|
H1 2016 |
H1 2015 |
|
|
Gross premiums written |
£1,288.5m |
£1,096.3m |
|
Net premiums earned |
£767.5m |
£709.8m |
|
Profit before tax |
£206.0m |
£135.1m |
|
Earnings per share |
70.4p |
43.7p |
|
Interim dividend per share |
8.5p |
8.0p |
|
Tangible net asset value per share |
545.3p |
462.8p |
|
Group combined ratio |
80.7% |
82.5% |
|
Return on equity (annualised) |
28.3% |
19.9% |
|
Investment return (annualised) |
2.3% |
1.8% |
|
Foreign exchange gains/(losses) |
£87.3m |
£(15.7)m |
Highlights
Hiscox Retail continues to perform well, and was the biggest contributor to profit in the first half.
Hiscox USA delivered growth of 32.8% in local currency.
Hiscox London Market grew by 9.7% in local currency, benefiting from new classes of business and expertise in niche areas.
Hiscox Re delivered another strong performance, due to good risk selection, new products and income from our ILS business.
Profit before tax excluding foreign exchange gain or loss £118.7 million (2015: £150.8 million).
Bronek Masojada, Chief Executive Officer, Hiscox Ltd, commented:
"Our retail businesses continue to grow in strength and profitability. Hiscox London Market and Hiscox Re have been disciplined in tough markets. Brexit has caused volatility and Sterling weakness, resulting in a foreign exchange gain which has benefited the bottom line. As this good result illustrates, our strategy, our people and our brand can deliver opportunities."
