Insurance group Hiscox said on Wednesday that it had performed well in “a complex underwriting environment”, with constant currency gross written premiums up almost 10% year-to-date.
Hiscox said group gross premiums written were up 6.3% to $3.68bn, or 9.3% in constant currency, as strong rate momentum continued across all business segments and premium growth remained ahead of claims inflation assumptions.
The London-listed firm said Hiscox Retail gross written premiums were up 6.1% to $1.76bn, while US Digital Partnerships and Direct gross written premiums increased 9.8%.
Hiscox also reported an investment result loss of $293.9m, down from a profit of $62.7m in 2021, or a negative return of 4.2% year-to-date, primarily due to unrealised mark-to-market losses in its bond portfolio.
Chief executive Aki Hussain said: “Our retail business is on track, with platform migration going well and we look forward to an acceleration of growth in 2023.
“The performance of our big-ticket businesses remains robust after the impact of Hurricane Ian, and improving conditions are presenting new opportunities.”
As of 0900 GMT, Hiscox shares were up 2.89% at 924.40p.
Reporting by Iain Gilbert at Sharecast.com
