Hiscox profits get boost despite market conditions

Specialist insurer can thank its retail business for its profit growth

Hiscox profits get boost despite market conditions

Insurance News

By Lyle Adriano

Hiscox has unveiled results for its first-half interim period (for the six months ending June 30, 2017), showing that despite “on-going headwinds,” the Lloyd’s underwriter managed to turn in a modest profit.

The specialist insurance provider reported a gross written premium of £1,459.6 million (approximately SGD$2,597 million) for the first half of 2017 ending June 30 – £171.1 million (about SGD$304 million) more than for the same period last year. In addition, the company’s net premiums earned for the first half of 2017 came in at £936.6 million (about SGD$1.66 billion), compared to last year’s £767.5 million (approximately SGD$1.36 billion).

According to a release, Hiscox’s profits before tax increased year-over-year by 12.5%, excluding the impact of foreign exchange. The underwriter credited its retail business as the main driver of its profit for H1 2017. Hiscox’s USA operations have also been recognised as a “stand-out performer,” generating 31.1% premium growth (in USD).

“We are managing the cycle and driving retail growth, as our long-held strategy of balancing the portfolio between volatile big-ticket business and steady retail business continues to deliver,” commented Hiscox CEO Bronek Masojada. “Despite tough market conditions we are finding opportunities.”

Related stories:
Hiscox enhances professional risks division
International insurance broker Hiscox makes senior hire


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