In its latest financial report, Hiscox noted that its premium growth and portfolio adjustments led to an underwriting result of $123.2 million for H1 2022, up from $99.8 million in the first half of 2021 (H1 2021).
During the same period, the insurer’s gross written premium (GWP) rose by 9.2% to $2,649.8 million, a slight increase from $2,426.2 million in H1 2021, despite FX headwinds from a strengthening US dollar.
Hiscox retail also continued to grow in H1 2022, reporting a 1.5% increase in GWP to $1,235.2 million, up from $1,216.4 million in H1 2021, or 5.9% in constant currency, driven by solid growth in Europe and improved performance in the UK. Meanwhile, growth in retail go-forward GWP accelerated to 8.5% in constant currency, up from 6.4% in H1 2021.
In the Hiscox London market, the report highlighted that:
Hiscox Ltd group CEO Aki Hussain commented that he was satisfied with the company’s performance.
“I am pleased with the group’s performance during the first half of the year as rate strengthening and disciplined growth drove much-improved underwriting profitability,” Hussain said. “While macro-economic and geo-political concerns are affecting the global economic outlook, our strategy and diverse portfolio of businesses continue to create opportunity, and we are well positioned to generate high-quality growth and earnings.”
Hiscox spent the final month of H1 2022 making key leadership appointments, including appointing a newly created group chief operating officer (COO) position and UK marketing director.
