Business
Hiscox Ltd full year results
Hiscox Ltd full year results.
About this update from Hiscox Ltd
[{"type":"text","content":"\n \n \n RNS Number : 5851E\n Hiscox Ltd\n 02 March 2020\n \n \n \n \n \n \n \n Hiscox Ltd full year results\n \n \n For the year ended 31 December 2019\n \n \n \n \"Retail profits up as Hiscox weathers a third consecutive year of storms.\"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2019\n \n \n \n \n 2018*\n \n \n \n \n \n \n Gross premiums written\n \n \n \n \n $4,030.7m\n \n \n \n \n $3,778.3m\n \n \n \n \n \n \n Net premiums earned\n \n \n \n \n $2,635.6m\n \n \n \n \n $2,573.6m\n \n \n \n \n \n \n Profit before tax\n \n \n \n \n $53.1m\n \n \n \n \n $135.6m*\n \n \n \n \n \n \n Earnings per share ($)\n \n \n \n \n 17.2¢\n \n \n \n \n 41.6¢*\n \n \n \n \n \n \n Earnings per share (£)\n \n \n \n \n 13.5p\n \n \n \n \n 31.2p*\n \n \n \n \n \n \n Total ordinary dividend per share for the year\n \n \n \n \n 43.4¢\n \n \n \n \n 41.9¢\n \n \n \n \n \n \n Net asset value per share ($)\n \n \n \n \n 768.2¢\n \n \n \n \n 798.6¢*\n \n \n \n \n \n \n Net asset value per share (£)\n \n \n \n \n 580.1p\n \n \n \n \n 627.0p*\n \n \n \n \n \n \n Group combined ratio\n \n \n \n \n 105.7%\n \n \n \n \n 94.9%\n \n \n \n \n \n \n Return on equity (annualised)\n \n \n \n \n 2.2%\n \n \n \n \n 5.3%*\n \n \n \n \n \n \n Investment return (annualised)\n \n \n \n \n 3.6%\n \n \n \n \n 0.7%\n \n \n \n \n \n \n Reserve releases\n \n \n \n \n $25.9m\n \n \n \n \n $326.5m\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Gross premiums written up by 8.1% in constant currency, despite disciplined action to reduce $200 million in underperforming lines. \n \n \n · \n Group profits were impacted by large catastrophe events, with $165 million reserved for \n Hurricane Dorian and Typhoons Faxai and Hagibis, in addition to $25 million of reduced fees and profit \n commissions.\n \n \n · \n Hiscox Retail \n now a $2.2 billion business with \n profits increased by 22% to $178.4 million. Combined ratio of 98.7%, in line with guidance of between 97-99% for 2019.\n \n \n ‒ Hiscox UK and Hiscox Europe generated good profits, driven by a strong performance in small business insurance.\n \n \n ‒ Hiscox USA is profitable, with action taken to improve performance in D&O and media business progressing as planned.\n \n \n ‒ 180,000 Retail customers added in 2019,...