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2019 Interim Results

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    • Financial Results

"A positive result in a changing market"...

  H1 2019 H1 2018
Gross premiums written $2,337.5m $2,228.8m
Net premiums earned $1,313.8m $1,277.9m
Profit before tax $168.0m $162.7m
Earnings per share ($) 51.2¢ 52.2¢
Earnings per share (£) 39.6p 38.0p
Interim dividend per share 13.75¢ 13.25¢
Net asset value per share ($) 817.0¢ 833.7¢
Net asset value per share (£) 641.9p 633.6p
Group combined ratio 98.8% 87.9%
Return on equity (annualised) 13.3% 13.3%
Investment return (annualised) 4.8% 0.7%
Foreign exchange gains / (losses) $15.6m $(8.5)m
Reserve releases $26m $154m



  • Gross premiums written up 7% in constant currency, with all business segments growing.
  • Profit before tax up 3% to $168 million, driven by a good investment return of 4.8% annualised.
  • Interim dividend up 4% to 13.75¢.
  • The Group experienced a higher volume of claims in the first half of 2019 than the same period last year. 
  • Reserves have been strengthened for prior-year claims from Typhoon Jebi, Hurricane Michael and the risk excess book, as industry loss estimates have increased.
  • Retail growth has moderated as planned, due to on-going discipline in US private company directors and officers' (D&O) business and as Hiscox UK adapts to new IT systems.   
  • Hiscox Re and Hiscox London Market are capitalising on opportunities as they arise, as pricing momentum continues to build. 

Bronek Masojada, Chief Executive Officer, Hiscox Ltd, commented:

"Hiscox delivered a profit of $168 million for the first half despite a more challenging claims experience. Looking ahead, with six consecutive quarters of rate growth in some Lloyd's business, the market is in a better position than it has been for some time. In Retail, we will continue to invest in our infrastructure and marketing to drive sustainable growth. Our strategy of diversification gives us options."