’Hiscox is successfully executing on strategy,’ says chief executive

Hiscox has revealed that its insurance contract written premium (ICWP) in the UK increased by 6% in the first half of 2025.

In a trading update published today (6 August 2025), the insurer revealed that ICWP in the UK reached £348.7m ($463.4m) in the six months to June, up from £321.7m ($427.4m) during the same period last year.

Hiscox put the growth down to multiple factors. This includes the art and private client (APC) business continuing to grow at a double-digit rate, while growth in the overall commercial policy count “more than offset moderating rates as the inflation-driven spike recedes”.

It added: “Schemes growth across both commercial and APC was very strong, as production builds from broker distribution deals won over the last couple of years.

“A further six new deals have been won in the first six months and will provide tailwinds over the coming periods, including our largest UK distribution partnership in recent times which went live in July.”

Meanwhile, Hiscox Retail, which is made up of the retail businesses in the UK, Europe and USA, grew ICWP 6% in constant currency, while the undiscounted combined ratio was 92.7%.

Hiscox said the 92.7% figure was within the 89%-94% undiscounted combined ratio target range and marked a 40-basis points improvement year-on-year.

Meanwhile, profit before tax sat at £136m ($180.7m), up from £114m ($151.4m) in H1 2024.

Aki Hussain, group chief executive at Hiscox, said: “Hiscox is successfully executing on strategy.

“Growth and earnings momentum continues to build in retail as we capture the vast structural opportunities and we are selectively deploying capital into attractive opportunities across our diverse big-ticket businesses.”

Group level

At group level, Hiscox grew ICWP by 5.7% from $2,781.9m to $2,941.6m year-on-year.

However, adjusted operating profit before tax dropped slightly, falling from £216.8m ($288.1m) in H1 2024 to £197.2m ($262m) in the first half of this year.

Hussain said: “Despite the largest wildfire losses in history, our diverse portfolio and focus on underwriting discipline and profitable growth ensured the group achieved a healthy annualised operating return on tangible equity (ROTE) of 14.5%, in line with our through-the-cycle mid-teens target.

“The adjusted operating profit before tax of $262m is underpinned by strong underwriting profitability and an investment result that continues to benefit from high levels of cash and coupon income.”

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