Home Business News Hiscox profits triple to £59m

Hiscox profits triple to £59m

by Sarah Dunsby
25th Feb 19 10:28 am

Despite natural disasters FTSE 100 company, Hiscox beat forecasts and posted triple profits, profit before tax was £105m 7% higher than the company compiled census.

Hiscox retail generated 55% of the firm’s gross premiums to £1.59bn, an increase of 13.7% while gross premiums written rose £2.89bn to 15%. The company said they are ready for Brexit.

After three years of disciplined cycle management Hiscox delivered a profit of £59.9m, compared with £35.68m the previous year.

Bronek Masojada, chief executive of Hiscox said, “Our business is ready for Brexit, even if British politicians are not. We have always said that, for Hiscox, Brexit is structural not strategic.

“We have built a profitable business in mainland Europe and Ireland over the past 25-years, which serves over 200,000 customers and employs 420 staff.

“We have put in place the structures needed to continue to serve these customers, as well as those of our customers from elsewhere in the world who have assets or exposures in these territories.”

Analysts at Shore Capital said, “As we have seen with Hiscox’s peers, 2018 was a challenging year but 2019 and beyond look more positive, assuming there are not the same level of global catastrophe events seen over the last two years.”

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