Slide 1: Hiscox Ltd interim results for the six months ended 30 June 2012
eáëÅçñ=iíÇ fåíÉêáã=êÉëìäíë Ñçê=íÜÉ=ëáñ=ãçåíÜë=ÉåÇÉÇ=PM=gìåÉ=OMNO
Slide 2: A strong six months
^ ëíêçåÖ ëáñ ãçåíÜë ^=ëíêçåÖ=ëáñ=ãçåíÜë √ oÉíìêå=íç=éêçÑáíW=¡NORKUã=EOMNNW=äçëë=¡URKSãF é E F √ `çãÄáåÉÇ=ê~íáç=çÑ=UNKTB=EOMNNW=NNSKVBF BE BF √ NTKSB=áåÅêÉ~ëÉ=áå=ÇáîáÇÉåÇ=SKMé=EOMNNW=RKNéF NTKSB áåÅêÉ~ëÉ áå ÇáîáÇÉåÇ SKMé EOMNNW RKNéF √ k^s=PPVKPé=EOMNNW=OVSKPéF k^s PPV Pé EOMNNW OVS PéF √ oçÄÉêí=`Üáä
Slide 3: Financial performance
ae HISCOX Financial performance
Slide 4: A healthy result
^ ÜÉ~äíÜó êÉëìäí ^=ÜÉ~äíÜó=êÉëìäí aÉÅÉãÄÉê= gìåÉ=OMNO gìåÉ=OMNN OMNN ¡MMM ¡MMM ¡MMM dêçëë=éêÉãáìãë=ïêáííÉå VMSIQQP UQTIQRN NIQQVIONV kÉí=éêÉãáìãë=ïêáííÉå TMNIRMV SSTIRSN NINTQIMNN kÉí=éêÉãáìãë=É~êåÉÇ RSTITTP RRQISSU NINQRIMMT fåîÉëíãÉåí=êÉíìêå=çå=Ñáå~åÅá~ä=~ëëÉíë QQIQVT OTIRVM ORIVQO mêçÑáíLEäçëëF Ä
Slide 5: Segmental analysis
pÉÖãÉåí~ä ~å~äóëáë pÉÖãÉåí~ä=~å~äóëáë PM=gìåÉ=OMNO PM=gìåÉ=OMNN içåÇçå= rh=~åÇ= fåíÉêJ `çêéçê~íÉ= içåÇçå= rh=~åÇ= fåíÉêJ `çêéçê~íÉ= j~êâÉí bìêçéÉ bìêçéÉ= å~íáçå~ä å~íáçå~ä= `ÉåíêÉ `ÉåíêÉ===== qçí~ä= qçí~ä j~êâÉí bìêçéÉ bìêçéÉ= å~íáçå~ä å~íáçå~ä= `ÉåíêÉ `ÉåíêÉ===== qçí~ä= qçí~ä ¡MMM ¡MMM ¡MMM ¡MMM ¡M
Slide 6: Good investment performance
dççÇ áåîÉëíãÉåí éÉêÑçêã~åÅÉ dççÇ=áåîÉëíãÉåí=éÉêÑçêã~åÅÉ PM=gìåÉ=OMNO PM=gìåÉ=OMNN ^ëëÉí= ^ëëÉí ^ååì~äáëÉÇ= ^ååì~äáëÉÇ oÉíìêå ^ëëÉí= ^ëëÉí ^ååì~äáëÉÇ oÉíìêå ~ääçÅ~íáçå êÉíìêå ~ääçÅ~íáçå êÉíìêå B B ¡MMM B B ¡MMM _çåÇë===¡ NPKN OKT OQKO OKR rpA QVKU PKO QRKM OKN líÜÉê TKU OKM TKS NKR _ Ç í í ä _çåÇë=íç
Slide 7: High quality and well diversified portfolio
