Business
Full Year Results
Hiscox Ltd reported record full-year results for 2025, with profit before tax increasing to $732.7 million from $685.4 million in 2024, driven by a strong insurance service result of $613.9 million and a record investment result of $442.7 million. Insurance contract written premium rose by 5.9% to $4,979.0 million, and the group combined ratio improved to 87.8% from 89.2%. The company announced a new $300 million share buyback and a 20% increase in its final dividend per share to 35.9 cents, contributing to over $1.1 billion in capital returns to shareholders over the last three years. The Bermuda solvency capital ratio stood at a robust 233%. Disclaimer*
About this update from Hiscox Ltd
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nHiscox Ltd full year results\nFor the year ended 31 December 2025\n \n \n\"Record results, strategic execution and building momentum.\"\n \n\n\n\n\n\n\n\n2025\n\n\n2024\n\n\n\n\nInsurance contract written premium1,2\n\n\n$4,979.0m\n\n\n$4,703.7m\n\n\n\n\nNet insurance contract written premium1\n\n\n$3,865.8m\n\n\n$3,622.4m\n\n\n\n\nInsurance service result\n\n\n$613.9m\n\n\n$553.5m\n\n\n\n\nInvestment result\n\n\n$442.7m\n\n\n$383.9m\n\n\n\n\nProfit before tax\n\n\n$732.7m\n\n\n$685.4m\n\n\n\n\nAdjusted operating profit before tax1\n\n\n$743.8m\n\n\n$683.3m\n\n\n\n\nEarnings per share\n\n\n180.7¢\n\n\n183.2¢\n\n\n\n\nAdjusted operating earnings per share1\n\n\n183.9¢\n\n\n184.4¢\n\n\n\n\nTotal dividend per share\n\n\n50.3¢\n\n\n43.1¢\n\n\n\n\nNet asset value per share1\n\n\n1,220.0¢\n\n\n1,086.4¢\n\n\n\n\nGroup combined ratio (undiscounted)1\n\n\n87.8%\n\n\n89.2%\n\n\n\n\nPositive prior year development1\n\n\n$292.7m\n\n\n$145.5m\n\n\n\n\nBermuda solvency capital ratio (BSCR)3\n\n\n233%\n\n\n229%\n\n\n\n\nReturn on equity (ROE)1\n\n\n17.1%\n\n\n19.8%\n\n\n\n\nOperating return on tangible equity (ROTE)1\n\n\n20.9%\n\n\n24.1%\n\n\n\n\n \nHighlights\n \n• Insurance contract written premium (ICWP) increased by 5.9% or $275.3 million to $4,979.0 million (2024: $4,703.7 million), with profitable growth delivered in all three business segments.\n• Hiscox Retail ICWP increased by 6.3%, in constant currency, in line with guidance; volume-led growth is expected to continue this multi-year acceleration trend, building to 8.0% for full year 2026 and setting the course for double-digit growth in 2028.\n• Record underwriting profit, with an insurance service result (ISR) of $613.9 million (2024: $553.5 million).\n• Undiscounted combined ratio of 87.8% (2024: 89.2%), the best Group combined ratio in a decade, underpinned by continued margin expansion in Hiscox Retail, Hiscox London Market delivering a sixth consecutive year of an undiscounted combined ratio in the 80s, and Hiscox Re delivering a third consecutive year of an undiscounted combined ratio in the 60s.\n• A growing asset base, combined with earn-through of higher coupons and fair va...