The CEO called it “disciplined profitable growth.”
Hiscox has released its financial results for the nine months ending September 30, 2023, reporting strong premium growth across its business areas.
The international specialist insurer said its group insurance contract written premiums (ICWP) increased by 6.8% in constant currency to US$3.76 billion compared to US$3.56 billion in the third quarter of 2022.
It attributed this growth to capital deployment in the London market and RE&ILS as well as expansion of retail operations.
Hiscox saw its net group ICWP rise 11%, driven by net growth in Re & ILS (23.6%) and London Markets (18.1%).
In his statement, group CEO Aki Hussain described Hiscox’s “disciplined profitable growth” as a result of management actions that improved the quality of the portfolio, deployment of capital in big-ticket sectors and a focus on the quality of growth in retail. Concentrated.
“We are in the best position for many years to deliver growth in each of our segments and deliver strong risk-adjusted returns,” he said. “As we look ahead, market conditions remain positive across the Group and we see many attractive opportunities ahead.”
Premium growth seen across business
Within retail, Hiscox’s ICWP was US$1.84 billion, representing an increase of 4.7% in constant currency compared to Q3 2022.
Additionally, despite challenges in the US cyber market, Hiscox Retail’s underlying growth remained within the 5% to 15% target range.
The company also reported US DPD momentum with ICWP increasing by 9.2%.
For the London market, Hiscox said it saw a net ICWP increase of 18.1%, totaling US$676.7 million. Meanwhile, Hiscox Re & ILS recorded net ICWP growth of 23.6% to US$438.3 million.
Resilience amid natural disaster events
Despite an active third quarter in terms of natural disaster events, which included wildfires in Hawaii and Canada, floods in Vermont, earthquakes in Morocco and Hurricanes Hillary in California and Idalia in Florida, Hiscox said it remained within budget overall. Managed to sustain the loss.
Hiscox also reported an investment result profit of US$201.7 million, which marks an improvement from a loss of US$293.9 million in the third quarter of 2022. Additionally, the year-to-date return stood at 2.8%, while the same had a negative return of 4.2%. Last year’s period.
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