Hiscox Ltd · LSE:HSX
Hiscox — Hiscox Ltd Ord New — H1 2026 Earnings Presentation
47 slides from Hiscox's earnings presentation, Aug 5, 2026
Slide 1: Hiscox Ltd Interim results
Hiscox Ltd Interim results For the six months ended 30 June 2026
Slide 2: Strategy update
MN HISCOX Strategy update De Ones ors 06588 DEST aD OMoOSSOSo5
Slide 3: H1 2026 results
H1 2026 results The power of Hiscox: delivering growth and returns in complex markets ICWP growth supported by all Growth and 90.4% COR2 underpin Investment result reflects coupon businesses ($m)1 ISR ($m) and MTM3 ($m) +10% Investment result (excl. fixed income MTM) 3,238 Fixed income MTM 2,942 +30
Slide 4: Track record of profitable growth across the Group
Track record of profitable growth across the Group 265% Retail momentum and big-ticket discipline 2500 2000 215% Hiscox Retail Upgraded Hiscox London Market ICWP ($bn), growth1 (%) and COR2 (%) ICWP ($bn), growth1 (%) and COR2 (%) guidance: 1500 9% for full-year +12% -2% +2% 165% +6% $1.3bn $1.2bn $
Slide 5: Strong growth in a complex market
Strong growth in a complex market Retail acceleration and innovation in all businesses offsets disciplined cycle management Group +$297m +10.1% USD Hiscox Re Hiscox London Market Supported mainly by Selective growth through adjacencies third-party inflows currently offsets cycle management Spec. and
Slide 6: Growth initiatives
Growth initiatives Innovation and expansion continues at pace Going deeper New Expand New and new products distribution geographies segments Sector appetite expansion Affirmative AI in UK Largest UK distribution deal Italy branch in UK (e.g. forensic marketing and media scientists, rage rooms, US pa
Slide 7: Tech innovation to drive growth and redefine customer experience
Tech innovation to drive growth and redefine customer experience Distribution Underwriting Claims and self-serve SARAH • Voice agent Live at scale • Purchasing SARAH – AI voice agent Machine-learning Centres of journey auto underwriting excellence • FNOL Contact centre routing Live in US DPD Launchi
Slide 8: Financial performance
a HISCOX Financial performance
Slide 9: Group financial performance
Group financial performance Diverse business portfolio delivering robust outcomes in an evolving market 30 June 30 June Year-on-year • Group ICWP up 10.1% 2026 2025 with profitable growth in $m $m all three segments Premiums • Net ICWP growth driven Insurance contract written premium 3,238.4 2,941.6
Slide 10: Hiscox Retail
Hiscox Retail Continued growth acceleration and margin expansion 30 June 30 June Year-on-year • ICWP up 8.2% in 2026 2025 constant currency $m $m • Broad-based across Premiums all markets • FY 2026 constant Insurance contract written premium 1,560.7 1,386.6 12.6% currency growth guidance upgraded Ne
Slide 11: Hiscox London Market
Hiscox London Market Disciplined cycle management offset by growth from innovation and adjacencies 30 June 30 June Year-on-year • Underlying ICWP 2026 2025 growth 5.3% $m $m • Reported 9.8% ICWP Premiums growth benefits from adjustments on prior period premium Insurance contract written premium 733.
