Hiscox profits hit by catastrophes
Specialist insurer Hiscox has reported its latest financial results, which saw pre-tax profits drop by a third from £320.6m to £211.4m.
Profits after tax declined by a similar margin, down from £280.5m to £178.8m, with earnings per share dropping from 75.2p to 47.2p.
However, profits were hit by specific catastrophe claims worth a total of £165m.
Gross written premiums marginally declined by £2.7m to £1,432.7m, with net premiums earned rising from £1,089.1m to £1,131.2m.
The firm’s investment return halved from 7.2% to 3.6% and return on equity slumped from 30.1% to 16.5%.
Chairman Robert Hiscox stated that the firm had been well and truly tested by Mother Nature during the year and described the pre-tax profit of £211.4m as proof of the firm’s resilience.
The firm enjoyed a stronger latter half of the year, having made H1 pre-tax profits of £97.2m.
Category: Financials, Insurance News
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