Full year results for the year ended 31 December 2013

24th February 2014

 

Monday 24 February 2014

Hiscox Ltd full year results
For the year ended 31 December 2013
“A very good year”

  2013 2012
restated*
Gross premiums written £1,699.5m £1,565.8m
Net premiums earned £1,283.3m £1,198.6m
Profit before tax £244.5m £217.5m
Earnings per share 66.3p 53.1p
Total dividend per share for year 21.0p 18.0p
Net asset value per share 402.2p 346.4p
Group combined ratio 83.0% 85.5%
Return on equity 19.3% 17.1%
Investment return 1.9% 3.1%
Reserve releases £140m £152m

Capital return

  • Capital return of 50.0p per share, approximately £178 million, by way of C/D share scheme combined with share consolidation
  • Includes final dividend equivalent of 14.0p taking total dividend for the year to 21.0p, an increase of 16.7% (2012: 18.0p)
  • Additional special distribution of 36.0p per share.

Highlights

  • Gross written premiums grew by 8.5%.
  • Hiscox London Market delivered excellent profit of £116.0 million (2012: £121.9 million)
  • Hiscox UK provides another solid performance, with profits of £45.4 million (2012: £45.2 million)
  • Hiscox Europe returns record profits of £10.9 million (2012: £3.9 million)
  • Hiscox USA continues good premium growth, up by 31.1% to £189.5 million (2012: £144.5 million)
  • Formed Hiscox Re, our combined reinsurance teams in London, Paris and Bermuda

Bronek Masojada, Chief Executive of Hiscox Ltd, commented:

"2013 was a very good year for Hiscox. Our long term strategy of building local retail businesses in Europe, the UK, Guernsey and the US to balance internationally traded business in London and Bermuda continues to deliver. We are excited about the opportunities we see in many retail markets where we have room to grow profitably. In our big ticket areas, discipline and opportunism will guide us."

*The comparative information has been restated for the adoption of IAS 19 (2011). See note 2 for details

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, Fiona Micallef-Eynaud +44 (0)20 7404 5959

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.hiscoxgroup.com.

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