Hiscox achieves record annual profits

by Richard Kilner

Story link: Hiscox achieves record annual profits

International specialist insurer Hiscox has reported its financial performance figures for 2009.

Hiscox enjoyed pre-tax profits of £320.6m, more than threefold the £105.2m made in the previous year.

The insurer also saw post-tax profits rise, from £70.8m to £280.5m, an increase of almost 300%, with earnings per share fourfold larger at 75.2p.

Gross written premiums jumped from £1.1bn to £1.4bn.

Chairman Robert Hiscox has described the result as a very happy one, lauding the record profits the firm achieved in 2009.

Chairman Hiscox went on to attribute the excellent results to a continuing development of the brand in the UK, and building up the business in the US.

The record annual profits come after a similarly good first six months, when the firm achieved its best ever net profit of £122m, up from £84.4m in the same period of 2008.