Slide 12: Hiscox Re
Hiscox Re Underwriting result reflects quality of portfolio and benign natural catastrophe experience 30 June 30 June Year-on-year • ICWP growth 2026 2025 driven by additional $m $m third-party capital Premiums • Net ICWP reflects property cat discipline, partly offset by growth Insurance contract w
Slide 13: Change fuels growth and efficiency
Change fuels growth and efficiency Execution on track Retail Big-ticket Claims +10% >50x ICWP per FTE1 number of submissions through 2.4x digital augmentation3 fraud savings5 70% -15% 1.7x ICWP auto-underwritten2 Submission to quote time in recoveries5 middle-market property4 Group Procurement Resou
Slide 14: Change programme on track
Change programme on track On track for CMD commitments Guided benefit delivered On track for outer years P&L benefit ($m) P&L benefit ($m) Cost to achieve ($m) Cost to achieve ($m) 200 145 75 45 -39 -75 -100 H1 2026 2026 2027 2028 actual guidance • P&L benefit includes improved claims recoveries, •
Slide 15: Operating jaws
Operating jaws Top line growing ahead of underlying expenses with admin expense ratio reducing to 16.1% Evolution of admin expense base ($m) Operating jaws widening Attributable and other operational expenses ICWP growth and change in underlying expenses ICWP CCY +8.0% 412 39 (6) 3 15 (9) 367 368 36
Slide 16: Investment performance
Investment performance High quality and growing portfolio Cash and bond income net of fees ($m) Gains/(losses) on investments ($m)2 • Investment result of $128.2m, YTD return of 1.4%1 • Result benefitting from 163 growth in AuM 150 154 81 • MTM expected to unwind 102 20 over next 18 months (35) (2)
Slide 17: Reserves
Reserves Prudent reserving philosophy remains unchanged Reserve releases1 as % of opening net reserves Balance sheet remains strong ($m) Best estimate Events not in data Risk adjustment 3.8% 86th confidence 86th confidence 3.3% level percentile level percentile 355 345 108 1.8% 106 1.7% 1.3% 4,178 4
Slide 18: 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 10 points of capital in H1 2026 • Regulatory and ratings capita
Slide 19: Underwriting
Underwriting
Slide 20: Navigating an evolving risk landscape
Navigating an evolving risk landscape New specialty opportunities Geo-political fragmentation • Specialty response products • Supply chain solutions • Defence sector insurance and risk solutions Economic volatility • Business continuity • Balance-sheet protection • SME adaptation and specialisms Tec
Slide 21: H1 2026 loss experience within expectations
H1 2026 loss experience within expectations Benign natural catastrophe offsets Middle East Middle East Attritional Natural catastrophe Attritional • Ongoing event, continue • H1 2026 experience • In line with our expectations to support our clients benign • Underwriting actions • Reserved estimated
Slide 22: A diverse and actively managed portfolio
A diverse and actively managed portfolio Structural growth, adjacent expansion and cycle management ICWP ($m), twelve months to 30.06.2026 Hiscox London Market ICWP1 H1 2026 vs H1 2025 ($) Property Retro Specialty Cargo International Hull Professional Marine and energy liability liability Energy Per
Slide 23: An evolving rate environment
An evolving rate environment 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% 24% 160 56% 61% 140 51% 52% 120 22% 27% 100 2
Slide 24: Hiscox London Market underwriting strategy
Hiscox London Market underwriting strategy Innovation offsets cycle management actions 1 Manage the cycle across the 2 Grow in attractive adjacencies 3 Adapt to structural market existing portfolio and existing portfolio trends Non-renewing inadequate risks1 Existing expertise Adjacency Trend Our re
Slide 25: Hiscox Re underwriting strategy
Hiscox Re underwriting strategy Cycle management in action 1 Manage the cycle across the 2 Grow in non-cat lines 3 Scale Hiscox Capital Partners existing portfolio Net exposure reductions1 ICWP growth in pro-rata and specialty ILS AUM ($bn) H1 2025 Traditional ILS H1 2026 2.9 2023 2026 Cat bond fund
Slide 26: AI augmented underwriting in Retail
AI augmented underwriting in Retail Driving profitable growth Next-gen • More sophisticated pricing • Greater segmentation pricing software • Quicker pricing changes More • Greater underwriting insights third-party • Better risk selection • Simplified customer journeys data Underwriting • Automated
Slide 27: 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 28: Closing remarks
Closing remarks
Slide 29: Key messages
Key messages Profitable growth Innovation and through the cycle… change execution… …Retail momentum accelerating, …delivers new capabilities and supplemented by innovation and improving operating leverage cycle management in big-ticket Consistent and attractive Capital reinvestment and returns under
Slide 30: Positive outlook
Positive outlook Delivering as we execute our strategy HY 2026 FY 2026 FY 2028 Retail growth1 8.2% 9.0% for full-year Double-digit UPGRADED Operating ROTE 20.2% Mid-teens through-the-cycle P&L benefit from $45m $75m $200m change programme2 +17% interim DPS Capital returns Buyback 32% complete3 Progr
