Monday 25 February 2013
Hiscox Ltd
Full year results for the year ended 31 December 2012
“A very good year”
| 2012 | 2011 | |
| Gross premiums written | £1,565.8m | £1,449.2m |
| Net premiums earned | £1,198.6m | £1,145.0m |
| Profit before tax | £217.1m | £17.3m |
| Earnings per share | 53.1p | 5.5p |
| Total dividend per share for year | 18.0p | 17.0p |
| Net asset value per share | 349.7p | 323.5p |
| Group combined ratio | 85.5% | 99.5% |
| Return on equity | 16.9% | 1.7% |
| Investment return | 3.1% | 0.9% |
| Reserve releases | £152m | £199m |
Capital return
Capital return of £200 million (50.0p per share including final dividend) by way of B share scheme
- Final dividend equivalent of 12.0p taking total dividend for the year to 18.0p, an increase of 5.9% (2011: 17.0p)
- Additional special distribution of 38.0p per share (approx. £150 million) combined with share consolidation
Operational highlights
- Robert Childs replaces Robert Hiscox as Chairman on 26 February 2013; Richard Watson now Chief Underwriting Officer
- Hiscox London Market profit of £121.9 million (2011: £57.6 million) with contributions across all lines
- Hiscox Bermuda delivered a pleasing profit despite Superstorm Sandy
- UK retail business delivers another good profit of £45.2 million (2011: £49.0 million)
- Hiscox USA revenues grew by 32.6% to $230.5 million. US Direct business increased by over 200% to nearly $10.0 million GWP with strong continued growth prospects
Robert Hiscox, Chairman of Hiscox Ltd, commented:
"In my last year as Chairman we have made a very good profit despite the second costliest storm on record and a challenging investment market. As a result we are in a position to return capital to shareholders while retaining a strong capital base. The Group not only has a balanced account with great prospects, but more important, has excellent people led by a talented and experienced management team. The future looks as exciting as the past has been for me."
For further information:
Hiscox Ltd
|
Jeremy Pinchin, Group Company Secretary |
+1 441 278 8300 |
| Kylie O’Connor, Head of Group Communications, London | +44 (0)20 7448 6656 |
| Brunswick | |
| Tom Burns | +44 (0)20 7404 5959 |
| Clemmie Raynsford |
Notes to editors
About Hiscox
Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA.
For further information, visit www.hiscox.com
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