Our recent performance

Operational highlights

For the year ended 31 December 2023

  • Net insurance contract written premium (net ICWP) grew by 10.7% in constant currency to $3,555.8 million (2022: $3,225.5 million).
  • Record profit before tax of $625.9 million (2022: $275.6 million), underpinned by:
    • a 36.4% increase in the insurance service result at $492.3 million (2022: $360.9 million); and
    • a record net investment income of $384.4 million (2022: loss of $187.3 million).
  • Undiscounted combined ratio of 89.8% (2022: 91.1%).
  • Group ROE of 21.8%* .
  • $150 million buyback, with pro-forma BSCR post ordinary final dividend and capital return of 200%2 .
  • Strong start to 2024 across all business segments.


Aki Hussain, Group Chief Executive Officer, Hiscox Ltd, commented:

“Our business has delivered excellent results, with record profits of $625.9 million underpinned by a 36% improvement in the underwriting result and a record investment income. The Group combined ratio below 90% and ROE of 21.8%1 have led to very strong capital generation, which we are deploying for further growth in all parts of the business in addition to a special return to shareholders of $150 million.”

*Excludes impact of Bermuda DTA.

Find out more about our performance over the last five years

Group KPIs

 20232022 As restated under IFRS 17
Insurance contract written premium 1$4,598.2m$4,355.4m
Net insurance contract written premium 1$3,555.8m$3,225.5m
Insurance service result$492.3m$360.9m
Net investment result$384.4m$(187.3)m
Profit before tax$625.9m$275.6m
Earnings per share206.1¢73.8¢
Earnings per share adjusted for Bermuda DTA162.7¢73.8¢
Total dividend per share37.5¢36.0¢
Net asset value per share 1951.1¢764.5¢
Group combined ratio (discounted)185.5%88.7%
Group combined (undiscounted)189.8%91.1%
Return on equity 127.6%10.1%
Return on equity adjusted for Bermuda DTA21.8%10.1%
Positive prior year development  1 $122.8m$209.4m
Bermuda solvency capital ratio (BSCR) 2212%199%


[1] Alternative performance measure definitions used by the Group are included within the consolidated financial statements.

[2] Estimated for 2023.