2017 Preliminary Results

For the year ended 31 December 2017

“A good result in an historic year for catastrophes”

  2017 2016
Gross premiums written £2,549.3m £2,402.6m
Net premiums earned £1,874.5m £1,675.0m
Profit before tax £30.8m £354.5m
Profit before tax excluding FX £93.6m £202.1m
Earnings per share 9.3p 119.8p
Total ordinary dividend per share for year 29.0p 27.5p
Net asset value per share 618.6p 649.9p
Group combined ratio 99.9% 84.2%
Group combined ratio excluding FX 98.8% 90.6%
Return on equity 1.5% 23.0%
Investment return 2.0% 1.9%
Foreign exchange (losses)/gains £(62.8)m £152.4m
Reserve releases £251.5m £213.0m


  • Hiscox delivered a profit before tax excluding FX of £93.6 million despite reserving net $225 million for claims in an historic year for natural catastrophes.
  • Hiscox Retail now accounts for 56% of the Group’s GWP and its profits exceeded £100 million for the second consecutive year. Hiscox USA remains the standout performer with premium growth of 29% in constant currency.
  • Hiscox London Market reduced premiums as planned by 20%, and is now set to grow as rates rise following the hurricanes, earthquakes and wildfires in the second half of 2017.
  • Hiscox Re & ILS was profitable in a costly year for reinsurers, due to good underwriting on behalf of Hiscox and third-party capital providers. ILS assets under management now at $1.5 billion.

Bronek Masojada, Chief Executive of Hiscox Ltd, commented:
“Our long-held strategy of balance has served us well this year. The strong growth and profits in retail countered the volatility felt in our big-ticket businesses which were impacted by an historic year for natural catastrophes. We have made significant investments in infrastructure and brand both of which will continue. Market pricing has improved and as a consequence we have growth ambitions for every part of our business.”

For further information

Hiscox Ltd  
Marc Wetherhill, Group Company Secretary, Bermuda +1 441 278 8300
Kylie O’Connor, Head of Group Communications, London +44 (0)20 7448 6656
Tom Burns +44 (0)20 7404 5959
Simone Selzer +44 (0)20 7404 5959

Notes to editors

About The Hiscox Group

Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2017 saw the business deliver a profit before tax (excluding foreign exchange) of £93.6 million despite reserving net $225 million for claims in the most costly year ever for natural catastrophes.

The Hiscox Group employs over 2,700 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS.

Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.

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