2025 Preliminary Results

Hiscox Ltd full year results

For the year ended 31 December 2025

“Record results, strategic execution and building momentum.”

Highlights

• Insurance contract written premium (ICWP) increased by 5.9% or $275.3 million to $4,979.0 million (2024: $4,703.7 million), with profitable growth delivered in all three business segments.
• Hiscox Retail ICWP increased by 6.3%, in constant currency, in line with guidance; volume-led growth is expected to continue this multi-year acceleration trend, building to 8.0% for full year 2026 and setting the course for double-digit growth in 2028.
• Record underwriting profit, with an insurance service result (ISR) of $613.9 million (2024: $553.5 million).
• Undiscounted combined ratio of 87.8% (2024: 89.2%), the best Group combined ratio in a decade, underpinned by continued margin expansion in Hiscox Retail, Hiscox London Market delivering a sixth consecutive year of an undiscounted combined ratio in the 80s, and Hiscox Re delivering a third consecutive year of an undiscounted combined ratio in the 60s.
• A growing asset base, combined with earn-through of higher coupons and fair value gains, support a record investment result of $442.7 million (2024: $383.9 million).
• Change programme delivers $29 million P&L benefit in 2025, remaining on track for $75 million in 2026 and $200 million in 2028 and onwards.
• Third consecutive year of record profit before tax of $732.7 million (2024: $685.4 million) and adjusted operating profit before tax of $743.8 million (2024: $683.3 million).
• Operating ROTE of 20.9% (2024: 24.1%). ROE of 17.1% (2024: 19.8%).
• Final dividend increased by 20%, for the second consecutive year, to 35.9 cents per share (2024: 29.9 cents per share).
• New share buyback of $300 million, taking total capital returns to shareholders, across dividends and buybacks, announced over the last three years to over $1.1 billion.

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

“2025 was a pivotal year for Hiscox as we delivered another strong performance and made excellent progress in executing our growth and change strategy. In Hiscox Retail, we have achieved multi-year growth and margin expansion through new products, deeper distribution, the deployment of new technologies and execution of our change programme. Our retail markets present a large and attractive opportunity with a long runway of growth on which we are executing at pace. In big-ticket, our specialist expertise and technology capabilities have enabled us to launch new business initiatives, more than offsetting the dynamics of our cycle management actions. We are executing on our strategic agenda, and our commitment to underwriting excellence remains at the core.

Innovation across the Group is accelerating, with more product launches this year than over the previous five years, and employee engagement remains at an all-time high. Our change programme is firmly on track, building capabilities to improve service and productivity.

This strong performance and strategic execution enable us to reward shareholders, with the final dividend per share increasing by 20% for a second consecutive year and a third consecutive share buyback launched, taking the combination of shareholder returns through dividends and buybacks announced over the last three years to over $1.1 billion.

We are a leading pure-play specialty insurer with a diverse and balanced business, uniquely positioned to seize the opportunities in front of us and deliver value to our shareholders. We are firmly on track to deliver our strategic initiatives and the guidance set out at our Capital Markets Day in May 2025, and I want to thank all my colleagues for their continued hard work in driving Hiscox forward.” 

Read the full statement (PDF)

ENDS

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

[2] Following the completion of the sale of DirectAsia in July 2025, DirectAsia is no longer included within Hiscox Retail, instead being included in the ‘other’ segment from 1 January 2025. 2024 financials have been restated to report on a consistent basis.

[3] Estimated for 2025.

A conference call for investors and analysts will be held at 10:30 GMT on Wednesday, 25 February 2026.

Participant dial-in numbers:

United Kingdom (Local): +44 20 3936 2999

All other locations: +44 808 189 0158
Participant access code: 110233

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

Media

Eleanor Orebi Gann, Chief Communications Officer, London +44 (0)20 7081 4815 

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

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

Notes to editors

About The Hiscox Group

Hiscox is a global specialty insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). With roots dating back to 1901, 2026 marks 125 years of Hiscox and we are proud of our long heritage in insuring specialist and complex risks. Our ambition is to continue to be among the world’s most respected specialist insurers, 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 13 countries, and has customers worldwide. Through our retail businesses in the USA, UK and Europe, 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.

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.