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Hiscox posts jump in first-half profit, but cautions “hurricanes can blow us off course in the second half”

The Lloyd's of London insurer reported a 28% jump in pre-tax profit in the six months ended June to US$163.mln, up from US$129.1mln a year earlier
Hurricane
Hiscox's gross written premiums rose by 21% to US$2.228bn, up from US$1.836bn year earlier

Hiscox Ltd has posted a jump in first-half profit, driven by strong growth in written premiums, although it’s chairman still cautioned that “hurricanes can blow us off course in the second half”.

The Lloyd's of London insurer reported a 28% jump in pre-tax profit in the six months ended June to US$163.mln, up from US$129.1mln a year earlier.

READ: Hiscox sees catastrophe exposed business drive growth in first quarter

The group’s gross written premiums rose by 21% to US$2.228bn, up from US$1.836bn  year earlier, with net premiums earned at US$1.278bn, up from US$1.78bn.

The insurer hiked its interim dividend by 5% to 13.25 US cents, up from 12.60 US cents last year.

Hiscox’s chairman Robert Childs said: " "It has been a good start to the year. Our investment across the business is driving strong profitable growth in all segments.

He added: “We are on track to exceed one million retail customers in 2018."     

Last year, insurers and reinsurers suffered their costliest year ever when they faced record claims from hurricanes and earthquakes.

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