Hiscox Ltd Ord New (HCXLF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome everyone to the Hiscox Q3 2025 Trading Update with Paul Cooper, Hiscox Group CFO. My name is Becky and I'll be your operator today. All lines will be muted throughout the presentation portion of the call with a chance for Q&A at the end. If you wish to ask a question at this time, please press star 551 on your telephone keypad. I will now hand over to your host, Paul Cooper, to begin. Please go ahead. Thanks. Good morning everyone and welcome to our Q3 trading update. I'm Paul Cooper, Group CFO and today I'll cover growth, our change program progress, claims and investments. After that we will turn to Q&A. The Group's diversified business model is delivering compounding growth in retail and high quality opportunities in big ticket. This provides us with the capability to grow profitably through the cycle. The Group's ICWP is up 5.9% year-on-year to over $4 billion, with all three business segments delivering growth as we execute on our strategy. The multi-year momentum in retail continues, with the business on track to achieve constant currency growth in excess of 6% for the year. In Big Ticket, we remain focused on underwriting excellence in risk selection and disciplined pricing, London market has won attractive opportunities in a competitive market. In real IRS, through disciplined capital deployment, we have delivered net and gross growth. Let's dive into this by segment, starting with retail. Retail ICWP grew 7.3% in US dollars. In constant currency, this was 6.1% for the nine months, and 6.3% for Q3 Discrete driven by customer volumes in all markets as rates remained steady at 2%. In the UK, constant currency growth of 8% was underpinned by investments in technology, our reward-winning brand campaign and the many large distribution deals we ha...