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Daily Insurance Industry News
Thursday 16th of August 2018
February 28, 2011

Hiscox profits hit by catastrophes

by Richard Kilner

Story link: 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.

 

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