The Hiscox Ltd (LON: HSX) share price edged 2.56% higher after releasing its earnings results for the nine months to 30 September 2023. The company noted that Group insurance contract written premiums (ICWP) have demonstrated robust growth, rising by 6.8% in constant currency to $3,759.4 million compared to $3,563.4 million in the third quarter of 2022.
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The international specialist insurer attributed the growth to the Group’s strategic deployment of capital across various segments, including the London Market, Reinsurance & Insurance-Linked Securities (Re & ILS), and Retail, with the overarching aim of driving profitable expansion across the organisation.
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Net Group ICWP exhibited even more impressive growth, with an 11.0% increase. The acceleration was primarily driven by substantial net growth in Re & ILS, which saw a remarkable surge of 23.6%, and in the London Market, growth reached 18.1%.
Hiscox Retail’s ICWP amounted to $1,836.4 million, reflecting a solid 4.7% growth in constant currency from $1,769.4 million in the same quarter of the previous year. This growth was primarily powered by exceptional European performance and sustained positive momentum in the US Diversified Portfolio Division (US DPD).
The growth in US DPD ICWP continues to gain momentum, increasing by 9.2% in the third quarter, compared to 8.9% and 6.8% in the previous two quarters. It remains on track to meet the full-year 2023 growth guidance within the 5% to 15% range.
Hiscox London Market reported a noteworthy net ICWP increase of 18.1%, reaching $676.7 million compared to $572.9 million in Q3 2022. This represents a further acceleration from the 14.2% growth observed at the half-year mark.
Aki Hussain, Group CEO, Hiscox Ltd, commented: “I am pleased we have continued to deliver disciplined profitable growth across the Group. Through a combination of management actions to improve the quality of our portfolios, increased capital deployment in big-ticket and a focus on the quality of growth in Retail, we are in the best position for many years to grow and deliver strong risk-adjusted returns in each of our segments. As we look forward, market conditions remain positive across the Group, and we see plenty of attractive opportunities ahead.”
Hiscox share price.
The Hiscox share price edged 2.56% higher to trade at 1003.0p from Tuesday’s closing price of 978.0p.
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