eáÖÜ èì~äáíó ~åÇ ïÉää ÇáîÉêëáÑáÉÇ éçêíÑçäáç eáÖÜ=èì~äáíó=~åÇ=ïÉää=ÇáîÉêëáÑáÉÇ=éçêíÑçäáç fåîÉëíãÉåí=éçêíÑçäáçW==¡OKVVÄå ¡ ^ëëÉí=~ääçÅ~íáçå √ `çåëÉêî~íáîÉ=ëíê~íÉÖó oáëâ=~ëëÉíë √ [RMB=çÑ=ÄçåÇ=éçêíÑçäáç= SKN áå=dçîÉêåãÉåí=çê=^^^= `~ëÜG OPKO ê~íÉÇ=ÄçåÇë B TMKT _çåÇë √ kç=ã~àçê=í~ÅíáÅ~ä= ÅÜ~åÖÉë=áå=OMNO=e
Slide 8: Portfolios - USD bond portfolios
mçêíÑçäáçë=J rpa=ÄçåÇ=éçêíÑçäáçë= ~ë ~í PM gìåÉ OMNO ~ë=~í=PM=gìåÉ=OMNO mçêíÑçäáçëW=AOKPSÄå=EáåÅäK=APTã=áå=Å~ëÜ=Éèìáî~äÉåíëF __=~åÇ= ^^^ ^^ ^ ___ ÄÉäçï qçí~ä==== aìê~íáçå B B B B B B ãçåíÜë √ dçîÉêåãÉåí=ÄçåÇë= d íÄ Ç áåÅêÉ~ëÉÇI=äçåÖÉê= dçîÉêåãÉåí=áëëìÉÇ MKU OSKR OTKP OSKR Çìê~íáçå=ã~áåí~áåÉÇ dçîÉêåã
Slide 9: Portfolios - GBP, EUR and CAD bond portfolios
mçêíÑçäáçë=J d_mI=bro=~åÇ=`^a=ÄçåÇ=éçêíÑçäáçë= ~ë ~í PM gìåÉ OMNO ~ë=~í=PM=gìåÉ=OMNO d_m éçêíÑçäáçW ¡RQTã EáåÅäK ¡NRRã áå Å~ëÜ Éèìáî~äÉåíëF d_m=éçêíÑçäáçW=¡RQTã=EáåÅäK=¡NRRã=áå=Å~ëÜ=Éèìáî~äÉåíëF= ^^^ ^^ ^ ___ líÜÉê= qçí~ä aìê~íáçå B B B B B B ãçåíÜë √ aÉÑÉåëáîÉ=Çìê~íáçåI= ÜáÖÜ=äÉîÉäë=çÑ=rh==== dçîÉê
Slide 10: Government and bank exposure analysis
dçîÉêåãÉåí ~åÇ Ä~åâ ÉñéçëìêÉ ~å~äóëáë dçîÉêåãÉåí=~åÇ=Ä~åâ=ÉñéçëìêÉ=~å~äóëáë _~åâ=ÇÉÄí dçîÉêåãÉåí= dçîÉêåãÉåí `çìåíêó áëëìÉÇ pìééçêíÉÇ pÉåáçê pìÄçêÇáå~íÉÇ qçí~ä ¡MMM ¡MMM ¡MMM ¡MMM ¡MMM ^ìëíê~äá~ NNITQP VIURS PMM ONIUVV _ÉäÖáìã OPIRMQ NIRSP ORIMST √ dÉêã~å= ` `~å~Ç~ Ç ON OVQ ONIOVQ QM VNR QMIVNR OR N
Slide 11: Fascinating financial facts
c~ëÅáå~íáåÖ Ñáå~åÅá~ä Ñ~Åíë c~ëÅáå~íáåÖ=Ñáå~åÅá~ä=Ñ~Åíë √ oÉëÉêîÉ=êÉäÉ~ëÉë=çÑ=¡NNSã=EgìåÉ=OMNNW=¡VRãF √ OMNN=Å~í~ëíêçéÜÉ=êÉëÉêîÉë=ÜçäÇáåÖ=ëíÉ~Çó √ `çëí~=`çåÅçêÇá~=ìåÅÜ~åÖÉÇ=~í=AOMã=åÉí √ pçäîÉåÅó=ff=Ó äáÖÜí=~í=íÜÉ=ÉåÇ=çÑ=íÜÉ=íìååÉä √ AUTRã=Ä~åâ=Ñ~Åáäáíó=áåÅêÉ~ëÉÇ=J APQMã=Çê~ïå=Ççïå NM
Slide 12: Underwriting
ae HISCOX Underwriting
Slide 13: An actively managed business
