Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 14th of August 2018
March 4, 2008

Hiscox profits up 18%

by David Masters

Story link: Hiscox profits up 18%

Hiscox have released their results for 2007, with pre-tax profits up 18%.

The company’s pre-tax profits for the year were £237.2 million, compared to £201.1 million in 2006. Gross written premiums for the year were £1.2 billion, up from £1.13 billion.

Hiscox’s combined European and UK businesses saw a fall in profits, down to £21.8 million compared to £33.1 million the previous year. However, the businesses achieved top line growth of 13.7%, up to £302.3 million.

The insurer’s combined operating ratio saw improvements of over 4%, down from 89.1% to 84.4%.

The final dividend was set at 8p per share, increasing the total dividend to 12p.

The company said in a statement that the market will be a “testing” place over the coming years.

Robert Hiscox, chairman of Hiscox, said of the results: “This is another record result driven primarily by the excellent performance of our Global Markets and Bermuda businesses.

“We will continue to develop our UK and international network to distribute our specialist products which will provide further stability to the Group.”

 

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