|
Metric
|
2022
|
2021
|
|---|---|---|
|
Gross written premium (GWP)
|
$4.4 billion
|
$4.3 billion
|
|
Underwriting revenue
|
$269.5 million
|
$215.6 million
|
|
Revenue earlier than tax
|
$44.7 million
|
$190.8 million
|
Damaged down per phase, the majority of the corporate’s pre-tax revenue got here from Hiscox London Market, which posted a 23% enhance in underwriting revenue for 2022.
|
Section
|
2022 revenue/(loss) earlier than tax
|
2021 revenue/(loss) earlier than tax
|
|---|---|---|
|
Hiscox Retail
|
$(3.4 million)
|
$54.9 million
|
|
Hiscox London Market
|
$53 million
|
$104.8 million
|
|
Hiscox Re & ILS
|
$21.5 million
|
$98.5 million
|
Hiscox Retail consists of Hiscox UK, Hiscox Europe, Hiscox USA, and Hiscox Asia. On a continuing foreign money foundation, GWP in these operations grew 2.8%, 13.6%, 2.1%, and 12%, respectively.
“I’m more than happy with the progress made throughout the group throughout 2022, as we delivered the strongest underwriting end in seven years,” said group chief executive Aki Hussain. “We’ve got a refined technique, a brand new skilled and energetic management workforce, we’ve got made important progress in rolling out new-generation know-how within the USA and Europe, and we’re having fun with our highest worker engagement scores in 10 years.
“The outlook for 2023 could be very optimistic. We face beneficial market circumstances in all of our key markets; our proficient groups supported by a powerful stability sheet and monetary flexibility are set to profit from the numerous alternatives forward.”
Chair retirement
Except for publishing its 2022 financials, Hiscox additionally revealed chair Robert Childs’ intention to retire this yr.
“After 37 years at Hiscox and 50 within the business, I’m very pleased that I shall be passing the baton when the enterprise is in such a great place – glorious management, strongly capitalised, with beneficial market circumstances and big alternatives forward,” acknowledged Childs, who was counseled for his “invaluable” contribution during his tenure.
“An essential job for any chairman is overseeing a chief govt transition, and I’ve been glad not solely to make sure a seamless transition from Bronek to Aki but in addition to work extra intently with Aki in… his first yr as group CEO. Aki has introduced new insights and developed a powerful proficient govt workforce, and when the time comes, I’ll retire a cheerful shareholder.”
No particular timeline was offered, but it surely was introduced that the seek for the chair’s successor has begun.
“Rob has been instrumental in constructing Hiscox right into a revered world model and has navigated the enterprise expertly by many insurance coverage cycles,” commented Hussain. “His intensive information of each Hiscox and the business has benefitted the corporate immeasurably.”
With clients worldwide, Hiscox is manned by greater than 3,000 folks in 14 international locations.