^å ~ÅíáîÉäó ã~å~ÖÉÇ ÄìëáåÉëë ^å=~ÅíáîÉäó=ã~å~ÖÉÇ=ÄìëáåÉëë HSKNB vÉ~êJçåJóÉ~ê=ÖêçïíÜ= vÉ~êJçåJóÉ~ê ÖêçïíÜ ¡PVSã q í äd qçí~ä=dêçìé=ÅçåíêçääÉÇ=éêÉãáìã=íç=gìåÉ=OMNOW=¡NIMQPã í ää Ç á í g OMNO ¡N MQP áå=äçÅ~ä=ÅìêêÉåÅó OMNO=dtm= kçåJã~êáåÉ j~êáåÉ HNTKMB ¡NVQã mêçÑÉëëáçå~ä= ^îá~íáçå äá~ÄáäáíáÉë= HRKRB ¡NQ
Slide 14: Rates are healthy
fåÇÉ Éñ=äÉîÉä=B 0 20 40 60 80 100 120 140 F 05 - Jan 06 Feb 6 Apr 05 - Mar 06 A 6 Jun 05 - May 06 J 6 Aug 05 - Jul 06 6 Oct 05 - Sep 06 O 6 Dec 05 - Nov 06 D 6 Feb 06 - Jan 07 F 7 Apr 06 - Mar 07 A 7 Jun 06 - May 07 J 7 Aug 06 - Jul 07 7 Oct 06 - Sep 07 O 7 Dec 06 - Nov 07 D 7 fåëìê~åÅÉ Feb 07 - Jan
Slide 15: Absence of catastrophe losses, improved underlying loss experience
^ÄëÉåÅÉ=çÑ=Å~í~ëíêçéÜÉ=äçëëÉëI=áãéêçîÉÇ= ìåÇÉêäóáåÖ äçëë ÉñéÉêáÉåÅÉ ìåÇÉêäóáåÖ=äçëë=ÉñéÉêáÉåÅÉ Loss rratio 2011 2012 2011 2012 Hiscox London Market Hiscox London Market Hiscox Bermuda Hiscox Bermuda Attritional Major catastrophe events √ kç=ëáÖåáÑáÅ~åí=Å~í~ëíêçéÜÉ=ÉîÉåíë=~ÑÑÉÅíáåÖ=íÜÉ=êÉáåëìê~åÅÉ=äá
Slide 16: The hidden catastrophe
qÜÉ ÜáÇÇÉå Å~í~ëíêçéÜÉ qÜÉ=ÜáÇÇÉå=Å~í~ëíêçéÜÉ √ rp=éêçéÉêíó=~åÇ=Å~ëì~äíó=ã~êâÉí=Ü~ë=ANKOíå=íçí~ä=áåîÉëíÉÇ=~ëëÉíë √ tçêäÇïáÇÉ=ã~êâÉí=≈ APJQíå=áåîÉëíÉÇ=~ëëÉíë √ c~ää=áå=áåîÉëíãÉåí=áåÅçãÉ=Éèìáî~äÉåí=íç=~=äçëë=ÄáÖÖÉê=íÜ~å=h~íêáå~= ÉîÉêó=óÉ~ê bn=qçÜçâì g~é~å=EOMNNF APRÄå NB Ñ ää á NB=Ñ~ää=áå áåîÉëíãÉåí=
Slide 17: Growth in Japanese earthquake exposure
dêçïíÜ áå g~é~åÉëÉ É~êíÜèì~âÉ ÉñéçëìêÉ dêçïíÜ=áå=g~é~åÉëÉ=É~êíÜèì~âÉ=ÉñéçëìêÉ ORÄå= ã~êâÉí=äçëëI=QR=óÉ~ê=êÉííìêå= içïÉê RBJ ìééÉê= içïÉê=RB ìééÉê 250 N=qçÜçâì=nì~âÉ=AO VRB=ê~åÖÉ jçÇÉääÉÇ=ãÉ~å=äçëë çÇ 200 éÉêáç OMNN AãF Åçñ=iíÇ=äçëë=EA 150 eáëÅ 100 50 - 2011 YE 2012 HY 2011 YE 2012 HY 2011 YE 2012 HY
