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Daily Insurance Industry News
Monday 16th of July 2018
August 18, 2008

Hiscox achieves record interim profits

by Richard Kilner

Story link: Hiscox achieves record interim profits

Hiscox has released its interim results for the six month period ending 30 June 2008.

The insurance firm recorded its highest ever level of pre-tax profits (for the interim period) of £109.2m, a rise of £3.6m compared to the previous year.

Gross written premiums fell by almost £100m, dropping 12.8% to hit £639.4m, in accordance with the firm’s disciplined underwriting approach.

Earnings per share, after tax, increase by 6.9% to 27.1p, with the dividend rising by 6.25% to 4.25p compared to 4p for 2007.

Hiscox International enjoyed a surge in profit, which skyrocketed by 67.7% to over £20m.

The Hiscox UK and Hiscox Europe businesses saw even greater profit increases, reaching over £16m in pre-tax profits, a rise of over 100% from £6.6m.

However, Hiscox Global Markets saw its profits fall from £87.5m to £80.4m, due to the combined effects of a disciplined underwriting policy and the softening rate environment.

Hiscox Ltd’s chairman, Robert Hiscox, has stated that the firm has achieved what it set out to do, and reduced its international exposure whilst also lowering the combined ratio (from 84.8% to 79.7%).

Both income and profit has risen in the firm’s businesses, and the chairman has expressed his confidence in Hiscox’s ability, due to diverse, specialised businesses, to make profits even in any market conditions.

 

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