Interim results for the six months ended 30 June 2018

‘A Good Start to the Year’



6m to 30 June 2018


6m to 30 June 2017


Gross premiums written



Net premiums earned



Profit before tax



Group combined ratio



Highlights (from the press release on 30 July 2018)

  • Strong growth in gross premiums written of 21%, with all segments contributing.
  • Good underwriting drives improved combined ratio of 88%.
  • Profit before tax up by 27% to $164 million with Hiscox Retail contributing over half.
  • Reducing loss estimates for 2017 catastrophes drive increase in reserve releases to $154 million, reflecting our prudent approach to reserving.
  • On track to exceed one million retail customers in 2018.
  • We continue to see strong demand for our ILS funds and now have assets under management of $1.6 billion.
  • Interim dividend up 5% to 13.25 cents

Chairman Robert Childs sees the outlook for the Group as follows:

‘Hiscox is in good shape. The London Market business is navigating the market and finding opportunities in areas such as flood, cyber and general liability. In reinsurance we have grown and are achieving good margins. The retail businesses, in their respective regions and product lines, continue their good momentum. The opportunities are legion.

The Group is also working hard to transform much of our underlying infrastructure. This includes the impact of Brexit, General Data Protection Regulation (GDPR), New York Cybersecurity Regulation, IFRS 17 accounting standards, the Insurance Distribution Directive (IDD) and the updated Senior Managers and Certification Regime (SMCR). The finance and IT infrastructure projects we are undertaking across the Group, especially in our retail businesses, position us favourably as we look to grow market share in key lines and geographies according to the size of the opportunity ahead of us…It’s going to be a busy second half.’

The full report can be found here and the analysts’ presentation slides here.