Hiscox Ltd Ord New (HCXLF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everyone and thank you for joining the Hiscox Q1 Trading Update. My name is Lucy and I will be coordinating your call today. During the presentation, you can register a question by pressing star followed by 1 on your telephone keypad. If you change your mind, please press star followed by 2 on your telephone keypad. I will now hand over to your host, Paul Cooper, Group CFO to begin. Please go ahead. Thanks. Good morning everyone and welcome to the Hiscox Q1 2025 Trading Update. I'm Paul Tooth at the Hiscox Group CFO and I'll be walking you through the usual topics that we cover at Q1, namely growth, claims and investments. After this I will hand over to the call operator who will open the floor for Q&A. So let's begin with growth. The group delivered ITWP of almost 1.6 billion, up 2.4% year on year. The improving multi-year growth trajectory in retail continues, driven by good momentum in Europe and improving growth in the US. London market has returned to growth as previously guided and RIA and ILS have found attractive opportunities to grow net premiums at January renewals. Let's dive further into this and examine our growth by segment, starting with the retail. Retail ICWP grew by 6.1% in constant currency as the retail distribution engine continues to build momentum and add customers and policies well in excess of rate increases, which remain positive at 2%, although moderating. Pleasingly, every market is achieving growth and the business remains on track to deliver constant currency growth in excess of 6% for 2025. Amidst the backdrop of economic and geopolitical uncertainty, Hiscox retails benefits from its broad geographic footprint, with exceptional opportunities in the US where our digital direct business continues to grow at a double-digit rate, and ...