Hiscox Ltd has released its full-year results for the year ended 31 December 2023, showcasing record profitability and positive growth outlook. The company reported a record profit before tax of $625.9 million, a 36.4% increase in the insurance service result at $492.3 million, and a record net investment income of $384.4 million. The net insurance contract written premium (net ICWP) grew by 10.7% in constant currency to $3,555.8 million. The undiscounted combined ratio was 89.8%, and the group return on equity (ROE) stood at 21.8%. Hiscox also announced a special capital return to shareholders of $150 million.

Aki Hussain, Group Chief Executive Officer, expressed satisfaction with the results, stating, "Our business has delivered excellent results, with record profits of $625.9 million underpinned by a 36% improvement in the underwriting result and a record investment income." The company also highlighted a strong start to 2024 across all business segments.

Hiscox's capital management strategy focused on delivering consistently strong returns to shareholders, with a year-end solvency position of 212%. The company capitalized on favorable market conditions and deployed significant capital in its London Market and Re & ILS businesses, alongside investing in continuing growth in Retail. Hiscox emphasized that capital allocation, expertise in chosen lines of business, and strong distribution capabilities are key drivers of profitable growth.

The company's ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. Hiscox employs over 3,000 people in 14 countries and offers a range of specialist insurance products in commercial and personal lines. Internationally-traded, bigger-ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re & ILS. For more information, visit www.hiscoxgroup.com.