Hiscox Ltd has released its interim results for the six months ended 30 June 2024, showcasing solid delivery and execution on their commitments. The company reported growth in insurance contract written premium (ICWP), with sustained retail growth and additional capital deployed in big-ticket property. The profit before tax grew by 7.1%, underpinned by the insurance service result and investment result. The group's return on equity (ROE) was reported at 16.5%, and the tangible net asset value per share saw an excellent growth of 23.2%.
The company completed over 85% of the $150 million buyback and announced an interim dividend of 13.2 cents per share, marking a 5.6% increase from the previous year. Hiscox Ltd also highlighted its strong balance sheet and reserves, estimating a Bermuda Solvency Capital Ratio (BSCR) of 206%. The CEO, Aki Hussain, emphasized the company's focus on deploying capital to generate profitable growth and investing in underwriting and technology capabilities to build out competitive advantages.
The Group Chief Executive Officer, Aki Hussain, commented on the results, stating, "Our business has built on the momentum from 2023 and delivered strong profits and robust growth in the first half. We are focused on deploying capital to generate profitable growth and investing in underwriting and technology capabilities to build out our competitive advantages."
The company's diversified portfolio is well-positioned to deliver sustainable returns and growth through the insurance cycle. Hiscox Ltd is a global specialist insurer, headquartered in Bermuda, with a diverse portfolio by product and geography. The company employs over 3,000 people in 14 countries and offers a range of specialist insurance products in commercial and personal lines. The CEO highlighted the strong profitability and sustained growth in the first six months of the year, building on the momentum achieved in 2023. The company's focus on profitable growth and underwriting discipline ensured that losses are within expectations, despite a more active loss environment.
In Retail, profitability is robust, with the business achieving an undiscounted combined ratio of 93.8%. Hiscox Ltd continues to invest in its retail capabilities, including improving broker service, to build market share and realize the full growth potential of its business.