Lloyd's of London insurer Hiscox posts record annual profit, launches new buyback

LLOYD’S of London insurer Hiscox on Tuesday (Mar 5) posted a file annual revenue and launched a share buyback as increased rates of interest and power in its industrial enterprise helped offset rising claims and the impact of forex swings.

The London-listed firm, which underwrites a variety of dangers from pure catastrophes to cyber assaults to kidnappings and artwork theft, mentioned it can launch a share buyback value US$150 million and added that the retail outlook for 2024 was optimistic.

It expects to ship an annual progress throughout the 5 per cent-15 per cent vary in its retail enterprise.

Commercial insurers have been hit arduous in recent times by substantial claims tied to occasions resembling hurricanes, wildfires, the Covid pandemic, and the wars in Ukraine and the Middle East. To counteract this, they’ve elevated premiums and carried out extra restrictive protection insurance policies.

Net insurance coverage contract written premium for 2023 climbed 10.7 per cent to US$3.56 billion with its undiscounted mixed ratio – a measure of an insurer’s profitability – at 89.8 per cent.

Its revenue earlier than tax for the complete 12 months ended Dec 31 rose to US$625.9 million, from US$275.6 million a 12 months earlier. REUTERS

Source: www.businesstimes.com.sg”