Hiscox Ltd interim results
For the six months ended 30 June 2024
“Solid delivery. Executing on our commitments.”
| H1 2024 | H1 2023 | |
| Insurance contract written premium[1] | $2,812.9m | $2,723.3m |
| Net insurance contract written premium[1] | $2,027.2m | $1,945.6m |
| Insurance service result | $240.7m | $221.4m |
| Investment result | $152.4m | $121.8m |
| Profit before tax | $283.5m | $264.8m |
| Earnings per share | 75.1¢ | 72.2¢ |
| Interim dividend per share | 13.2¢ | 12.5¢ |
| Net asset value per share | 989.0¢ | 823.3¢ |
| Tangible net asset value per share | 896.9¢ | 728.1¢ |
| Group combined ratio (discounted)[1] | 85.4% | 85.7% |
| Group combined ratio (undiscounted)[1] | 90.4% | 90.2% |
| Return on equity (annualised)[1] | 16.5% | 19.9% |
| Positive prior year development[1] | $50.8m | $61.7m |
Highlights
- Insurance contract written premium (ICWP) grew by $89.6 million or 3.3% to $2,812.9 million (H1 2023: $2,723.3 million) with sustained retail growth and additional capital deployed in big-ticket property.
- Profit before tax grew 7.1%, to $283.5 million (H1 2023: $264.8 million), underpinned by:
- insurance service result of $240.7 million (H1 2023: $221.4 million);
- investment result of $152.4 million (H1 2023: $121.8 million).
- Undiscounted combined ratio of 90.4% (H1 2023: 90.2%) in a more active loss environment.
- Group ROE of 16.5% (H1 2023: 19.9%).
- Excellent tangible NAV per share growth of 23.2%.
- Over 85%[2] of the $150 million buyback completed; interim dividend of 13.2 cents per share, an increase of 5.6% from last year.
- Strong balance sheet and reserves; estimated Bermuda Solvency Capital Ratio (BSCR) of 206%.
- Our diversified portfolio is well placed to deliver sustainable returns and growth for the Group through the insurance cycle.
Aki Hussain, Group Chief Executive Officer, Hiscox Ltd, commented:
"Our business has built on the momentum from 2023 and delivered strong profits and robust growth in the first half. We are focused on deploying capital to generate profitable growth and investing in underwriting and technology capabilities to build out our competitive advantages. This has delivered a strong and increased underwriting result of $241 million, despite a more active loss environment, and positions us well to deliver high-quality growth through the insurance cycle."
Read the full statement (PDF).
ENDS
[1]Alternative performance measure definitions used by the Group are included within the condensed consolidated interim financial statements.
[2]As of 30 June 2024.
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