Financial highlights
· Pre-tax profit of £17.3 million (2010: £211.4 million) - a good result considering natural catastrophe losses of £270 million
· Gross written premiums level at £1,449.2 million (2010: £1,432.7 million)
· Earnings per share 5.5p (2010: 47.2p)
· Total dividend for the year increased by 3.0% to 17.0p (2010: 16.5p)
· Net assets per share decreased by 2.8% to 323.5p (2010: 332.7p)
· Combined ratio 99.5% (2010: 89.3%)
Operational highlights
· Robert Hiscox to step down from the Board in 2013
· UK retail business delivers good growth and another record profit of £49.0 million (2010: £28.8 million)
· Hiscox London Market achieved aprofit of £57.6 million (2010: £121.4 million), offsetting catastrophe reinsurance losses with profits in international property, marine, and other specialist lines
· Rates are rising in reinsurance and slowly increasing in other specialty lines
· Hiscox USA is progressing well with 29% growth in core broker lines and over 6,000 policies sold by the direct business in the first year of operation
Robert Hiscox, Chairman of Hiscox Ltd, commented:
"We have made a small profit in an unusually difficult year. Some key rates are rising, we are employing some brilliant talent, we have fledgling businesses poised for growth and profit, and our mature businesses have small market shares and enormous opportunities. I look forward to my final year as Chairman confident that the next era of the business will be rewarding to both shareholders and staff".
