Slide 1: Hiscox Ltd Preliminary results
Hiscox Ltd Preliminary results For the year ended 31 December 2025
Slide 2: Strategy update
Strategy update
Slide 3: 2025 results: growth and earnings momentum with compounding book value
2025 results Growth and earnings momentum with compounding book value Continued ICWP growth ($m)1 Record ISR ($m), 87.8% COR, Record investment result supported strongest in a decade2 by growing AuM ($m) +6% +11% 4,979 614 4,704 554 4,540 +15% 492 443 384 384 2023 2024 2025 2023 2024 2025 2023 2024
Slide 4: Excellent capital generation underpins capital returns
Excellent capital generation underpins capital returns Investing in long term growth while rewarding shareholders with $1.1bn of returns in last three years Returns as a % of market capitalisation1 Total dividend per share Buyback per share 6% 9% 10% 92.3 $c 2 81.3 $c 2 $300m $275m 43.3 $c 2 $150m 5
Slide 5: Profitable growth across the Group
Profitable growth across the Group Balanced across the segments Hiscox Retail Hiscox London Market Hiscox Re Growth acceleration and margin Innovation and discipline Disciplined and diversifying growth expansion continues underpin growth as business absorbs record wildfire loss $2.6bn $1.2bn $1.1bn
Slide 6: Retail-led growth through the cycle
Retail-led growth through the cycle Strong new business expansion Group ICWP ($m) Hiscox Retail Existing More segments, products, distribution, markets New growth initiatives 4,979 5x Multi-year growth acceleration 4,704 Build to 8% CCY for full-year 2026 Hiscox London Market Disciplined management
Slide 7: Growth initiatives
Growth initiatives Innovating and executing with energy and pace Go deeper New New Expand New in chosen segments products distribution geographies sectors Expanding UK tech Landlords and Affirmative AI Largest recent UK Italy offer to hardware e-sports in UK cover in UK tech distribution deal Multi-
Slide 8: Hiscox Retail well-positioned to win in the age of agentic e-commerce
Hiscox Retail well-positioned to win in the age of agentic e-commerce Taking action to capture the opportunity Marketing Distribution Customer experience Search and pay-per-click Leading global DPD portal for Use of third-party data to optimisation nano and micro businesses ease sales journey Genera
Slide 9: Our commitments
Our commitments Delivering as we execute our strategy FY 2025 FY 2026 FY 2028 Retail growth1 6.3% 8.0% Double-digit Operating ROTE 20.9% Mid-teens through-the-cycle P&L benefit from $29m $75m $200m change programme2 +20% final DPS Capital returns Buyback $300m Progressive dividend 1ICWP growth in co
Slide 10: Financial performance
a HISCOX Financial performance
Slide 11: Group financial performance
Group financial performance Underwriting quality and increasing operating leverage underpin profitability 31 December 31 December Year-on-year • Group ICWP up 5.9% 2025 2024 with profitable growth in $m $m all three segments Premiums • Record underwriting result 1 Insurance contract written premium
Slide 12: Hiscox Retail
Hiscox Retail Continued growth acceleration and margin expansion 31 December 31 December Year-on-year • ICWP up 6.3% in 2025 20241 constant currency $m $m • Growth across all markets Premiums • 30 basis points improvement in COR Insurance contract written premium 2,634.8 2,441.4 7.9% driven by early
Slide 13: Hiscox London Market
Hiscox London Market Innovation and effective cycle management 31 December 31 December Year-on-year • Product expansion into 2025 2024 adjacencies offsets impact $m $m of cycle management Premiums • ISR improvement driven by underwriting discipline and favourable Insurance contract written premium 1
