Hiscox's profit fell in 2005 from £89.5m to £70.2m. The insurer's gross written premium increased from £816.6m to £861.2m, but its net earned premiums declined from £714.9m to £693.3m.
The group increased its final dividend by 36%, to 4.75p per share, making a total dividend of 7p per share.
Hiscox's chairman, Robert Hiscox, commented: “Our past investment in regional expansion has helped the group make a very satisfactory profit despite the many catastrophes in 2005. Our new investments in Bermuda and the USA give us an even wider geographic spread, with growing books of regional specialist business to balance our internationally traded business. I am confident of further profitable growth.”
Hiscox International's operating profit rose to £6.2m in 2005, for a combined ratio of 91.3%, compared with 92% in 2004.
