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Daily Insurance Industry News
Thursday 22nd of February 2018
August 23, 2010

Hiscox reports interim results

by Richard Kilner

Story link: Hiscox reports interim results

Specialist insurer Hiscox has reported its interim results for the first six months of 2010, including pre-tax profits of £97.2m, down from the £141.4m achieved during the same period last year.

Earnings per share were down significantly, from 33.2p to 20.9p.

Gross written premiums were essentially flat, declining very slightly from £906m to £904.3m, and the dividend rose 11% from 4.5p per share to 5p per share.

Investment return was 1.7% for the first six months (down from 3.4%) and 3.5% annualised (down from 7%).

Return on equity almost halved, from 27.5% in the period last year to 14.8%.

Chairman Robert Hiscox has said that the firm enjoys a robust book of reinsurance and expanding specialist businesses.

Chairman Hiscox also forecast a surge of growth when interest rates inevitably increase, but until then pledged to keep the tinder dry with a cautious, safer approach to underwriting and investment.

 

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