Hiscox 2018 interim results
· Strong growth in gross premiums written of 21%, with all segments contributing.
· Good underwriting drives improved combined ratio of 88%.
· Profit before tax up by 27% to $164 million with Hiscox Retail contributing over half.
· Reducing loss estimates for 2017 catastrophes drive increase in reserve releases to $154 million, reflecting our prudent approach to reserving.
· On track to exceed one million retail customers in 2018.
· We continue to see strong demand for our ILS funds and now have assets under management of $1.6 billion.
· Interim dividend up 5% to 13.25 cents.
Bronek Masojada, Chief Executive Officer, Hiscox Ltd, commented:
"It has been a good start to the year. Our investment across the business is driving strong profitable growth in all segments. We are on track to exceed one million retail customers in 2018."