Slide 18: Business performance
ae HISCOX Business performance
Slide 19: Managing the business
j~å~ÖáåÖ íÜÉ ÄìëáåÉëë j~å~ÖáåÖ=íÜÉ=ÄìëáåÉëë dêçëë=ïêáííÉå=éêÉãáìãë=Ñçê=íÜÉ=ëáñ=ãçåíÜë=íç=PM=gìåÉ=OMNO OMNO= OMNO OMNN= OMNN `Ü~åÖÉ dêçïíÜ= dêçïíÜ ¡MMM ¡MMM B áå=äçÅ~ä= ÅìêêÉåÅó= B eáëÅçñ=içåÇçå=j~êâÉí PTNIORM PQUIVVP SKQ RKO eáëÅçñ=fåíÉêå~íáçå~ä - eáëÅçñ=_ÉêãìÇ~ NRVIQNN NPVISPO NQKO NNKQ - eáëÅçñ=dì
Slide 20: Hiscox London Market
eáëÅçñ=içåÇçå=j~êâÉí ^å çìíëí~åÇáåÖ éÉêÑçêã~åÅÉ ^å=çìíëí~åÇáåÖ=éÉêÑçêã~åÅÉ √ ^ÅíáîÉ=éçêíÑçäáç=ã~å~ÖÉãÉåí=íç=ã~ñáãáëÉ=éêçÑáí é Ö é – dççÇ=ÖêçïíÜ=áå=íÉêêçêáëãI=ÇáêÉÅí=éêçéÉêíó=~åÇ= çÑÑëÜçêÉ=ÉåÉêÖó – `ìí=Ä~Åâ=áå=ã~êáåÉ=Üìää=~åÇ=Å~ëì~äíó √ oÉáåëìê~åÅÉ=áãé~ÅíÉÇ=Äó=ä~Åâ=çÑ=êÉáåëí~íÉãÉåí= oÉáåë ê~åÅÉ áãé~Å
Slide 21: Hiscox UK
eáëÅçñ=rh= ^åçíÜÉê ÖççÇ éêçÑáí ^åçíÜÉê=ÖççÇ=éêçÑáí e~äÑ=óÉ~ê= ó e~äÑ=óÉ~ê= ó OMNO OMNN ¡ã ¡ã √ pí~ÄäÉ=ÇÉëéáíÉ=ïáíÜÇê~ï~ä=Ñêçã== dêçëë éêÉãáìãë ïêáííÉå dêçëë=éêÉãáìãë=ïêáííÉå NUQKM NUOKV íïç é~êíåÉêëÜáéë íïç=é~êíåÉêëÜáéë j~êâÉíáåÖ=ÉñéÉåÇáíìêÉ ESKTF ERKQF √ píêçåÖ=ÖêçïíÜ=áå=ÅçããÉêÅá~ä Ö råÇÉêïêáíáåÖ=ê
Slide 22: Building the UK brand - return to TV
_ìáäÇáåÖ íÜÉ rh Äê~åÇ Ó êÉíìêå=íç=qs _ìáäÇáåÖ=íÜÉ=rh=Äê~åÇ=Ó êÉíìêå íç qs ON
Slide 23: Hiscox Europe
eáëÅçñ=bìêçéÉ= mêçÑáí~ÄäÉ áå íçìÖÜ ÉÅçåçãáÅ ÅçåÇáíáçåë mêçÑáí~ÄäÉ=áå=íçìÖÜ=ÉÅçåçãáÅ=ÅçåÇáíáçåë e~äÑ=óÉ~ê= ó e~äÑ=óÉ~ê= ó OMNO OMNN €ã €ã √ eáí=Äó=ïáåíÉê=ÑêÉÉòÉ=áå=ëçìíÜÉêå= dêçëë éêÉãáìãë ïêáííÉå dêçëë=éêÉãáìãë=ïêáííÉå VVKV VPKV cê~åÅÉ ~åÇ _ÉåÉäìñ ÄìêÖä~êáÉë cê~åÅÉ=~åÇ=_ÉåÉäìñ=ÄìêÖä~êáÉë j~êâÉíáåÖ=É
Slide 24: Hiscox International
eáëÅçñ=fåíÉêå~íáçå~ä dêçïíÜ ~åÇ éêçÑáí dêçïíÜ=~åÇ=éêçÑáí √ eáëÅçñ=_ÉêãìÇ~ – bñÅÉääÉåí=éêçÑáí – eÉ~äíÜÅ~êÉ=ÄìëáåÉëë=ÇÉîÉäçéáåÖ=ïÉää – tçêâáåÖ=çå=êÉéä~ÅáåÖ=èìçí~=ëÜ~êÉ=ëìééçêí √ eáëÅçñ=dìÉêåëÉó eáëÅç d ÉêåëÉ – dççÇ=ÇáëÅáéäáåÉ=ÇÉäáîÉêë=ÖêÉ~í=éêçÑáí √ eáëÅçñ=rp^ – `çåíáåìÉÇ=ÉñÅÉääÉåí=ÖêçïíÜ=çÑ=OVB – fãé
