Hiscox Ltd (OTCPK:HCXLF) Q3 Trading Update Conference Call November 7, 2024 4:00 AM ET
Company Participants
Paul Cooper – Group Chief Financial Officer
Conference Call Participants
Will Hardcastle – UBS
Kamran Hossain – JPMorgan
Nick Johnson – Deutsche Bank
Faizan Lakhani – HSBC
Anthony Yang – Goldman Sachs
Shanti Kang – Bank of America
Abid Hussain – Panmure Liberum
Paul Cooper
Okay. Good morning, everyone. And welcome to the Hiscox Q3 Trading Update. I’m Paul Cooper, the Hiscox Group CFO and I’ll be walking you through the usual topics that we cover at Q3, namely growth, claims experience and the investment result. After this I will hand over to the cool moderator who will open the floor for Q&A.
So let’s begin with growth. The group delivered ICWP of $3.9 billion as we added $113 million of premiums with $99 million contributed by Retail. This has been underpinned by steady growth in our Retail business, as well as disciplined capital deployment in Re & ILS.
Our diversified portfolio is allowing us to deliver sustained growth in areas with attractive market opportunities such as big-ticket property and London Market crisis management while managing the cycle in other areas of big-ticket. We continue to make progress in executing the group strategy to deliver sustainable and less volatile returns while growing the business.
Let’s dive further into this and examine our growth by segment, starting with Retail. As we told you at the half year Retail growth is not linear and ICWP grew by 4.4% in constant currency driven by continued strong momentum in Europe and the U.K. offsetting slower growth in the U.S.
In the U.K. good performance across all areas of our business delivered growth of 4.5% in constant currency and increased from 4.3% at half year. We expect the U.K. momentum to continue to build
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