Daily Insurance Industry News
Daily Insurance Industry News
Sunday 18th of November 2018
February 27, 2012

Hiscox 2011 profits hit by catastrophe losses

by Richard Kilner

Story link: Hiscox 2011 profits hit by catastrophe losses

Hiscox has reported its financial results for the year ended 31 December 2011, including pre-tax profits of £17.3m.

This is sharply down on the £211.4m it made during 2010, but does include £270m of natural catastrophe losses.

Profits after tax fell from £178.8m to £21.3m, with earnings per share down from 47.2p to 5.5p.

Gross written premiums increased slightly from £1,432.7m to £1,449.2m, and net premiums earned were up from £1,131.2m to £1,145m.

The UK retail business delivered both growth and a record profit of £49m (up from £28.8m), and the Hiscox London Market made a profit of £57.6m, down from £121.4m last year.

Chairman Robert Hiscox said that the firm had made a small profit in an unusually difficult year, and said that he was looking forward to his final year as chairman before stepping down from the board in 2013.


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