Slide 25: Policy unit sales per week - US Direct
mçäáÅ Åó=ìåáíë=ëçäÇ M RM NMM NRM OMM ORM PMM PRM QMM QRM RMM kçîJNM aÉÅJNM g~åJNN cÉÄJNN j~êJNN ^éêJNN j~óJNN gìåJNN gìäJNN ^ìÖJNN pÉéJNN mçäáÅó=ìåáí=ë~äÉë=éÉê=ïÉÉâ=Ó rp=aáêÉÅí tÉÉâ lÅíJNN kçîJNN píÉ~Çáäó=ÖêçïáåÖ=rp=ÇáêÉÅí píÉ~Çáäó ÖêçïáåÖ rp ÇáêÉÅí aÉÅJNN g~åJNO cÉÄJNO j~êJNO ^éêJNO j~óJNO gìåJNO O
Slide 26: Summary and outlook
ae HISCOX Summary and outlook
Slide 27: Fantastic first half
c~åí~ëíáÅ Ñáêëí Ü~äÑ c~åí~ëíáÅ=Ñáêëí=Ü~äÑ √ píê~íÉÖó=ïçêâáåÖ − eáëÅçñ=içåÇçå=j~êâÉíI=çìíëí~åÇáåÖ é IÖ ó − eáëÅçñ=rh=~åÇ=eáëÅçñ=bìêçéÉI=ÖççÇ=ëíÉ~Çó= éÉêÑçêã~åÅÉ − eáëÅçñ=fåíÉêå~íáçå~äI=ÖççÇ=ÖêçïíÜ=~åÇ=éêçÑáí= áãéêçîÉãÉåí √ `~éáí~ä=çå=íÜÉ=~ÖÉåÇ~=áå=eO √ dêçïáåÖ=ïÜÉêÉ=ê~íÉë=~êÉ=êáëáåÖ − rp^ − g~é~åÉëÉ=
Slide 28: Appendices
^ééÉåÇáÅÉë √ dÉçÖê~éÜáÅ=êÉ~ÅÜ= √ píê~íÉÖáÅ=ÑçÅìë= √ ^=ëóãÄáçíáÅ=êÉä~íáçåëÜáé √ _ìëáåÉëë=íêÉåÇë _ìëáåÉëë íêÉåÇë √ içåÖJíÉêã=ÖêçïíÜ √ eáëÅçñ=iíÇ=êÉëìäíë √ dêçìé=ëíêìÅíìêÉ √ _çñéäçí=~åÇ=ïÜáëâÉê=Çá~Öê~ã=çÑ=eáëÅçñ=iíÇ √ oÉ~äáëíáÅ=Çáë~ëíÉê=ëÅÉå~êáçë oÉ~äáëíáÅ Çáë~ëíÉê ëÅÉå~êáçë √ ^î~áä~ÄäÉ=Å~éáí~ä=ÇÉÅáÇÉë
Slide 29: Geographic reach
dÉçÖê~éÜáÅ êÉ~ÅÜ dÉçÖê~éÜáÅ=êÉ~ÅÜ _ÉêãìÇ~ e~ãáäíçå bìêçéÉ rh ^ãëíÉêÇ~ã _áêãáåÖÜ~ã _çêÇÉ~ìñ `çäÅÜÉëíÉê _êìëëÉäë dä~ëÖçï `çäçÖåÉ iÉÉÇë aìÄäáå içåÇçå e~ãÄìêÖ j~áÇÉåÜÉ~Ç iáëÄçå j~åÅÜÉëíÉê ióçå j~ÇêáÇ rp^ jìåáÅÜ ^íä~åí~ m~êáë `ÜáÅ~Öç içë=^åÖÉäÉë dìÉêåëÉó kÉï vçêâ `áíó kÉï=vçêâ=`áíó pí=mÉíÉê=mçêí p~å=cê~å
Slide 30: Strategic focus
