annual Dividends Per Share (26.66p)
÷ Share Price (441.5p)
= 6.04%
Conduit Holdings Limited Com Shs DI Dividend History
| Ex Dividend Date |
Payment Date |
Type |
Amount |
Currency |
| 19/03/2026 |
16/04/2026 |
Final |
18.0000p |
GBX |
| 14/08/2025 |
11/09/2025 |
Interim |
18.00¢ |
USX |
| 20/03/2025 |
17/04/2025 |
Final |
18.00¢ |
USX |
| 15/08/2024 |
05/09/2024 |
Interim |
18.00¢ |
USX |
| 21/03/2024 |
24/04/2024 |
Final |
18.00¢ |
USX |
| 17/08/2023 |
08/09/2023 |
Interim |
18.00¢ |
USX |
| 23/03/2023 |
21/04/2023 |
Final |
18.00¢ |
USX |
| 18/08/2022 |
09/09/2022 |
Interim |
18.00¢ |
USX |
| 24/03/2022 |
22/04/2022 |
Final |
18.00¢ |
USX |
| 19/08/2021 |
10/09/2021 |
Interim |
18.00¢ |
USX |
| Year |
Interim |
Final |
Currency |
Total |
| 2024 |
18.000 |
18.000 |
USX |
36.000 |
| 2023 |
18.000 |
18.000 |
USX |
36.000 |
| 2022 |
18.000 |
18.000 |
USX |
36.000 |
| 2021 |
18.000 |
18.000 |
USX |
36.000 |
Conduit Holdings Limited Com Shs DI Dividend Calculator
Conduit Holdings Limited Com Shs DI Dividend Growth
| Dividend Growth (1Y) |
-4.07%
|
| Dividend CAGR (5Y) |
–
|
| Years of Growth |
–
|
| Payout Ratio |
50.86%
|
| Buyback Yield |
0.16%
|
| Shareholder Yield |
6.19%
|
| P/E Ratio (TTM) | 7.98 |
|---|
| Forward P/E | 6.48 |
|---|
| P/FCF | – |
|---|
| Earnings Yield | 13.34% |
|---|
| FCF Yield | – |
|---|
| ROE | 10.85% |
|---|
| ROCE | 10.71% |
|---|
| Profit Margin | 14.24% |
|---|
| Operating Margin | 14.4% |
|---|
| Gross Margin | 18.55% |
|---|