Full year results for the year ended 31 December 2015

29th February 2016

 

Monday 29 February 2016

Hiscox Ltd full year results
For the year ended 31 December 2015
“A good year”

  2015 2014
Gross premiums written £1,944.2m £1,756.3m
Net premiums earned £1,435.0m £1,316.3m
Profit before tax £216.1m £231.1m
Earnings per share 72.8p 67.4p
Total dividend per share for year 24.0p 22.5p
Special dividend 16.0p 45.0p
Net asset value per share 545.0p 462.5p
Group combined ratio 85.0% 83.9%
Return on equity 16.0% 17.1%
Investment return 1.0% 1.8%
Reserve releases £205.9m £172.2m

Highlights

  • Strong premium growth of 10.7% from across the Group, with retail businesses now generating 50% of income.
  • Each division delivered good profits through careful risk selection, growth in profitable niches and an absence of natural catastrophes.
  • Investment in the Hiscox brand continues to deliver, with retail customers now exceeding 600,000.
  • Hiscox London Market continues to grow profitably, benefiting from new teams in complementary specialty lines.
  • Hiscox Re performing well with Kiskadee Investment Managers’ AUM on track to reach US$1 billion in 2016 after its second year of operation.
  • A second interim dividend of 32.0p per share comprised of a special dividend of 16.0p and a final dividend equivalent of 16.0p, bringing the year’s total distribution to 40.0p. Going forward the Group will retain a greater proportion of earnings to fund the growth opportunities we see.

Bronek Masojada, Chief Executive of Hiscox Ltd, commented:

"Our strategy continues to deliver good growth with our retail businesses contributing 50% of income. We have established profitable operations in everything from direct-to-consumer small business insurance to ILS fund management. This diversity sets us apart and gives us options."

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
Simone Selzer +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 divisions in the Group - Hiscox Retail (which includes Hiscox UK and Europe, Hiscox Guernsey, Hiscox USA and subsidiary brand, DirectAsia), Hiscox London Market and Hiscox Re. Through its retail businesses in the UK, Europe and the US Hiscox offers a range of specialist insurance for professionals and business customers, as well as homeowners. Hiscox underwrites internationally traded, bigger ticket business and reinsurance through Hiscox London Market and Hiscox Re.

For further information, visit www.hiscoxgroup.com.

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