Slide 1: Hiscox Ltd Interim results for the six months ended 30 June 2010
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Slide 2: A resilient business: healthy profit despite savage six months
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Slide 3: Balance still a priority
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Slide 4: Financial performance
Mn HISCOX Financial performance
Slide 5: Good selected growth
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Slide 6: A healthy profit
^=ÜÉ~äíÜó=éêçÑáí aÉÅÉãÄÉê= gìåÉ=OMNM gìåÉ=OMMV OMMV ¡MMM ¡MMM ¡MMM dêçëë=éêÉãáìãë=ïêáííÉå VMQIPOS VMSIMOV NIQPRIQMN kÉí=éêÉãáìãë=ïêáííÉå SUPISVV SVNIQMQ NINRTIMOP kÉí=éêÉãáìãë=É~êåÉÇ RVOITQV RQRIPVV NIMVUINMO fåîÉëíãÉåí=êÉíìêå=çå=Ñáå~åÅá~ä=~ëëÉíë QSISMM URIQPP NUOITSV mêçÑáí=ÄÉÑçêÉ=í~ñ VTINRO NQNIPU
Slide 7: Segmental analysis
pÉÖãÉåí~ä=~å~äóëáë PM=gìåÉ=OMNM PM=gìåÉ=OMMV oÉëí~íÉÇG içåÇçå= rh=~åÇ= fåíÉêJ `çêéçê~íÉ= içåÇçå= rh=~åÇ= fåíÉêJ `çêéçê~íÉ= j~êâÉí bìêçéÉ= å~íáçå~ä= `ÉåíêÉ===== qçí~ä= j~êâÉí bìêçéÉ= å~íáçå~ä= `ÉåíêÉ===== qçí~ä= ¡MMM ¡MMM ¡MMM ¡MMM ¡MMM ¡MMM ¡MMM ¡MMM ¡MMM ¡MMM dêçëë=éêÉãáìãë=ïêáííÉå PUPIMTO OQUINSR
Slide 8: A good investment result in a tough environment
^=ÖççÇ=áåîÉëíãÉåí=êÉëìäí=áå=~=íçìÖÜ=ÉåîáêçåãÉåí PM=gìåÉ=OMNM PM=gìåÉ=OMMV ^ëëÉí= ^ååì~äáëÉÇ= oÉíìêå ^ëëÉí= ^ååì~äáëÉÇ= oÉíìêå ~ääçÅ~íáçå êÉíìêå ~ääçÅ~íáçå êÉíìêå B B ¡MMM B B ¡MMM _çåÇë===¡ OMKR OKU NTKM PKR rpA RPKU RKN RPKM VKU líÜÉê TKM PKR SKP RKS _çåÇë=íçí~ä UNKP QKQ QUITPU TSKP UKP TTISNN bèìá
Slide 9: High quality and well diversified portfolio
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Slide 10: Bond portfolios at 30 June 2010 - USD
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Slide 11: Bond portfolios as at 30 June 2010 - GBP, EUR and CAD