píê~íÉÖáÅ ÑçÅìë píê~íÉÖáÅ=ÑçÅìë qçí~ä=dêçìé=ÅçåíêçääÉÇ=áåÅçãÉ=Ñçê=OMNN= NMMB=Z=¡NISSQã= içÅ~ä=Éêêçêë=~åÇ=çãáëëáçåë ~åÇ=ÅçããÉêÅá~ä NSB qÉÅÜ=~åÇ=ãÉÇá~=Éêêçêë= oÉáåëìê~åÅÉ= OUB ~åÇ=çãáëëáçåë PB NTB ^êí=~åÇ= éêáî~íÉ=ÅäáÉåí= i~êÖÉ=éêçéÉêíó PB PB däçÄ~ä=Éêêçêë= ~åÇ=çãáëëáçåë= VB UB péÉÅá~äíó=Ó íÉêêçêáëãI=
Slide 31: A symbiotic relationship
^ ëóãÄáçíáÅ êÉä~íáçåëÜáé ^=ëóãÄáçíáÅ=êÉä~íáçåëÜáé fåíÉêå~íáçå~ääó= Local specialty íê~ÇÉÇ äáåÉë íê~ÇÉÇ=äáåÉë lines √ i~êÖÉê= √ mêÉãáìã=ÖêçïíÜ= éêÉãáìãI=Å~í~ëíêçé ÄÉíïÉÉå=RJNRB= ÜÉ=ÉñéçëÉÇ éÉê=~ååìã √ pÜêáåâë=~åÇ= √ m~óë=ÇáîáÇÉåÇë Éñé~åÇë ~ÅÅçêÇáåÖ Éñé~åÇë=~ÅÅçêÇáåÖ= Profit Value generator creator √
Slide 32: Business trends
_ìëáåÉëë íêÉåÇë _ìëáåÉëë=íêÉåÇë HSKNB vÉ~êJçåJóÉ~ê=ÖêçïíÜ= vÉ~êJçåJóÉ~ê ÖêçïíÜ ¡PVSã q í äd qçí~ä=dêçìé=ÅçåíêçääÉÇ=éêÉãáìã=íç=gìåÉ=OMNOW=¡NIMQPã í ää Ç á í g OMNO ¡N MQP áå=äçÅ~ä=ÅìêêÉåÅó OMNO=dtm= kçåJã~êáåÉ j~êáåÉ HNTKMB ¡NVQã mêçÑÉëëáçå~ä= ^îá~íáçå äá~ÄáäáíáÉë= HRKRB ¡NQPã JUKOB bêêçêë=~åÇ= ¡NOU
Slide 33: Long-term growth
içåÖJíÉêã ÖêçïíÜ içåÖJíÉêã=ÖêçïíÜ _ÉêãìÇ~ eáëÅçñ=içåÇçå=j~êâÉí=J péÉÅá~äíó eáëÅçñ=içåÇçå=j~êâÉí=J sçä~íáäÉ eáëÅçñ=rh eáëÅçñ=bìêçéÉ eáëÅçñ=dìÉêåëÉó eáëÅçñ=rp^ 1 800 1,800 1,600 1,400 MF Éãáìãë=E¡MMM fåíÉêå~íáçå~ääó= 1,200 íê~ÇÉÇ=äáåÉë 1,000 ëë=ïêáííÉå=éêÉ 800 600 Local dêçë 400 specialty lines 200 0
Slide 34: Hiscox Ltd results
eáëÅçñ iíÇ êÉëìäíë eáëÅçñ=iíÇ=êÉëìäíë ¡MMM OMNN OMNM OMMV OMMU OMMT OMMS dêçëë éêÉãáìãë ïêáííÉå dêçëë=éêÉãáìãë=ïêáííÉå N QQV ONV NIQQVIONV N QPO STQ NIQPOISTQ N QPR QMN NIQPRIQMN N NQT PSQ NINQTIPSQ N NVU VQV NINVUIVQV N NOS NSQ NINOSINSQ kÉí=éêÉãáìãë=ïêáííÉå NINTQIMNN NINPNISOT NINRTIMOP UVUIPVQ VT
Slide 35: Group structure
dêçìé ëíêìÅíìêÉ dêçìé=ëíêìÅíìêÉ= eáëÅçñ=iíÇ eáëÅçñ=içåÇçå= eáëÅçñ=_ÉêãìÇ~ eáëÅçñ=dìÉêåëÉó eáëÅçñ=rp^ eáëÅçñ=rh eáëÅçñ=bìêçéÉ j~êâÉí oìëëÉää=jÉêêÉíí gÉêÉãó=máåÅÜáå píÉîÉ=`~ãã _Éå=t~äíÉê píÉîÉ=i~åÖ~å= máÉêêÉJläáîáÉê=aÉë~ìääÉ - oÉáåëìê~åÅÉ= - oÉáåëìê~åÅÉ - cáåÉ=~êí - bêêçêë=~åÇ= - cáåÉ=~êí - cáåÉ=~êí -
