REG - Camellia PLC - Trading Update

CamelliaAnnouncement

07/12/2022 07:00

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RNS Number : 8268I  Camellia PLC  07 December 2022

7  December 2022

Camellia Plc

 

(the "Company" or the "Group")

 

Trading update

 

Further to the trading announcement on 22 November there has been no change to
our expectations for underlying profit before tax for the Group for 2022, with
the exception of the trading for BF&M Limited (BF&M) which announced
Q3 results yesterday which are significantly below our expectations.

BF&M reported a shareholders' net loss of Bermuda$13.4 million for the
nine months ended 30 September 2022, as compared to shareholders' net income
for the comparative period in 2021 of Bermuda$19.5 million. Net income from
operations after excluding the negative fair value movements in investments
was Bermuda$9.3 million versus Bermuda$17.8 million in the first nine months
of 2021. Despite the economic headwinds and investment market volatility that
continue to impact BF&M results, BF&M's underlying business is
trending favourably with Property and Casualty benefiting from a strong rate
environment and minimal exposure to Hurricanes Fiona and Ian. Group Life
results were strong while Group Health claims remain elevated over
pre-pandemic levels. The Pension and Annuity businesses remains
well-positioned to optimise opportunities as the markets settle.

Equity attributable to BF&M's shareholders at 30 September 2022 was $294.0
million.

Excluding any financial results for BF&M, the Company believes that the
adjusted profit before tax* for the Group will be approximately 50 - 55% below
that of last year. In light of BF&M's Q3 results, it is likely that
adjusted profit before tax* for the Group for the year ended 31 December 2022
will be lower than announced on 22 November 2022. However as a consequence of
the impact of the volatility of equity and bond markets on BF&M's results,
it is not possible for Camellia to forecast the likely full year outcome for
BF&M with any certainty.

 

* adjusted profit before tax seeks to present an indication of performance
which is not impacted by exceptional items or items considered non-operational
in nature and for example it excludes impairment charges, gains/losses on
disposal of assets and restructuring costs.

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation.

 

Enquiries

 

Camellia Plc
 
01622 746655

Malcolm Perkins, Chairman

Susan Walker, Chief Financial Officer

 

Panmure Gordon
 
020 7886 2500

Nominated Adviser and Broker

Emma Earl

Erik Anderson

 

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