_çåÇ=éçêíÑçäáçë=~ë=~í=PMíÜ gìåÉ=OMNM Ó d_mI=bro=~åÇ=`^a d_m=éçêíÑçäáçW=¡RRQã= dîí ^^^ ^^ ^ ___ __= qçí~ä aìê~íáçå eáÖÜ=èì~äáíó= B B B B B B B ãçåíÜë éçêíÑçäáçë dçîÉêåãÉåí=áëëìÉÇ= PRKP PRKP VKP `çêéçê~íÉ=ÉñéçëìêÉ= dçîÉêåãÉåí=ëìééçêíÉÇG PRKN MKQ PRKR NQKM ã~áåí~áåÉÇ `çêéçê~íÉë OKR TKP NOKS RKP MKN
Slide 12: Gearing for market opportunities
dÉ~êáåÖ=Ñçê=ã~êâÉí=çééçêíìåáíáÉë ATRMã ëóåÇáÅ~íÉÇ Ä~åâ Ñ~Åáäáíó iäçóÇÛë iäçóÇÛë êÉáåëìê~åÅÉ k~ãÉë ëóåÇáÅ~íÉ £1bn core capital following 1 in 250 bad year fåÇìëíêó= páÇÉÅ~ê èìçí~== ÉñéÉêíáëÉ ëÜ~êÉë oáÖÜíë fëëìÉ\ NN
Slide 13: Financial facts
cáå~åÅá~ä=Ñ~Åíë √ oÉëÉêîÉ=êÉäÉ~ëÉë=çÑ=¡VPã=EOMMVW=¡TPãF √ råÉ~êåÉÇ=éêÉãáìãLa^`=ÑçêÉáÖå=ÉñÅÜ~åÖÉ= Ö~áåë=çÑ=¡RKNã=EOMMVW=¡RVKRã=äçëëF= √ kÉï=Ä~åâ=Ñ~Åáäáíó=çÑ=ATRMã=EOMMVW=ARORãGF √ SNB=çÑ=Ä~ä~åÅÉ=ëÜÉÉí=áå=rpA= √ pçäîÉåÅó=ff=éêçÖêÉëëáåÖ=ïÉää √ póåÇáÅ~íÉ=Å~é~Åáíó= póåÇáÅ~íÉ OMNM= OMNM= OMNN OMNN= çìê=ëÜ
Slide 14: Underwriting
Mn HISCOX Underwriting
Slide 15: Market fundamentals unchanged
Index level % M OM QM SM UM NMM NOM NQM cÉÄ=MR=J g~å=MS ^éê=MR=J j~ê=MS gìå=MR=J j~ó=MS ^ìÖ=MR=J gìä=MS lÅí=MR=J pÉé=MS aÉÅ=MR=J kçî=MS cÉÄ=MS=J g~å=MT ^éê=MS=J j~ê=MT gìå=MS=J j~ó=MT ^ìÖ=MS=J gìä=MT lÅí=MS=J pÉé=MT aÉÅ=MS=J kçî=MT cÉÄ=MT=J g~å=MU ^éê=MT=J j~ê=MU gìå=MT=J j~ó=MU ^ìÖ=MT=J gìä=MU 12 m
Slide 16: Targeted growth
q~êÖÉíÉÇ=ÖêçïíÜ HQKUB qçí~ä=dêçìé=ÅçåíêçääÉÇ=éêÉãáìã=gìåÉ=OMNMW=¡NIMSRã ¡QQTã gìåÉ=OMNM=dtm páñ=ãçåíÜë=íç=gìåÉ= ÖêçïíÜ=áå=äçÅ~ä= j~êáåÉ ÅìêêÉåÅó kçåJã~êáåÉ ^îá~íáçå HSKRB ¡NRPã JNRKRB HOMKOB ¡NNUã ¡NNTã eçãÉ=~åÇ= HNKPB ÅçåíÉåíë háÇå~é=~åÇ=ê~åëçã mêçÑÉëëáçå~ä=äá~ÄáäáíáÉë= ¡USã JPUKNB HRKRB= `çåíáåÖÉå
Slide 17: Claims overview
`ä~áãë=çîÉêîáÉï= √ `~í~ëíêçéÜÉë – `ÜáäÉ~å=É~êíÜèì~âÉ=~åÇ=táåÇëíçêã=uóåíÜá~=E¡NMMãFK=kç= ÅÜ~åÖÉ=Ñêçã=Ñáêëí=Éëíáã~íÉK=iáííäÉ=ÅÜ~åÖÉ=áÑ=áåÇìëíêó=äçëë= Öêçïë=íç=ANMÄå=Ñçê=`ÜáäÉK=låäó=¡NOã=~ÇîáëÉÇ=ëç=Ñ~ê – aÉÉéï~íÉê=eçêáòçå=äÉëë=íÜ~å=¡NMã √ rh – táåíÉê=ÑêÉÉòÉ=~åÇ=îçäÅ~åáÅ=~ëÜ=ÅäçìÇ – oÉÅÉëëáçå=Üáíë=éêçÑÉ
