Hiscox Ltd interim results
For the six month period ended 30 June 2025
“Broad-based growth, strong profitability and book value creation.”
| H1 2025 | H1 2024 | |
| Insurance contract written premium[1],[2] | $2,941.6m | $2,781.9m |
| Net insurance contract written premium1,2 | $2,125.2m | $2,000.9m |
| Insurance service result | $196.2m | $240.7m |
| Investment result | $234.9m | $152.4m |
| Profit before tax | $276.6m | $283.5m |
| Earnings per share | 67.2¢ | 75.1¢ |
| Interim dividend per share | 14.4¢ | 13.2¢ |
| Net asset value per share1 | 1,133.3¢ | 989.0¢ |
| Group combined ratio (undiscounted)1 | 92.6% | 90.4% |
| Adjusted operating profit before tax1 | $262.0m | $288.1m |
| Operating return on tangible equity (ROTE)1 | 14.5% | 20.3% |
| Return on equity (ROE)1 | 12.8% | 16.5% |
| Adjusted operating earnings per share1 | 63.9¢ | 76.5¢ |
Highlights
- Insurance contract written premium (ICWP) grew by 5.7% to $2,941.6 million (H1 2024: $2,781.9 million), with all three business segments growing and Retail contributing the majority of the growth.
- Undiscounted combined ratio of 92.6% (H1 2024: 90.4%) underpinned by margin expansion in Hiscox Retail, Hiscox London Market delivering a fifth consecutive undiscounted combined ratio in the 80s and Hiscox Re & ILS continuing to deliver underwriting profits after absorbing the California wildfires loss.
- Solid investment result of $234.9 million (H1 2024: $152.4 million) reflects the sustained earn-through of higher coupons and some fair value gains.
- Adjusted operating profit before tax of $262.0 million (H1 2024: $288.1 million), and operating ROTE of 14.5% (H1 2024: 20.3%).
- Interim dividend of 14.4 cents per share, one-third of prior year total dividend per share and an increase of 9.1% year-on-year.
- Ongoing share buyback increased by $100 million to $275 million, reflecting strong organic capital generation and capital management actions in the first half.
Aki Hussain, Group Chief Executive Officer, Hiscox Ltd, commented:
“We have delivered a strong performance in the first half with profitable growth in each of our businesses. In Retail, growth momentum has continued in line with our expectations and we are expanding margins. The benefits of our diversified business model and the quality of our underwriting ecosystem are reflected in our Group results. The industry experienced the largest wildfire insurance event in history, despite this we achieved a strong operating ROTE of 14.5%.
Hiscox is successfully executing on strategy. Growth and earnings momentum continues to build in Retail as we capture the vast structural opportunities, and we are selectively deploying capital into attractive opportunities across our diverse big-ticket businesses.
Our balance sheet remains strong, and we are achieving sustained and strong capital formation which underpins our increased return of capital to shareholders, through step-ups in ordinary dividends and buybacks, over the last two years. In addition, following strong organic capital generation and capital management actions in the first half, we have the flexibility to take further steps to improve our balance sheet efficiency and reward shareholders immediately through an increase of $100 million to our ongoing share buyback, taking it from $175 million to $275 million. And our balance sheet remains in great shape, enabling us to keep investing to capture the opportunities ahead and accelerate Retail growth.”
ENDS
[1]Alternative performance measure definitions used by the Group are included within the condensed consolidated interim financial statements. ROE and ROTE are annualised.
[2]Following the completion of sale of DirectAsia in July 2025, DirectAsia is no longer included within Hiscox Retail, instead being included in the ‘Other’ segment from 1 January 2025. 2024 financials have been restated to report on a consistent basis.
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