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Home . International Insurance News . Americas . Hiscox Posts Higher Posts Higher Profits FY 2009

Hiscox Posts Higher Posts Higher Profits FY 2009

Monday, March 01, 2010

Hamilton, Bermuda – March 1, 2010 – Hiscox Ltd (LSE: HSX), the international specialist insurer, today announces its full year results for the year ended 31 December 2010.

An exceptional year

2009	2008
Gross premiums written	£1,435.4m	£1,147.4m
Net premiums earned	£1,098.1m	£928.1m
Profit before tax	£320.6m	£105.2m
Profit after tax	£280.5m	£70.8m
Earnings per share	75.2p	18.8p
Total dividend per share for year	15.0p	12.75p
Net asset value per share	299.2p	258.1p
Group combined ratio excluding foreign exchange	82.2%	91.6%
Group combined ratio	86.0%	75.3%
Return on equity	30.1%	9.2%

Financial highlights

Profit before tax £320.6 million (2008: £105.2 million)
Profit after tax £280.5 million (2008: £70.8 million): 12.5% effective tax rate
Earnings per share 75.2p (2008: 18.8p)
Investment return 7.2% (2008: -1.3%)
Total dividend for the year increased by 17.6% to 15.0p (2008: 12.75p)
Net assets per share increased by 15.9% to 299.2p (2008: 258.1p)
Combined ratio of 86.0% (2008: 75.3%) or 82.2% (2008: 91.6%) excluding foreign exchange impact
Return on equity of 30.1% (2008: 9.2%)

· Operational highlights

Insurance rates broadly stable and still very attractive in Reinsurance.
Retail and specialty businesses continue to grow.
Ongoing investment in UK marketing benefits Group.

Robert Hiscox, Chairman of Hiscox Ltd, commented “A record profit after continued investment in developing our UK brand and building our US business is a very happy result.”

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Hiscox Posts Higher Posts Higher Profits FY 2009

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