Slide 18: Market opportunities
j~êâÉí=çééçêíìåáíáÉë √ lÑÑëÜçêÉ=ÉåÉêÖó – o~íÉë=êáëáåÖ – fåÅêÉ~ëÉÇ=ÇÉã~åÇ – oÉÖìä~íçêó=éêÉëëìêÉ – ^ÅÅçìåí=Å~å=Öêçï=Äó=ãçêÉ=íÜ~å=RMB √ aì~ä – pã~ää=íáÅâÉí=éêçÑÉëëáçå~ä=áåÇÉãåáíó=~åÇ=aCl – eáëÅçñ=éêçîáÇáåÖ=Å~é~Åáíó – ORB=ëÜ~êÉ=çå=~=ïÉää=Éëí~ÄäáëÜÉÇ=Äççâ=J çîÉê= ¡ORã=áå=dtm=íç=ìë – ^ÅÅÉëë=íç=åÉï=ã~êâÉíë
Slide 19: Business performance, strategy and outlook
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Slide 20: Hiscox London Market: discipline in a softening market
eáëÅçñ=içåÇçå=j~êâÉí aáëÅáéäáåÉ=áå=~=ëçÑíÉåáåÖ=ã~êâÉí √ mêçÑáí~ÄäÉ=ÇÉëéáíÉ=`ÜáäÉ~å=É~êíÜèì~âÉI= táåÇëíçêã=uóåíÜá~=~åÇ=aÉÉéï~íÉê=eçêáòçå √ oÉÇìÅáåÖ=áå=~êÉ~ë=ïÜÉêÉ=ê~íÉë=~êÉ=ìåÇÉê= éêÉëëìêÉ=ÉKÖK=rp=éêçéÉêíó √ bñéÉêáÉåÅÉÇ=íÉ~ã=í~âáåÖ=~Çî~åí~ÖÉ=çÑ=ÉåÉêÖó= çééçêíìåáíó √ kÉï=~îá~íáçå=íÉ~ã=ÜáêÉÇ √ péÉÅá~äí
Slide 21: Hiscox UK and Hiscox Europe
eáëÅçñ=rh=~åÇ=eáëÅçñ=bìêçéÉ dççÇ=ÖêçïíÜ=~åÇ=éêçÑáíë rh bìêçéÉ √ píêçåÖ=dtm=ÖêçïíÜ=~åÇ= √ dççÇ=ÖêçïíÜ=~åÇ= ëíêçåÖ=éêçÑáí=ÇÉëéáíÉ=ïáåíÉê= ëáÖåáÑáÅ~åí=éêçÑáí= ÑêÉÉòÉ áãéêçîÉãÉåí √ aáêÉÅí=ÅçããÉêÅá~ä=ÄìëáåÉëë= √ fãéäÉãÉåí~íáçå=çÑ=ÚbñÅÉä=áå= éêçÑáí~ÄäÉ ^m`Û éêçÖê~ã=áãéêçîáåÖ= éêçÑáí~Äáäáíó √ píêçåÖ=Äê~åÇ=
Slide 22: Building a trusted brand
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Slide 23: Hiscox International
eáëÅçñ=fåíÉêå~íáçå~ä √ eáëÅçñ=_ÉêãìÇ~ – dççÇ=ÖêçïíÜ=ÇêáîÉå=Äó=íÜáêÇJé~êíó=Å~éáí~ä= çééçêíìåáíáÉë=== √ eáëÅçñ=dìÉêåëÉó – mêçÑáí~ÄäÉ=~åÇ=ëí~ÄäÉ= – jçêÉ=ÅçãéÉíáíáçå=áå=íÜÉ=éáê~Åó=ã~êâÉíI=Äìí=íÉ~ã= êÉã~áåë=ÇáëÅáéäáåÉÇ= √ eáëÅçñ=rp^ – dççÇ=ÖêçïíÜ=áå=~=ÅÜ~ääÉåÖáåÖ=ã~êâÉí – içëëÉë=Ñêçã=äçåÖëí~åÇáåÖ=ä~êÖÉ=í
Slide 24: Summary