Slide 31: Appendices
Appendices • Geographical reach • Portfolio – asset mix • Hiscox investment case • Portfolio – USD debt and fixed income holdings • A unique business • Portfolio – GBP and other currencies debt and fixed income holdings • Long-term growth • Group performance • Adjusted operating profit and operating
Slide 32: Geographical reach
Geographical reach 31 offices in 13 countries UK Guernsey Birmingham Europe Colchester St Peter Port Amsterdam Glasgow Berlin London Bordeaux Maidenhead USA Bermuda Brussels Manchester Atlanta Hamilton Cologne York Chicago Latin American Dublin Los Angeles gateway Frankfurt New York City Miami Hambu
Slide 33: Hiscox investment case
Hiscox investment case Big-ticket1: Retail2: Specialty expertise Structural growth in Lloyd’s in SME and HNW of London across UK, and Bermuda Europe and USA Attractive and sustainable returns for shareholders Balanced and Long-term Mid-teens ROTE diversified portfolio Operational leverage Progressiv
Slide 34: A unique business
A unique business Leading pure-play specialty insurer with enduring franchise value ICWP ($m), twelve months to 30 June 2026 Unique exposure to specialty markets Property Retro Specialty International Diversified across lines Professional liability and geographies Property North Entrepreneurial cult
Slide 35: Long-term growth
Long-term growth Group premium ($m)1 Hiscox Re Hiscox London Market Hiscox UK Hiscox Europe Hiscox USA 5,500 5,000 Insurance contract written premiums ($m) 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 2006 2007 2008 2009 2010 2011 201
Slide 36: Group performance
Group performance Six months to 30 June 2026 Constant currency ICWP ICWP change ICWP change $m % % Hiscox Retail 1,560.7 12.6% 8.2% Hiscox UK 530.2 14.4% 10.2% Hiscox Europe 494.6 15.8% 6.2% Hiscox USA 535.9 8.1% 8.1% Hiscox London Market 733.2 9.8% 9.8% Hiscox Re 944.5 6.4% 6.4% Total 3,238.4 10.1%
Slide 37: Adjusted operating profit and operating ROTE reconciliation
Adjusted operating profit and operating ROTE reconciliation $m H1 2026 H1 2025 FY 2025 Profit before tax 240.5 276.6 732.7 Unrealised fair value (gains) or losses on fixed income 76.0 (47.7) (59.8) securities carried at fair value Impact on discounting from changes in yield curve included (24.0) 8.1
Slide 38: Claims discounting impact on profit
Claims discounting impact on profit Net impact of $38m $79m ($66m)1 $24m $241m H1 2026 $203m Weighted In line with On average average of 4.1% full-year guidance rates decreased of $115m-$145m by just 0.31% Estimate using Expected unwind PBT sensitivity ($m) FY 2026 weighted in range of to +/-100 bps
Slide 39: Realistic disaster scenarios
Realistic disaster scenarios April 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 14% Gulf of Mexico windstorm 13% $250bn 1 in 60 ye
Slide 40: Non-natural catastrophe extreme loss scenarios
Non-natural catastrophe extreme loss scenarios Changing portfolios, changing risk 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 $270m ratio deterioration Economic collapse An
Slide 41: Boxplot and whisker diagram of modelled Hiscox Ltd net loss
Boxplot and whisker diagram of modelled Hiscox Ltd net loss ($m) April 2026 Superstorm Sandy – 8-year return period UK Storm 1987J – 11-year return period Typhoon Hagibis – 20-year return period Typhoon Trami – 5-year return period Northridge Quake – 75-year return period Hurricanes Andrew – 12-year
Slide 42: 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 700 600 500 400 300 200 100 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1Disclosed US windstor
Slide 43: ICWP geographical and currency split
ICWP geographical and currency split H1 2026 geographical split H1 2026 currency split UK GBP North America USD Western Europe (excl.UK) EUR Worldwide CAD and other Other 2.0% 7.9% 8.0% 17.5% 18.8% 20.0% 19.3% 47.3% 59.2% 42
Slide 44: Group reinsurance security
Group reinsurance security Reinsurance assets at H1 2026 of $1.9bn H1 2026 reinsurance protections1 (FY 2025: $1.8bn) First loss exposure by rating AAA and collateralised A range AA AA range 2 A ILS Other / Non-rated 0.9% Collateralised 8.7% 26.1% 19.2% 31.4% 33.8% 53.8% 26.1% 1Reinsurance placement
Slide 45: Portfolio – asset mix
Portfolio – asset mix High quality, short duration portfolio Investment portfolio $9.2bn as at 30 June 2026 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 investment fu
Slide 46: Portfolio – USD debt and fixed income holdings
Portfolio – USD debt and fixed income holdings As at 30 June 2026 Portfolios: $5.4billion BB and AAA AA A BBB below and Total Duration % % % % unrated % years % Government issued 0.2 16.2 0.2 0.6 1.1 18.3 2.2 Government supported1 0.1 0.7 0.5 0.2 0.2 1.7 2.3 Asset backed 12.4 0.2 12.6 2.2 Mortgage b
Slide 47: Portfolio – GBP and other currencies debt and fixed income holdings
Portfolio – GBP and other currencies debt and fixed income holdings As at 30 June 2026 GBP portfolios: BB and $933 million AAA AA A BBB below and Total Duration % % % % unrated % years % Government issued 20.9 20.9 1.9 Asset backed 1.5 1.5 0.1 Corporates 9.2 3.2 30.1 33.8 0.2 76.5 1.8 Credit funds 1