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Hiscox has announced a record pre-tax profit of £354.5 million in 2016, up 64 percent on what it made the previous year, with much of the increase coming from higher premium growth.
In addition the company reported foreign exchange gains of £152.4 million compared to £15.2 million in 2015.
“This is a good result, flattered by foreign exchange and boosted by a strong investment return,” said CEO Bronek Masojada. “Our retail business has come of age, driving growth and profitability for the Group."
Hiscox said that its gross written premiums cameto £2.40 billion for the full year, an increase of 23.6 percent. Hiscox’s retail arm now accounts for 49 percent of the group's gross written premiums and 45 percent of profits. Hiscox UK and Europe doubled profits, and Hiscox USA remains the stand-out performer with premium growth of over 30 percent, according to a company statement.
The group’s combined ratio improved slightly to 84.4 percent in 2016 from 85.0 percent in 2015.
Hiscox Re and ILS (insurance-linked securities) benefited from good underwriting and an increasing contribution from fees and profit commissions, the company said.
Hiscox, Hiscox Re, ILS, Results 2016, Bronek Masojada, Bermuda