pìãã~êó √ mêçÑáí~ÄäÉ=ÇÉëéáíÉ=ÄáÖ=Å~í~ëíêçéÜÉ=äçëëÉë √ dççÇ=ìåÇÉêïêáíáåÖ=êÉï~êÇÉÇ √ `çåíáåìÉÇ=ëíêçåÖ=éÉêÑçêã~åÅÉ=áå=rhI=içåÇçå= j~êâÉíI=_ÉêãìÇ~=~åÇ=dìÉêåëÉó √ qìêå~êçìåÇ=áå=bìêçéÉ √ rp=ã~êâÉí=êÉã~áåë=ÅÜ~ääÉåÖáåÖ OP
Slide 25: Drivers of our strategy
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Slide 26: Cautious outlook in an uncertain economy
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Slide 27: NAV and share price
_ìáäÇáåÖ=î~äìÉ NAV Share price pÜ~êÉ=ÄìóJÄ~Åâ QMM PRM 318.9 mÉåÅÉ= PMM éÉê= 259.3 ëÜ~êÉ ORM 222.1 OMM 185.4 143.3 149.8 NRM 120.2 108.6 98.0 92.4 NMM RM M PM=gìåÉ OMMN OMMO OMMP OMMQ OMMR OMMS OMMT OMMU OMMV OMNM mêáÅÉ=íç=k^s NKTN NKQS NKQQ NKPO NKNN NKPV NKRQ MKVQ NKNO NKMT OS
Slide 28: Appendices
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Slide 29: Strategic focus
píê~íÉÖáÅ=ÑçÅìë qçí~ä=dêçìé=ÅçåíêçääÉÇ=éêÉãáìã=Ñçê=OMMV= NMMB=Z=¡NITNPã= içÅ~ä=Éêêçêë=~åÇ=çãáëëáçåë ~åÇ=ÅçããÉêÅá~ä VB qÉÅÜ=~åÇ=ãÉÇá~=Éêêçêë= ~åÇ=çãáëëáçåë QB oÉáåëìê~åÅÉ= PNB NSB ^êí=~åÇ= éêáî~íÉ=ÅäáÉåí= SB NMB péÉÅá~äíó=Ó âáÇå~é=~åÇ=ê~åëçãI= i~êÖÉ=éêçéÉêíó ÅçåíáåÖÉåÅóI=ÄäççÇëíçÅâI= PB éÉêëçå~ä=~ÅÅá
Slide 30: Targeted growth
q~êÖÉíÉÇ=ÖêçïíÜ HQKUB qçí~ä=dêçìé=ÅçåíêçääÉÇ=éêÉãáìã=gìåÉ=OMNMW=¡NIMSRã ¡QQTã gìåÉ=OMNM=dtm páñ=ãçåíÜë=íç=gìåÉ= ÖêçïíÜ=áå=äçÅ~ä= j~êáåÉ ÅìêêÉåÅó kçåJã~êáåÉ ^îá~íáçå HSKRB ¡NRPã JNRKRB HOMKOB ¡NNUã ¡NNTã eçãÉ=~åÇ= HNKPB ÅçåíÉåíë háÇå~é=~åÇ=ê~åëçã mêçÑÉëëáçå~ä=äá~ÄáäáíáÉë= ¡USã JPUKNB HRKRB= `çåíáåÖÉå
Slide 31: Geographic reach
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Slide 32: Building a balanced business
_ìáäÇáåÖ=~=Ä~ä~åÅÉÇ=ÄìëáåÉëë _ÉêãìÇ~ eáëÅçñ=rp^ eáëÅçñ=içåÇçå=j~êâÉí=J oÉí~áä eáëÅçñ=rh eáëÅçñ=içåÇçå=j~êâÉí=J sçä~íáäÉ eáëÅçñ=dìÉêåëÉó eáëÅçñ=bìêçéÉ 1800 1600 1400 Gross Written Premium (£000) 1200 1000 800 600 400 200 0 1988* 1989* 1990* 1991* 1992* 1993 1994 1995 1996 1997 1998 1999 2000 2001 200