Slide 14: Hiscox Re
Hiscox Re Quality of risk selection supports strong earnings 31 December 31 December Year-on-year • NICWP growth driven 2025 2024 by specialty and $m $m pro-rata lines Premiums • COR reflects quality of risk selection and benign natural catastrophe Insurance contract written premium 1,094.6 1,032.8
Slide 15: Change fuels operational tailwinds
Change fuels operational tailwinds Execution on track 2025 2026 2028 achieved plan ambition Retail fraud Improved claims fraud +3x Retail fraud detection rate +49% detection rate detection and recoveries Operational Centres of excellence Insourcing roles New tech centre excellence tech hub +100 Outs
Slide 16: Change programme on track
Change programme on track $29m P&L benefit realised in 2025, on track for $200m in 2028 Guided benefit delivered On track for capital markets day commitment P&L benefit ($m) P&L benefit ($m) Cost to achieve ($m) Cost to achieve ($m) 200 145 29 75 25 -24 -25 -75 -100 2025 2025 Achieved Guidance 2026
Slide 17: Operating jaws widening
Operating jaws widening Top line growing ahead of underlying expenses with admin expense ratio reducing to 17.1% Evolution of admin expense base ($m) Operating jaws widening Attributable and other operational expenses ICWP growth and change in underlying expenses 846 ICWP CCY 24 +5.0% 24 798 17 792
Slide 18: Investment performance
Investment performance Cash and coupon income drive record result Cash and bond income net of fees ($m) Gains/(losses) on investments ($m)2 • Investment result of $442.7m, return of 5.1%1 • Result benefitting from 310 317 growth in AuM 154 125 73 230 • Book yield on bond portfolio of 4.5% • Asset du
Slide 19: Reserves
Reserves Further increase in balance sheet strength $m • Prudent reserving Best estimate philosophy Events not in data remains unchanged Risk adjustment • Confidence level at 86th percentile 86th confidence level percentile – reflects strength of reserves – expect to operate in 345 range of 75th-85t
Slide 20: Reserve releases continue
Reserve releases continue $293m positive reserve development with all years trending positively Reserve releases as % of opening net reserves Net loss development2 by accident year 2021 2022 2023 2024 IFRS 4 IFRS 171 1.05 7.2% 1.00 5.5% 0.95 3.7% 3.7% 0.90 3.4% 0.85 0.80 0.75 2021 2022 2023 2024 202
Slide 21: Very strong capital position
Very strong capital position Excellent capital generation drives growth and returns Estimated Bermuda solvency capital requirement (BSCR) • Deployed capital into attractive opportunities • Excellent organic capital generation • Returned 22 points of capital in 2025 • Regulatory and ratings capital p
Slide 22: Underwriting
Underwriting
Slide 23: Power of an actively managed portfolio
Power of an actively managed portfolio Retail compounder and navigating big-ticket micro-cycles Hiscox Retail Hiscox London Market Hiscox Re Crisis Europe management US DPD 27% 16% Property – Specialty, 22% North risk and Property America marine 42% COR COR COR Marine, 38% 37% US 92.6% 85.9% energy
Slide 24: Attractive rate environment sustained
Attractive rate environment sustained Majority of portfolio with good rate adequacy Compound rate change, indexed to 2018 2026 rate adequacy1 by business unit (% of ICWP) Core London Market Catastrophe reinsurance Retail Hiscox Re Hiscox London Market 200 180 24% 47% 160 61% 83% 140 51% 120 22% 45%
Slide 25: Big ticket – cycle management
Big ticket – cycle management Expertise and diligence drive underwriting outcomes Manage exposures, focusing on profitable business Hiscox London Market divisional rates indexed to 2021 and combined ratio%1 Forward looking view of risk Supplement models with Hiscox view Market in transition planning
