Hiscox enjoys profit climb despite testing market

Company credits retail business for growth in tough marketplace

Hiscox enjoys profit climb despite testing market

Insurance News

By Lyle Adriano

Hiscox has unveiled results for its first-half interim period (for the six months ending June 30, 2017), showing that despite “on-going headwinds,” the Lloyd’s underwriter managed to turn in a modest profit.

The specialist insurance provider reported a gross written premium of £1,459.6 million (approximately AU$2,399 million) for the first half of 2017 ending June 30 – £171.1 million (about AU$281 million) more than for the same period last year. In addition, the company’s net premiums earned for the first half of 2017 came in at £936.6 million (about AU$1.539 billion), compared to last year’s £767.5 million (approximately AU$1.25 billion).

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According to a release, Hiscox’s profits before tax increased year-over-year by 12.5%, excluding the impact of foreign exchange. The underwriter credited its retail business as the main driver of its profit for H1 2017. Hiscox’s USA operations have also been recognised as a “stand-out performer,” generating 31.1% premium growth (in USD).

“We are managing the cycle and driving retail growth, as our long-held strategy of balancing the portfolio between volatile big-ticket business and steady retail business continues to deliver,” commented Hiscox CEO Bronek Masojada. “Despite tough market conditions we are finding opportunities.”


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