2023 Preliminary Results


Hiscox Ltd full year results

For the year ended 31 December 2023

"Record profitability, positive growth outlook, very strong capital generation leads to a special capital return."

 20232022 As restated under IFRS 17
Insurance contract written premium 1$4,598.2m$4,355.4m
Net insurance contract written premium 1$3,555.8m$3,225.5m
Insurance service result$492.3m$360.9m
Net investment result$384.4m$(187.3)m
Profit before tax$625.9m$275.6m
Earnings per share206.1¢73.8¢
Earnings per share adjusted for Bermuda DTA162.7¢73.8¢
Total dividend per share37.5¢36.0¢
Net asset value per share 1951.1¢764.5¢
Group combined ratio (discounted)185.5%88.7%
Group combined (undiscounted)189.8%91.1%
Return on equity 127.6%10.1%
Return on equity adjusted for Bermuda DTA21.8%10.1%
Positive prior year development  1 $122.8m$209.4m
Bermuda solvency capital ratio (BSCR) 2212%199%



  • Net insurance contract written premium (net ICWP) grew by 10.7% in constant currency to $3,555.8 million (2022: $3,225.5 million).
  • Record profit before tax of $625.9 million (2022: $275.6 million), underpinned by:
    • a 36.4% increase in the insurance service result at $492.3 million (2022: $360.9 million); and
    • a record net investment income of $384.4 million (2022: loss of $187.3 million).
  • Undiscounted combined ratio of 89.8% (2022: 91.1%).
  • Group ROE of 21.8% 3
  • $150 million buyback, with pro-forma BSCR post ordinary final dividend and capital return of 200% 2.
  • Strong start to 2024 across all business segments.

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

“Our business has delivered excellent results, with record profits of $625.9 million underpinned by a 36% improvement in the underwriting result and a record investment income. The Group combined ratio below 90% and ROE of 21.8%3 have led to very strong capital generation, which we are deploying for further growth in all parts of the business in addition to a special return to shareholders of $150 million.”


Read the full statement (PDF).




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

[2] Estimated for 2023.

[3] Excludes impact of Bermuda DTA.


A conference call for investors and analysts will be held at 10:00 GMT on Tuesday, 5 March 2024.

Participant dial-in numbers:

United Kingdom (Local): 020 3936 2999

All other locations: +44 20 3936 2999 
Participant access code: 466558

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


Eleanor Orebi Gann, Group Director of Communications, London +44 (0)20 7081 4815 

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 USA, UK, Europe and Asia, 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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