Lancashire Holdings FY22 Loss Narrows, Premiums Written Climb

Bermuda-based insurer Lancashire Holdings Ltd (LRE.L) reported Friday that its fiscal 2022 loss before tax was $2.8 million, narrower than last year’s loss of $56.8 million.

Loss per share were $0.01, compared to loss of $0.26 per share a year ago.

Underwriting profit climbed to $150.8 million from $69.0 million last year.

In the year, gross premiums written increased 35% to $1.65 billion from prior year’s $1.23 billion.

Net premiums written went up to $1.19 billion from $816.1 million a year earlier.

Further, the Lancashire Board declared a final dividend relating to 2021 of $0.10 per share, subject to shareholder approval; and an interim dividend of $0.05 per share.
The final dividend will be paid in Pounds Sterling on June 2 to shareholders of record on May 5.

Looking ahead, Alex Maloney, Group Chief Executive Officer, said, “As we look into 2023, wider capacity constraints – due particularly to the increasing cost of capital and historic loss activity – are expected to give us considerable opportunities to further strengthen our franchise at a time in the cycle of expanding margins. I very much look forward to the opportunities for further profitable growth that the next 12 months may bring….”

Gold Struggles For Direction On Hawkish Fed Bets

Gold struggled for direction on Friday and headed for a second straight weekly loss on uncertainty about further interest-rate hikes by the Federal Reserve.

Spot gold was marginally higher at $1,862.94 per ounce, while U.S. gold futures were down 0.2 percent at $1,874.

The dollar held firm and Treasury yields spiked after Richmond Fed President Thomas Barkin said it’s important for the U.S. central bank to continue to raise rates to ensure if brings inflation back to the 2 percent target.

In Europe, the Bundesbank’s president, Joachim Nagel, reaffirmed his call for more interest rate increases.

Elsewhere in Asia, the Reserve Bank of Australia boosted its forecast for core inflation and wages growth this year, and flagged further increases in interest rates.

A preliminary report on U.S. consumer sentiment, which includes readings on inflation expectations, may sway sentiment as the day progresses.

U.S. and British inflation readings, U.S. retail sales and industrial production data, and Japan GDP figures are due to be unveiled next week.

Oil Prices Rally As Russia Announces Production Cut

Oil prices climbed on Friday and headed for significant weekly gains amid news that Russia aims to cut its March oil production voluntarily by 500,000 barrels a day in response to the western price caps on Russian oil and oil products.

Benchmark Brent crude futures jumped 2.2 percent to $86.36 a barrel, while WTI crude futures were up 2.3 percent at $79.87.

“Russia will voluntarily reduce production by 500,000 bpd in March. This will contribute to the restoration of market relations”, Deputy Prime Minister Alexander Novak said in a statement.

“When making further decisions, we will act based on how the market situation is developing,” he said.

Hopes for strong fuel demand recovery in China, the world’s top oil importer, also supported prices and offset fears of a looming recession in the United States.

Magna Q4 Profit Down, Misses Estimates; Sees Higher Results In FY23, FY25

Magna International Inc. (MG.TO,MGA) reported Friday that its fourth-quarter net income attributable to the company plunged to $95 million from last year’s $464 million.

Earnings per share fell to $0.33 from $1.54 a year ago. Adjusted earnings per share were $0.91, compared to prior year’s $1.30.

On average, 17 analysts polled by Thomson Reuters expected the company to earn $1.06 per share for the quarter. Analysts’ estimates typically exclude special items.

Sales increased 5 percent to $9.57 billion from $9.11 billion a year ago. Analysts projected sales of $9.55 billion for the quarter.

Excluding foreign currency translation sales increased 13 percent, compared to a global light vehicle production increase of 5 percent.

Further, the company raised quarterly cash dividend to $0.46 per share.

Looking ahead for fiscal 2023, the company projects net income attributable between $1.1 billion and $1.4 billion, on sales of $39.6 billion to $41.2 billion.

Sales would continue to outgrow global light vehicle production through outlook period.

The company also expects adjusted EBIT Margin to expand by 230 basis points or more by 2025.

Total sales by 2025 are expected to be between $44.7 billion and $47.2 billion.

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Pre-market Movers: XPON, HPCO, LYFT, PHAT, AVXL…

The following are some of the stocks making big moves in Friday’s pre-market trading (as of 06.45 A.M. ET).

In the Green

Expion360 Inc. (xpon) is up over 56% at $3.10.
enCore Energy Corp. (EU) is up over 13% at $2.67.
Anavex Life Sciences Corp. (AVXL) is up over 12% at $11.69.
Sentage Holdings Inc. (SNTG) is up over 12% at $2.59.
Gossamer Bio, Inc. (GOSS) is up over 12% at $2.57.
Lannett Company, Inc. (LCI) is up over 11% at $3.24.
Alteryx, Inc. (AYX) is up over 10% at $66.23.
Cloudflare, Inc. (NET) is up over 6% at $62.00.
Bloom Energy Corporation (BE) is up over 6% at $25.20.
Hesai Group American Depositary Share, (HSAI) is up over 6% at $22.47.

In the Red

Hempacco Co., Inc. (HPCO) is down over 53% at $2.06.
Lyft, Inc. (LYFT) is down over 33% at $10.75.
Phathom Pharmaceuticals, Inc. (PHAT) is down over 17% at $9.49.
Osisko Development Corp. (ODV) is down over 11% at $4.92.
Spruce Biosciences, Inc. (SPRB) is down over 11% at $2.66.
AMC Entertainment Holdings, Inc. (APE) is down over 9% at $2.45.
Banco Bradesco S.A. (BBD) is down over 9% at $2.40.
Doximity, Inc. (DOCS) is down over 6% at $34.07.
Silvergate Capital Corporation (SI) is down over 6% at $14.75.
Nabors Industries Ltd. (NBR) is down over 5% at $163.49.