Business
Half-year Report
Half-year Report.
About this update from Hiscox Ltd
[{"type":"text","content":"\n\n \nHiscox Ltd interim results\nFor the six months ended 30 June 2023\n \n\"Continued growth and earnings momentum\"\n \n\n\n\n\n\n\n\nH1 2023\n\n\nH1 2022\nAs restated under IFRS 17\n\n\n\n\nInsurance contract written premium[1]\n\n\n$2,723.3m\n\n\n$2,617.2m\n\n\n\n\nNet insurance contract written premium1\n\n\n$1,945.6m\n\n\n$1,784.5m\n\n\n\n\nInsurance service result\n\n\n$221.4m\n\n\n$140.2m\n\n\n\n\nNet investment result\n\n\n$121.8m\n\n\n$(214.1)m\n\n\n\n\nProfit before tax\n\n\n$264.8m\n\n\n$25.4m\n\n\n\n\nEarnings per share\n\n\n72.2¢\n\n\n9.8¢\n\n\n\n\nInterim dividend per share\n\n\n12.5¢\n\n\n12.0¢\n\n\n\n\nNet asset value per share\n\n\n823.3¢\n\n\n715.6¢\n\n\n\n\nGroup combined ratio (discounted)1\n\n\n85.7%\n\n\n90.8%\n\n\n\n\nGroup combined ratio (undiscounted)1\n\n\n90.2%\n\n\n92.7%\n\n\n\n\nReturn on equity (annualised)1\n\n\n19.9%\n\n\n2.6%\n\n\n\n\nPositive prior year development1\n\n\n$61.7m\n\n\n$67.2m\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \nHighlights\n \n· Growth in revenues, insurance service result and profits in every business unit, resulting in annualised ROE of 19.9%.\n· Group net insurance contract written premiums (net ICWP) increased by 11.4% in constant currency to $1,945.6 million (H1 2022: $1,784.5 million), as we benefit from strategy execution, a positive rate environment across all business segments and capital allocation decisions.\n· Insurance contract written premiums (ICWP) increased by 6.3% in constant currency to $2,723.3 million (H1 2022: $2,617.2 million), lower than net ICWP, as expected at this point in the cycle. \n· Insurance service result (or underwriting profits) increased by 57.9% to $221.4 million (H1 2022: $140.2 million) from a combination of disciplined growth and margin expansion in a favourable underwriting environment.\n· Retail ICWP of $1,271.0 million (H1 2022: $1,237.7 million) increased by 5.5% in constant currency, underpinned by strong growth in Europe and improving momentum in the UK and US DPD.\no US DPD ICWP grew 7.8%, with growth accelerating from 6.8% in the first quarter to 8.9%...