Slide 36: Boxplot and whisker diagram of Hiscox Ltd net loss
_çñéäçí=~åÇ=ïÜáëâÉê=Çá~Öê~ã=çÑ= eáëÅçñ iíÇ åÉí äçëë EAãF gìåÉ OMNO eáëÅçñ=iíÇ=åÉí=äçëë=EAãF=gìåÉ=OMNO ã~êâÉí=äçëë= ã~êâÉí=äçëë= ã~êâÉí=äçëë= ã~êâÉí=äçëë= å=ã~êâÉí= ~åÉ=fâÉ=J ANTÄå=ã~êêâÉí=äçëë= içïÉê=RBJ ìééÉê= mêáÉí~=nì~âÉ=ASÄå=ã ÇÖÉ=nì~âÉ=AOQÄå=ã çÜçâì=nì~âÉ=AORÄå ~åÉ=^åÇêÉï=ARSÄå=ã ~åÉ=h~íêáå~=AR
Slide 37: Realistic disaster scenarios
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Slide 38: Available capital decides risk limits
^î~áä~ÄäÉ Å~éáí~ä ÇÉÅáÇÉë êáëâ äáãáíë ^î~áä~ÄäÉ=Å~éáí~ä=ÇÉÅáÇÉë=êáëâ=äáãáíë PT
Slide 39: GWP geographical and currency split
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Slide 40: Group reinsurance security
dêçìé êÉáåëìê~åÅÉ ëÉÅìêáíó dêçìé=êÉáåëìê~åÅÉ=ëÉÅìêáíó oÉÅÉáî~ÄäÉë=~í=PMLMSLNO=çÑ=¡RNVKMã== OMNO=êÉáåëìê~åÅÉ=éêçíÉÅíáçåëG cáêëí=äçëë=ÉñéçëìêÉ=Äó=ê~íáåÖ ^^^ `çää~íÉê~äáëÉÇ líÜÉê SKVB NN QB NNKQB PKPB ^ PSKVB ^^ PVKSB RMKOB ^ RNKTB ^^ GoÉáåëìê~åÅÉ=éä~ÅÉãÉåíë=áå=ÑçêÅÉ=~í=N=g~åì~êó=OMNOK PV
Slide 41: Reinsurance as a percentage of GWP and total assets
M NM OM PM QM OMMM P PRKP OMMN OTKP OMMO OSKM OMMP NTKP P OMMQ NPKT OMMR OMKV OMMS NPKQ oÉáåëìê~åÅÉ=~ë=~=B=çÑ=dtm OMMT UKT NU OMMU ONKTG O OMMV NVKQ OMNM ONKM O ev=OMNN ONKO oÉáåëìê~åÅÉ OMNN VKM NV ev=OMNO M OOKS NM OM PM QM G^ãÉåÇÉÇ=ÇìÉ=íç=êÉÅä~ëëáÑáÅ~íáçå=çÑ=êÉáåëìê~åÅÉ=ÅçããáëëáçåëK OMMM NU UKO OM
Slide 42: Glossary of terms
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Slide 43: Glossary of terms
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