Hiscox gross written premiums grow in 'complex underwriting environment'
Insurance group Hiscox said on Wednesday that it had performed well in "a complex underwriting environment", with constant currency gross written premiums up almost 10% year-to-date.
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Hiscox said group gross premiums written were up 6.3% to $3.68bn, or 9.3% in constant currency, as strong rate momentum continued across all business segments and premium growth remained ahead of claims inflation assumptions.
The London-listed firm said Hiscox Retail gross written premiums were up 6.1% to $1.76bn, while US Digital Partnerships and Direct gross written premiums increased 9.8%.
Hiscox also reported an investment result loss of $293.9m, down from a profit of $62.7m in 2021, or a negative return of 4.2% year-to-date, primarily due to unrealised mark-to-market losses in its bond portfolio.
Chief executive Aki Hussain said: "Our retail business is on track, with platform migration going well and we look forward to an acceleration of growth in 2023.
"The performance of our big-ticket businesses remains robust after the impact of Hurricane Ian, and improving conditions are presenting new opportunities."
As of 0900 GMT, Hiscox shares were up 2.89% at 924.40p.
Reporting by Iain Gilbert at Sharecast.com