Conduit Holdings Limited (CNDHF) Q2 2026 Earnings Call Transcript

Good day, everyone, and welcome to Conduit's 2026 Interim Results Conference Call. Thank you for joining us. On the call are Neil Eckert, Chief Executive Officer; Elaine Whelan, Chief Financial Officer; and Stephen Postlewhite, Chief Underwriting Officer. Please note our disclaimer language on Slide 2. I will now turn the call over to our CEO, Neil Eckert. Thanks, Brett, and welcome, everyone. Today's presentation will cover our business performance for the first half of 2026, as well as an update on market conditions and the outlook. Steve will cover performance in each of our segments, and Elaine will provide some additional detail on our financial and investment highlights for the period before closing remarks and time for questions. I'm pleased to report a solid first half performance for 2026. We generated comprehensive income of $80.3 million and a return on equity of 7.8%, while growing tangible net assets per share by 8.4% during the first half and 23.2% over the past year. These are strong levels of shareholder value creation and a meaningful improvement compared to our performance in the prior year. As market conditions have become more competitive, we have remained disciplined in our deployment of capital. We continue to grow in areas where we believe pricing remains attractive, particularly casualty, whilst reducing