Slide 26: Big ticket – market in transition framework
Big ticket – market in transition framework Proactive response to evolving conditions Hiscox London Market latest assessment and data flag investigations • Ten quantitative metrics and five qualitative underwriting originated Highest metrics tracked for each line • ~100 data points flagged for inves
Slide 27: Hiscox Retail – customer long-term value
Hiscox Retail – customer long-term value Consistently strong underwriting Consistent underwriting underpins growth Maintained through… 100% ICWP Loss ratio 90% $2.6bn Specialist underwriting ecosystem Powered by expertise, brand, service 80% and technology 70% Customer lifetime value focus 60% Inves
Slide 28: 2026 CUO area of focus
2026 CUO area of focus Managing the market cycle • Evolving forward • Market in transition • Rigorous exposure looking view of risk framework management New sectors, products and distribution • More products • Deeper penetration in • Bold entry into new and services for our chosen sectors target mar
Slide 29: Closing remarks
Closing remarks
Slide 30: Outlook
Outlook Momentum to continue in 2026 • Hiscox Retail ICWP to grow 8.0%1 by full-year 2026 driven by innovation and execution, on track for double-digit growth in 2028 Growth • Product innovation and new opportunities will moderate the impact of disciplined cycle management in big-ticket • No growth
Slide 31: Record results as we deliver on our commitments
Record results as we deliver on our commitments Momentum set to continue Growth Innovation Underwriting Group ICWP up 5.9% More product launches in Record ISR of $614m Hiscox Retail ICWP up 6.3% 2025 than last five years Best COR1 in a decade in CCY Growth initiatives premium Hiscox Re
Slide 32: Appendices
Appendices • Geographical reach • Non-natural catastrophe extreme loss scenarios • Hiscox investment case • Boxplot and whisker diagram of modelled Hiscox Ltd net loss • A unique business • Natural catastrophe risk • Hiscox Retail 2025 performance • ICWP geographical and currency split • Hiscox Lond
Slide 33: Geographical reach
Geographical reach 31 offices in 13 countries UK Guernsey Birmingham Europe Colchester St Peter Port Amsterdam Glasgow Berlin London Bordeaux Maidenhead USA Bermuda Brussels Manchester Atlanta Hamilton Cologne York Chicago Latin American Dublin Los Angeles gateway Frankfurt New York City Miami Hambu
Slide 34: Hiscox investment case
Hiscox investment case Big-ticket1: Retail2: Specialty expertise Structural growth in Lloyd’s in SME and HNW of London across UK, and Bermuda Europe and USA Attractive and sustainable returns for shareholders Balanced and Long-term Mid-teens ROTE diversified portfolio Operational leverage Progressiv
Slide 35: A unique business
A unique business Leading pure-play specialty insurer with enduring franchise value Unique exposure to specialty markets Diversified across lines and geographies Entrepreneurial culture Specialist brand Omni-channel distribution Leading specialty digital distribution platform Deep broker and partner
Slide 36: Hiscox Retail 2025 performance
Hiscox Retail 2025 performance All markets growing, margin expanding Premium (% of portfolio1 and growth2) US DPD 7.0% Europe 6.1% US DPD 22% Europe 27% COR3 92.6% US broker 14% UK 37% US broker 0.7% UK 8.4% 1Percentages in pie chart represent the share of Retail ICWP. 2Percentages in bar charts rep
Slide 37: Hiscox London Market 2025 performance
