- Hiscox Limited (DI)
- 05 March 2024 09:19:12
Source: Sharecast
In the year to the end of December 2023, pre-tax profit rose to $625.9m from $275.6m a year earlier. This was underpinned by a 36.4% increase in the insurance result to $492.3m and record net investment income of $384.4m, versus a loss of $187.3m a year earlier.
Net written premiums were up 10.7% to $3.6bn, while the undiscounted combined ratio came in at 89.8%, down from 91.1% in 2022. The lower the combined ratio, the more profitable the insurer is.
The group return on equity rose from 10.1% to 21.8% - the highest it has delivered in seven years.
Hiscox also announced the launch of a share buyback of up to $150m.
Chief executive Aki Hussain pointed to the record profits and said: "This excellent result has 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.
"The buyback will commence immediately and illustrates our objective of delivering strong returns to our shareholders."
At 0915 GMT, the shares were up 2% at 1,144p.
