2023 Interim Results

Hiscox Ltd interim results

For the six months ended 30 June 2023

"Continued growth and earnings momentum"


H1 2023

H1 2022
As restated under IFRS 17

Insurance contract written premium[1] $2,723.3m


Net insurance contract written premium1 $1,945.6m


Insurance service result $221.4m $140.2m
Net investment result $121.8m $(214.1)m
Profit before tax $264.8m


Earnings per share 72.2¢


Interim dividend per share 12.5¢


Net asset value per share 823.3¢


Group combined ratio (discounted)1 85.7%


Group combined (undiscounted)1 90.2% 92.7%
Return on equity (annualised)1 19.9%


Positive prior year development1 $61.7m




  • Growth in revenues, insurance service result and profits in every business unit, resulting in annualised ROE of 19.9%.
  • Group net insurance contract written premiums (net ICWP) increased by 11.4% in constant currency to $1,945.6 million (H1 2022: $1,784.5 million), as we benefit from strategy execution, a positive rate environment across all business segments and capital allocation decisions.
  • Insurance contract written premiums (ICWP) increased by 6.3% in constant currency to $2,723.3 million (H1 2022: $2,617.2 million), lower than net ICWP, as expected at this point in the cycle.
  • Insurance service result (or underwriting profits) increased by 57.9% to $221.4 million (H1 2022: $140.2 million) from a combination of disciplined growth and margin expansion in a favourable underwriting environment.
  • Retail ICWP of $1,271.0 million (H1 2022: $1,237.7 million) increased by 5.5% in constant currency, underpinned by strong growth in Europe and improving momentum in the UK and US DPD.
    • US DPD ICWP grew 7.8%, with growth accelerating from 6.8% in the first quarter to 8.9% in the second.
    • Continue to expect US DPD growth towards the middle of the 5% to 15% range in 2023.
    • Overall retail growth temporarily tempered by deliberate actions not to prioritise growth at the expense of quality of earnings - full year headline retail growth to be in line with the half year trend.
  • Retail combined ratio of 93.8% (H1 2022: 94.4%) on an undiscounted basis.
    • 90% - 95% IFRS 4 range equivalent to 89% - 94% under IFRS 17 on an undiscounted basis.
  • Hiscox London Market had a strong first half, with net ICWP increasing by 14.2% to $443.4 million (H1 2022: $388.2 million), driven by attractive rates in property, as well as new business growth in upstream energy and marine.
    • An undiscounted combined ratio of 83.7% (H1 2022: 87.9%), demonstrates our focus on profitable growth.
  • Hiscox Re & ILS has continued to benefit from the hard market conditions, deploying incremental capital to grow exposure and improve the quality of the book. Net ICWP increased by 17.9% to $345.1 million (H1 2022: $292.8 million), underpinned by strong double-digit growth in the North American natural catastrophe, retrocession and marine books.
    • An undiscounted combined ratio of 81.2% (H1 2022: 92.8%), 11.6 percentage point improvement on prior period reflects quality of growth being achieved.
  • Profit before tax increased by $239.4 million to $264.8 million (H1 2022: $25.4 million).
  • Total net reserves for loss events in H1 2023 are in line with our expectations and large losses are within budget.
  • The Group remains conservatively reserved with a confidence level of 77% (FY 2022: 78%), within our target range of 75% to 85%.
  • Strong capital position, with an estimated Bermuda Solvency Capital Requirement (BSCR) of 199%, in line with the full year 2022 result, despite having deployed capital into the favourable market conditions which continue to persist.
  • Positive investment result of $121.8 million (H1 2022: loss of $214.1 million).
  • High quality portfolio positions Hiscox well to deliver high quality growth and earnings.

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

"Our business has delivered growth in revenues and profits in every business unit, as our proactive and disciplined underwriting and favourable market conditions come together. Our portfolio of businesses, our people and innovation to meet the changing needs of our customers position us well to continue delivering high-quality growth and earnings."   

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

Read the full statement


A conference call for investors and analysts will be held at 10:30 BST on Wednesday, 9 August 2023.

Participant dial-in numbers:

United Kingdom (Local): 020 4587 0498
All other locations: +44 20 4587 0498
Participant Access Code: 780075

For further information

Investors and analysts

Yana O'Sullivan, Director of Investor Relations, London +44 (0)20 3321 5598

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


Simone Selzer, Brunswick +44 (0)20 7404 5959

Tom Burns, 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 products in commercial and personal lines. 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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