Hiscox London Market 2025 performance Innovation and effective cycle management Premium (% of portfolio1 and growth2) Alternative risk Major property3 Personal accident Household Kidnap and ransom5 Flood Terrorism Crisis Commercial lines Product recall management 16% Property COR4 Marine, 42% 85.9%
Slide 38: Hiscox Re 2025 performance
Hiscox Re 2025 performance Quality of risk selection supports strong earnings Premium (% of portfolio1 and growth2) Specialty, risk and marine Property – North America Property – North Specialty, risk America and marine 38% COR3 37% 67.4% Property – Retro international 10% 15% Property – internation
Slide 39: Long-term growth: insurance contract written premiums
Long-term growth Group premium ($m) Hiscox Re Hiscox UK Hiscox Special Risks Hiscox Asia Hiscox London Market Hiscox Europe Hiscox USA 5,500 5,000 Insurance contract written premiums ($m)1 Hiscox London Market 4,500 Hiscox Re 4,000 3,500 3,000 2,500 2,000 Hiscox Retail 1,500 1,000 500 - 2 2004 2005
Slide 40: Hiscox sustainability strategy
Hiscox sustainability strategy We want to support our We aim to be a great place to We are committed to doing We continually adapt to an We are committed to having customers by: work, attracting, nurturing business in the right evolving risk landscape by: a positive impact by: and retaining talent t
Slide 41: Sustainability strategy in action
Sustainability strategy in action • In 2025 we launched a • In 2025 we launched a • Our Group Chief Risk Officer • We continue to adapt our • We have reduced our product adjacency where new ‘digital first’ people took over responsibility for underwriting portfolios: Scope 1 and 2 emissions we have l
Slide 42: Group performance
Group performance Year to 31 December 2025 Constant currency ICWP ICWP change ICWP change $m % % Hiscox Retail1 2,634.8 7.9% 6.3% Hiscox UK 962.4 11.4% 8.4% Hiscox Europe 710.9 8.3% 6.1% Hiscox USA 961.5 4.4% 4.4% Hiscox London Market 1,249.6 1.6% 1.6% Hiscox Re 1,094.6 6.0% 6.0% Total1 4,979.0 5.9%
Slide 43: Segmental analysis
Segmental analysis 31 December 2025 31 December 2024 Hiscox Hiscox Hiscox London Hiscox Group Hiscox London Hiscox Group Retail Market Re Other Total Retail1 Market Re Other 1 Total1 $m $m $m $m $m $m $m $m $m $m Insurance contract 2,634.8 1,249.6 1,094.6 ‒ 4,979.0 2,441.4 1,229.5 1,032.8 ‒ 4,703.7
Slide 44: Hiscox Ltd results
Hiscox Ltd results $m 2025 2024 2023 20225 20216 Insurance contract premiums written1 4,979.0 4,703.7 4,539.6 4,355.4 ‒ Net insurance contract premiums written1 3,865.8 3,622.4 3,506.2 3,225.5 ‒ Insurance service result 613.9 553.5 492.3 360.9 ‒ Investment result 442.7 383.9 384.4 (187.3) 51.2 Profi
Slide 45: Adjusted operating profit and operating ROTE reconciliation
Adjusted operating profit and operating ROTE reconciliation $m 31 December 2025 31 December 2024 Profit before tax 732.7 685.4 Unrealised fair value (gains) or losses on fixed income securities carried at (59.8) (46.4) fair value Impact on discounting from changes in yield curve included in insuranc
Slide 46: Realistic disaster scenarios
Realistic disaster scenarios January 2026 Hiscox Group – losses shown as percentage of gross and net written premium Gross loss Industry loss Net loss return period Japanese windstorm 1% $20bn 1 in 50 year 5% Japanese earthquake 4% $50bn 1 in 400 year 15% Gulf of Mexico windstorm 14% $250bn 1 in 60
Slide 47: Non-natural catastrophe extreme loss scenarios
Non-natural catastrophe extreme loss scenarios Changing portfolios, changing risk – January 2026 Losses in the region of $75m-$950m could be suffered in the following extreme scenarios Event Est. loss Multi-year loss 5% deterioration on three years’ casualty premiums $270m ratio deterioration Econom
