Hiscox H1 Profit Declines

(RTTNews) - Hiscox Ltd. (HSX.L), on Wednesday, reported H1 profit before tax of $276.6 million compared to $283.5 million last year. On a per share basis, earnings declined to 67.2 cents from 75.1 cents in the prior year period.

Adjusted operating profit before tax decreased to $262.0 million or 63.9 cents per share from the previous year's $288.1 million or 76.5 cents per share.

Net insurance contract written premium increased to $2.13 billion from $2.00 billion reported in the H1 of 2024. Insurance contract written premium was $2.94 billion versus $2.78 billion a year ago.

Aki Hussain, Group Chief Executive Officer, Hiscox, commented, "We have delivered a strong performance in the first half with profitable growth in each of our businesses. In Retail, growth momentum has continued in line with our expectations and we are expanding margins. The benefits of our diversified business model and the quality of our underwriting ecosystem are reflected in our Group results. The industry experienced the largest wildfire insurance event in history, despite this we achieved a strong operating ROTE of 14.5%."