Compre reports net post-tax loss of $128.5 million for 2024

By Michael Jones

April 22 - (The Insurer) - Compre Group has reported a net post-tax loss of $128.5 million for 2024, down from a 2023 profit of $279.4 million, the company said on Thursday.

The legacy specialist announced an operating loss of $45.3 million for the 2024 full year, compared to its 2023 full year profit of $80.5 million.

Compre said its loss was driven by an 18% year-on-year drop in global deal volume in 2024 and the natural unwinding of discounted liabilities.

A PwC report issued in February had previously highlighted the reduction in legacy deal volume last year, with estimated gross liabilities of $6.6 billion transacted, down from $8.1 billion in 2023.

Compre said its loss was also driven by tail risk on certain claims. It said this involved business largely acquired in 2020 and prior years, with a small number of remaining claims being monitored closely to reach "satisfactory conclusions".

Total transacted new business volume was $132 million in 2024, Compre said. It said several portfolios were offered in 2024 but it completed fewer deals than expected, which it said reflected a focus on underwriting discipline.

Net reserves acquired in 2024 were $161 million, while investment income of $92.1 million was almost double 2023's $48.6 million.

Compre's tangible net asset value of $620 million was down 20.9% on 2023's figure.