Slide 33: Strong management team with mix of skills, longevity and experience
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Slide 34: Hiscox Ltd results
eáëÅçñ=iíÇ=êÉëìäíë ¡MMM OMMV OMMU OMMT OMMS OMMR OMMQ OMMP dêçëë=éêÉãáìãë=ïêáííÉå NIQPRIQMN NINQTIPSQ NINVUIVQV NINOSINSQ USNINTQ UNSISMV TVTIPUM kÉí=éêÉãáìãë=ïêáííÉå NINRTIMOP UVUIPVQ VTQIVNM VTRIPVT SUNIOPS TMQIMUR SSMIVSS kÉí=éêÉãáìãë=É~êåÉÇ NIMVUINMO VOUIMVR VSRINVM UUUIUOU SVPIOVV TNQIURO RQTIQ
Slide 35: Hiscox London Market rating index
index level % NMMM NMM OMM PMM QMM RMM SMM TMM UMM VMM M gìäVU=íç=gìåVV aÉÅVU=íç=kçîVV j~óVV=íç=^éêMM lÅíVV=íç=pÉéMM j~êáåÉ=~åÇ=ÉåÉêÖó j~êMM=íç=cÉÄMN ^ìÖMM=íç=gìäMN g~åMN=íç=aÉÅMN gìåMN=íç=j~óMO mêçéÉêíó kçîMN=íç=lÅíMO ^éêMO=íç=j~êMP pÉéMO=íç=^ìÖMP cÉÄMP=íç=g~åMQ péÉÅá~äíó gìäMP=íç=gìåMQ aÉÅMP=íç=kç
Slide 36: Hiscox UK and Europe rating index
index level % MB OMB QMB SMB UMB NMMB NOMB NQMB NSMB cÉÄJMM=íç=g~åJMN gìåJMM=íç=j~óJMN lÅíJMM=íç=pÉéJMN cÉÄJMN=íç=g~åJMO gìåJMN=íç=j~óJMO rh=ÅçããÉêÅá~ä=äáåÉë lÅíJMN=íç=pÉéJMO cÉÄJMO=íç=g~åJMP gìåJMO=íç=j~óJMP lÅíJMO=íç=pÉéJMP cÉÄJMP=íç=g~åJMQ gìåJMP=íç=j~óJMQ lÅíJMP=íç=pÉéJMQ rh=éÉêëçå~ä=äáåÉë cÉÄJM
Slide 37: London Market premium vs. exposure index
içåÇçå=j~êâÉí mêÉãáìã=îëK=ÉñéçëìêÉ=áåÇÉñ bñéçëìêÉ mêÉãáìã PSO OVO OUT OTP ORO OQT OQN NVR NSP NRP NPR NOS NOS NNQ NMM NMM UQ UV TN TT OMMM OMMN OMMO OMMP OMMQ OMMR OMMS OMMT OMMU OMMV OMMM OMMN OMMO OMMP OMMQ OMMR OMMS OMMT OMMU OMMV PS
Slide 38: Boxplot and whisker diagram of Hiscox Ltd net loss
_çñéäçí=~åÇ=ïÜáëâÉê=Çá~Öê~ã=çÑ= eáëÅçñ=iíÇ=åÉí=äçëë=EAãF rééÉê=VRB içã~=mêáÉí~=nì~âÉ=APÄå=ã~êâÉí= eìêêáÅ~åÉ=^åÇêÉï=AROÄå=ã~êâÉí= eìêêáÅ~åÉ=fâÉ=J ANTKRÄå==ã~êâÉí= eìêêáÅ~åÉ=h~íêáå~=APVÄå=ã~êâÉí TMM kçêíÜêáÇÖÉ=nì~âÉ=ANMÄå=ã~êâÉí LäçïÉê=RB äçëë=NU=óÉ~ê=êÉíìêå=éÉêáçÇ= jÉ~å äçëë=NS=óÉ~ê=êÉíìêå=éÉêáçÇ äçë
