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Full year results for the year ended 31 December 2012

 

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

For the full regulatory statement