Hiscox has said its pretax profit in the year to Dec 31 2004
has risen to £89.5m when restated under International Financial Reporting Standards (IFRS) from the £77m originally reported under UK GAAP.

The group said its earnings per share rose 17% under IFRS to 21.9p.

IFRS restatement reduces the 2004 net asset value to 125.7 pence per share from 126.7 pence.