Hiscox Ltd (HCXLF) Q2 2025 Earnings Call Transcript

2025-08-07 04:57:59 ET

Hiscox Ltd (HCXLF)

Q2 2025 Earnings Conference Call

August 06, 2025, 05:30 AM ET

Company Participants

Hamayou Akbar Hussain - Group CEO & Executive Director

Joanne Riddick Musselle - Group Chief Underwriting Officer & Executive Director

Paul David Cooper - Group CFO & Executive Director

Conference Call Participants

Andreas de Groot van Embden - Peel Hunt LLP, Research Division

Benjamin Cohen - RBC Capital Markets, Research Division

Chris Hartwell - Unidentified Company

Autonomous - Unidentified Company

Darius Satkauskas - Keefe, Bruyette, & Woods, Inc., Research Division

Ivan Bokhmat - Barclays Bank PLC, Research Division

Kamran Mark Hossain - JPMorgan Chase & Co, Research Division

William Fraser Hardcastle - UBS Investment Bank, Research Division

Presentation

Hamayou Akbar Hussain

Well, good morning, everyone, and thank you for joining us today. Now it feels like it's only been a few weeks because it has only been a few weeks that you heard from us at the Capital Markets Day. But today, we're here to update you on our first half performance and the progress we're making on executing our strategy and achieving our ambitions. Now turning to our business performance. Well, the market conditions are evolving, and we're once again seeing benefits of our diversified business model. We've added $160 million of premium in the first half, capturing opportunities across each of our businesses, and we're growing profitably, achieving a robust combined ratio of 92.6% in a period which included the highest ever losses from wildfires.

Now the diversity of our business model and execution of our strategy is leading to strong returns reflected in the group operating return on tangible equity of 14.5%, in line with our mid-teens target. These strong returns are delivering attractive growth in net asset value per share, which is up 15% year-over-year. And as you can also see here, over the last few years, the group has generated significant capital. The step-up in capital formation since 2022 is the result of strong rate adequacy in Big-ticket, a growing and increasingly profitable Retail business and higher investment returns....

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