2024 Preliminary Results

Hiscox Ltd full year results

For the year ended 31 December 2024

“Record profits, building momentum in Retail, and step-up in capital return.”

Highlights

• Insurance contract written premium (ICWP) grew by 3.7% or $168.7 million to $4,766.9 million (2023: $4,598.2 million), driven by Retail premium growth of $147.3 million.
• Disciplined underwriting in an active loss environment resulted in an undiscounted combined ratio of 89.2% (2023: 89.8%).
• Solid investment result of $383.9 million (2023: $384.4 million). 
• Record profit before tax of $685.4 million, up 9.5% year-on-year, and ROE of 19.8% (2023: 21.8%²).
• Step-up in final dividend per share of 19.6%, with a full year increase of 14.9% in dividend per share, as well as a new special capital return of $175 million in the form of a buyback. 
• Hiscox to hold a capital markets day on 22 May 2025.

Aki Hussain, Group Chief Executive Officer, Hiscox Ltd, commented:

“The Group has delivered another set of excellent results and a second consecutive year of record profits. Our Retail business continues to build broad-based growth and earnings momentum, and our big-ticket portfolio has again delivered an outstanding performance, leading to a strong return on equity in an active loss year. This earnings momentum underpins substantial capital generation, creating the flexibility to pursue multiple growth opportunities and return 10%⁴ of equity to shareholders through a combination of a 20% step-up in the final dividend per share and a $175 million share buyback. This demonstrates both the power of – and confidence in – the outlook for our diversified business. I would like to thank all of my Hiscox colleagues for their dedication in delivering another strong year.” 

Read the full statement (PDF)

ENDS

[1] Alternative performance measure definitions used by the Group are included within the consolidated financial statements.

[2] 2023 excluding Bermuda deferred tax asset (DTA). ROE of 27.6% and earnings per share of 206.1¢ including Bermuda DTA. 

[3] Estimated for 2024.

[4] Total estimated cost of returns (interim dividend, final dividend and $175 million buyback) as a percentage of opening adjusted equity. 

A conference call for investors and analysts will be held at 10:30 GMT on Thursday, 27 February 2025.

Participant dial-in numbers:

United Kingdom (Local): +44 20 3936 2999

All other locations: +44 800 358 1035
Participant access code: 786473

For further information

Investors and analysts

Yana O’Sullivan, Director of Investor Relations, London +44 (0)20 3321 5598

Marc Wetherhill, Group Company Secretary, Bermuda +1 441 278 8300

Media

Eleanor Orebi Gann, Group Director of Communications, London +44 (0)20 7081 4815 

Simone Selzer, Brunswick +44 (0)20 7404 5959

Tom Burns, Brunswick +44 (0)20 7404 5959

Notes to editors

About The Hiscox Group

Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. 

The Hiscox Group employs over 3,000 people in 13 countries, and has customers worldwide. Through the retail businesses in the USA, UK, Europe and Asia, we offer a range of specialist insurance products in commercial and personal lines. Internationally-traded, bigger-ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.

Our values define our business, with a focus on people, courage, ownership and integrity. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.