Hiscox Ltd (LON: HSX), the Bermuda-based specialty insurer that writes cover through its Retail, London Market and Re divisions, published interim results before the London open earlier today. Insurance contract written premium rose 10.1% to $3,238.4m and adjusted operating return on tangible equity reached 20.2%, well above the group’s mid-teens target, prompting management to raise its full-year Retail growth guidance.
Hiscox shares opened at 1791p, climbed as high as 1836p in early trade, then eased back to 1799p, up 1.24% from Tuesday’s close of 1777p. The pullback from the session high suggests markets tempered their initial reaction once the detail of a lower statutory profit came through.
Management pointed to accelerating momentum and new distribution deals as the basis for raising full-year constant-currency growth guidance for Hiscox Retail to 9% from 8%, after that division grew 8.2% in constant currency during the first half. Group chief executive Aki Hussain said: “The outlook remains positive. In Retail, strong growth in the first half, powered by a broad base of initiatives, gives us confidence to upgrade Hiscox Retail’s constant currency 2026 growth guidance to 9% for the full-year.”
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Statutory profit before tax nonetheless fell to $240.5m from $276.6m a year earlier, driven by a near-halving of the investment result to $128.2m from $234.9m. Hiscox attributed the drop to unrealised fair-value losses on its bond portfolio, which it expects to unwind as the bonds mature, while the undiscounted combined ratio, the share of premium income spent on claims and costs, improved to 90.4% from 92.6%.
The board raised the interim dividend 16.7% to 16.8 cents from 14.4 cents and continued a $300m share buyback, 32% complete at the end of June and due to finish before full-year results. Net asset value per share rose to 1,234.9 cents from 1,133.3 cents.
