Hiscox hails Retail arm 'expansion' as premiums grow year-to-date
Hiscox Ltd on Thursday reported a rise in premiums so far in its financial year, backing the growth outlook in its Retail arm.
The Bermuda-based insurance provider said contract written premiums increased 5.9% in the nine months ended September 30 to $4.05 billion from $3.83 billion a year prior. At constant currency, it rose 5.3%.
‘Our diversified business model and distribution platforms provide access to growing markets in Retail and attractive high-quality growth opportunities in big-ticket. The Hiscox group continues to successfully execute its strategy, capturing these opportunities with market-leading products and excellence in customer service, underpinned by our specialist expertise. In big-ticket, we are managing the cycle with our customary discipline as competition increases in some classes of business. In Retail, our multi-year growth and margin expansion continues, as we deliver compounding growth through the cycle,’ Chief Executive Officer Aki Hussain commented.
Hiscox Retail premiums rose 7.3% on-year, or 6.1% at constant currency. Hiscox said the unit is ‘on track to deliver growth in excess of 6% in constant currency in 2025’.
Hiscox London Market premiums rose 2.5% on-year both on a reported and constant currency basis. In the reinsurance & insurance-linked strategy unit, premiums rose 6.5% both on a reported and constant currency basis.
The CEO added: ‘We are on track to deliver accelerated Retail growth in excess of 6% for the year. Capital generation remains strong in the third quarter, driven by the group’s diverse earnings profile, underwriting excellence and further benefiting from a benign weather and large loss experience.’
Hiscox shares fell 2.3% to 1,343.00 pence each in London on Thursday morning.
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