Slide 48: Boxplot and whisker diagram of modelled Hiscox Ltd net loss
Boxplot and whisker diagram of modelled Hiscox Ltd net loss ($m) January 2026 Hurricane Andrew – 25-year return Northridge Quake – 40-year return Lower 5%- upper Hurricane Katrina –21-year return Superstorm Sandy –7-year return 2011 Tohoku Quake – 45-year 95% range 1987J – 15-year return period Loma
Slide 49: Natural catastrophe risk
Natural catastrophe risk Trajectory over time – adjusted for USD inflation US windstorm Hiscox Ltd mean net modelled loss ($m)1 100-250yr 25-50yr 5-10yr 600 500 400 300 200 100 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1Disclosed US windstorm bo
Slide 50: ICWP geographical and currency split
ICWP geographical and currency split 2025 geographical split 2025 currency split UK GBP North America USD Western Europe (excl.UK) EUR Worldwide CAD and other Other 2.2% 8.3% 5.4% 20.3% 17.7% 21.7% 17.9% 58.4% 48.1% 49
Slide 51: Group reinsurance security
Group reinsurance security Reinsurance assets at FY 2025 of $1.8bn FY 2025 reinsurance protections1 (FY 2024: $2.0bn) First loss exposure by rating AAA and collateralised A range AA AA range 2 A ILS Other/ non-rated Collateralised 0.2% 9.7% 22.8% 28.8% 34.2% 20.4% 48.2% 35.9% 1Reinsurance placements
Slide 52: Reinsurance
Reinsurance Ceded as a percentage of ICWP/GWP1 Reinsurance receivables as a percentage of total assets1 33.5 31.8 31.7 30.8 28.2 27.0 26.9 26.3 25.9 25.6 24.3 23.5 22.6 22.9 22.7 22.4 21.0 19.0 19.3 18.8 19.2 19.0 19.0 17.6 15.0 12.3 12.1 11.7 11.6 10.6 10.3 12010-2021 under IFRS 4; 2022-2025 under
Slide 53: Investment result
Investment result Result of $442.7m (2024: $383.9m) 31 December 2025 31 December 2024 Asset Asset allocation Return Result allocation Return Result % % $m % % $m Debt and fixed income holdings £ 11.0 ‒ ‒ 10.3 ‒ ‒ $ 65.6 ‒ ‒ 62.1 ‒ ‒ Other 12.1 ‒ ‒ 10.2 ‒ ‒ Total 88.7 5.6 414.6 82.6 5.1 330.7 Equity
Slide 54: Portfolio – asset mix
Portfolio – asset mix High quality, short duration portfolio Investment portfolio $9.2bn as at 31 December 2025 Asset allocation Debt and fixed income Debt and fixed holdings credit quality income currency Debt and fixed income holdings Gvt. USD Cash and cash equivalents AAA GBP Equity and investmen
Slide 55: Portfolio – USD debt and fixed income holdings
Portfolio – USD debt and fixed income holdings As at 31 December 2025 Portfolios: $5.8 billion BB and AAA AA A BBB below and Total Duration % % % % unrated % years % Government issued 0.2 15.7 0.1 0.6 0.9 17.5 2.0 Government supported1 ‒ 0.6 0.5 0.2 0.1 1.4 2.3 Asset backed 11.0 ‒ ‒ ‒ ‒ 11.0 1.9 Mor
Slide 56: Portfolio – GBP and other currencies debt and fixed income holdings
Portfolio – GBP and other currencies debt and fixed income holdings As at 31 December 2025 GBP portfolios: BB and $986 million AAA AA A BBB below and Total Duration % % % % unrated % years % Government issued ‒ 19.4 ‒ ‒ ‒ 19.4 3.2 ABS 0.9 ‒ ‒ ‒ ‒ 0.9 0.1 Corporates 13.6 3.1 30.2 30.7 ‒ 77.6 1.6 Cred
Slide 57: Claims discounting impact on profit
Claims discounting impact on profit Net impact of $6m in 2025 $154m ($141m)1 ($19m) FY 2025 2025: weighted 2025: in line 2025: on average of 3.8% with full-year average rates $739m $733m guidance of decreased by $125m-$155m just 0.25% Estimate using Expected unwind PBT sensitivity ($m) FY 2026 weigh
Slide 58: Business segments
Business segments Hiscox Retail Hiscox Re Hiscox Retail brings together the results of the Group’s Hiscox Re is the reinsurance division of the Hiscox Group, retail business divisions in the UK, Europe and USA. combining the underwriting platforms in Bermuda Hiscox UK and Hiscox Europe underwrite pe