Hiscox Ltd - Interim Statement - 21.08.07

Hiscox Ltd released its interim results for the six months ended 30 June 2007.  The press release is attached together with the analysts' presentation and comment in the FT here

Financial Highlights

Profit before tax increased 72.1% to £105.6 million (2006: £61.3 million)
Gross premiums written increased 17.3% to £733.0 million (2006: £625.1
million) despite weak dollar
Net earned premium increased 17.5% to £471.9 million (2006: £401.7
million)
Group combined ratio 84.8% (2006: 94.6%)
Earnings per share increased to 20.3p (2006: 12.1p)
Net asset value per share increased to 185.4p (2006: 149.8p)
Dividend increased 33% to 4p (2006: 3p)
Investment portfolio secure and liquid

Operational Highlights
Increased profit driven by Hiscox Global Markets.
Firm rates for catastrophe exposed insurance and reinsurance. Rates increasing in the UK property market but marked competition in commodity lines elsewhere.  Specialty lines broadly stable. 
Regional businesses in UK, Europe and the USA continue to grow through diverse channels. Acquisition of American Live Stock Insurance Co will access new markets in the USA.   
Losses arising from floods in the UK within expectations for a UK
catastrophe both in the regional and the reinsurance accounts.

Robert Hiscox, Chairman, Hiscox Ltd, commented:

"A record half-year result despite a turbulent period of catastrophes in the UK and Europe. The acquisition of a US insurance company has added a further building block to our regional specialist business. We continue to build a strong insurance group balanced between reinsurance and insurance and global and regional business, well spread geographically and backed by powerful marketing to emphasise that we are different."

To see the full report click here.