LONDON (ShareCast) - (Sharecast News) - Hiscox hailed record full-year pre-tax profit on Tuesday amid record investment income as it announced a $150m share buyback.
In the year to the end of December 2023, pre-tax profit rose to $625.9m from $275.6m a year earlier. This was underpinned by a 36.4% increase in the insurance result to $492.3m and record net investment income of $384.4m, versus a loss of $187.3m a year earlier.

Net written premiums were up 10.7% to $3.6bn, while the undiscounted combined ratio came in at 89.8%, down from 91.1% in 2022. The lower the combined ratio, the more profitable the insurer is.

The group return on equity rose from 10.1% to 21.8% - the highest it has delivered in seven years.

Hiscox also announced the launch of a share buyback of up to $150m.

Chief executive Aki Hussain pointed to the record profits and said: "This excellent result has led to very strong capital generation, which we are deploying for further growth in all parts of the business in addition to a special return to shareholders of $150 million.

"The buyback will commence immediately and illustrates our objective of delivering strong returns to our shareholders."

At 0915 GMT, the shares were up 2% at 1,144p.

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