Slide 39: Realistic disaster scenarios
oÉ~äáëíáÅ=Çáë~ëíÉê=ëÅÉå~êáçë eáëÅçñ=dêçìé=J äçëëÉë=ëÜçïå=~ë=éÉêÅÉåí~ÖÉ= çÑ=OMMV=Öêçëë=~åÇ=åÉí=ïêáííÉå=éêÉãáìã= fåÇìëíêó=äçëë=êÉíìêå=éÉêáçÇ g~é~åÉëÉ= NOB ARMÄå=N=áå=ORM=óÉ~ê É~êíÜèì~âÉ NRB dìäÑ=çÑ=jÉñáÅç= NRB ANOMÄå=N=áå=UM=óÉ~ê ïáåÇëíçêã QRB cäçêáÇ~= VB ANQMÄå=N=áå=NOM=óÉ~ê ïáåÇëíçêã PSB NQB bìêçéÉ~
Slide 40: GWP geographical and currency split
dtm=ÖÉçÖê~éÜáÅ~ä=~åÇ=ÅìêêÉåÅó=ëéäáí gìåÉ=OMNM=ÖÉçÖê~éÜáÅ~ä=ëéäáí gìåÉ=OMNM=ÅìêêÉåÅó=ëéäáí CAD and other UK 2.4% EUR 18.4% 13.9% Worldwide 19.1% 60. 1% 23.6% GBP 43.6% North America 11.7% Western Europe 7.2% (excl. UK) Other USD PV
Slide 41: Syndicate 33 capacity and Hiscox Ltd ownership
póåÇáÅ~íÉ=PP=Å~é~Åáíó=~åÇ= eáëÅçñ=iíÇ=çïåÉêëÜáé `~é~Åáíó eáëÅçñ=iíÇ=çïåÉêëÜáé nnp NNMM RTGG NMMM NMMM UT VMM QU OR UTQ UQO UQS UPO UMM RTGG TTQ PQG TRM TMM OMN TOR TMM TPB SMM SPR SMQ TPB ¡ã RRM RRM TPB RQT= RQQ RMM SRB TNB RMU RMQ SRB TPB TPB QMM PSM PSM PMM OTT= OMM RRB NVN= NVN= RPB RPB NMM M OMM
Slide 42: Group reinsurance security
dêçìé=êÉáåëìê~åÅÉ=ëÉÅìêáíó oÉÅÉáî~ÄäÉë=~í=PMLMSLNM=çÑ=¡RUSKVã== OMNM=éêçÖê~ããÉ líÜÉê ^^^=NKVB `çää~íÉê~äáëÉÇ ^^^=0.2% SKSB TKTB QRKRB ^ ^^ PQKVB RSKSB ^ QSKSB ^^ ^^^=áåÅäìÇÉë=Åçää~íÉê~äáëÉÇ=êÉáåëìê~åÅÉëK QN
Slide 43: Reinsurance
oÉáåëìê~åÅÉ oÉáåëìê~åÅÉ=~ë=~=B=çÑ=dtm oÉáåëìê~åÅÉ=êÉÅÉáî~ÄäÉë=~ë=~=B= çÑ=íçí~ä=~ëëÉíë QM QM PRKP PM PM OTKP OSKV OSKM OQKQ OPKT OM OM ONKT OMKV NVKQ NUKT NUKO NTKP NTKM NRKQ NPKQ NPKT NQKN NPKQ NQKM NNKU NM NM NMKU NNKM NMKM TKT M M MM MMN MMO MMP MMQ MMR MMS MMT MMU MMV MMV MNM MM MMN MMO MMP MMQ M
Slide 44: Glossary of terms
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Slide 45: Glossary of terms
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