2021 Interim Results

For the six months ended 30 June 2021

”Return to profitable growth”

  H1 2021 H1 2020
Gross premiums written


Net premiums earned


Profit/(loss) before tax


Earnings/(loss) per share ($)


Interim dividend per share


Net asset value per share ($)


Group combined ratio


Return on equity (annualised)


Investment return (annualised)


Foreign exchange gains/(losses)


Positive prior year development




  • Gross premiums written increased by 8.5% to $2,426.2 million (2020: $2,235.5 million) driven by good growth and positive rate momentum in all three divisions.
  • 2020 Covid-19 net claims unchanged at $475 million; 2021 claims estimate lower than expected at $17 million.
  • Pre-tax profit of $133.4 million (2020: loss of $138.9 million); excluding Covid-19 net claims and loss portfolio transfer costs, pre-tax profit of $176.4 million
  • In big-ticket, net premiums written are growing at a faster rate than gross premiums as we deployed more capital into a hard market.
    • Hiscox London Market net premiums written up 16.7% and delivered profit before tax of $87.3 million (2020: $16.3 million).
    • Hiscox Re & ILS net premiums written up 39.7% returned to profit of $38.1 million (2020: loss of $15.0 million) despite $33 million impact of Winter Storm Uri.
  • Hiscox Retail gross premiums written grew 7.9% to $1.2 billion (2020: $1.1 billion).
    • Group digital partnerships and direct business grew gross premiums written by 23%, delivering $355.0 million and now serving around 880,000 customers.
    • US digital partnerships business grew by 30%, delivering pross premiums written of $219.8 million and now serving circa 490,000 customers.
    • The US broker business is half way through the planned $100 million premium reduction. Adjusting for this, the Retail go-forward portfolio grew by 6.4% in constant currency.
  • Underlying combined ratio[1] for Hiscox Retail of 96.7% demonstrates an improvement on the full year 2020 and is on track to meet the target of 90-95% by 2023.
  • Investment return of $61.9 million (2020: $84.6 million) impacted by low reinvestment yield on bond portfolio.
  • Strong reserves at 11.3% above actuarial estimate (2020: 9.6%).
  • Strong capital position with an estimated 210% Bermuda solvency capital ratio (BSCR), a 20-point improvement on the December 2020 position.
  • Interim dividend resumed at 11.5¢ per share with progressive dividend policy going forward.
  • Bronek Masojada, Group CEO is to retire end of this year; Aki Hussain, currently Group CFO, appointed CEO, effective January 2022.

Bronek Masojada, Chief Executive Officer, Hiscox Ltd, commented:

“This is a good result driven by strong performances across all our businesses. Our investments in digital trading continues to bear fruit and market conditions are the best we have experienced for many years. Hiscox has the fire-power, new leadership and talent to capture the many opportunities ahead.”


[1] Underlying Retail combined ratio excludes Covid-19 net claims and loss portfolio transfer costs.

View the full announcement

A conference call for investors and analysts will be held at 10:00 BST on Tuesday, 3 August 2021.

Participant dial-in numbers:

United Kingdom (Local): 020 3936 2999 All other locations: +44 20 3936 2999 Participant Access Code: 373034

Inside information

This announcement contains inside information.

The person responsible for arranging and authorising the release of this announcement on behalf of the Company is Marc Wetherhill, Group Company Secretary and General Counsel.

For further information

Investors and analysts

Yana O’Sullivan, Group Head of Investor Relations, London +44 (0)20 3321 5598

Marc Wetherhill, Group Company Secretary, Bermuda +1 441 278 8300


Kylie O’Connor, Director of Communications, London +44 (0)20 7448 6656

Tom Burns, Brunswick +44 (0)20 7404 5959

Simone Selzer, Brunswick +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. 

The Hiscox Group employs over 3,000 people in 14 countries, and has customers worldwide. Through the retail businesses in the UK, Europe, Asia and the USA, 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, courage, ownership and integrity. 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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