Update on dividend payment and guidance
In order to help Hiscox serve the needs of businesses and households through the extraordinary challenges presented by COVID-19, and with the support of our regulators...
the Hiscox Ltd Board has decided that the resolution to approve the 2019 final dividend of 29.6 cents per share, which was scheduled for payment on 10 June 2020, will no longer be put to shareholders at the Annual General Meeting (AGM). The Board has also agreed that for 2020 the Company will not propose an interim dividend payment, or conduct any share buyback.
Hiscox’s capital, liquidity and funding positions remain strong. Trading across the Group for the first two months of the year was ahead of expectations, however in view of the uncertain impact of COVID-19 on the global economy, the Group is unable to accurately forecast the outlook for 2020. As such, we are withdrawing all financial guidance for 2020 until there is more clarity.
We remain confident in our ability to return to our normal 90-95% combined ratio target range for the Retail business in 2022.
We remain focused on supporting our customers, employees and other stakeholders through this crisis.