Insurer posts pre-tax profits up 3.4% to £109.2m.
Hiscox has reported record interim pre-tax profits of £109.2m (2007: £105.6 million), up 3.4%.
Gross written premiums were down at £639.4m (2007: £733m for the six months to 30 June 2008. The insurer said the reductions in larger premium business were not fully offset by the good growth in its regional business.
Net earned premium increased to £486.8m (2007: £471.9m), and its combined ratio reduced to 79.7% (2007: 84.8%).
Hiscox UK and Hiscox Europe saw pre-tax profits moe than double to £16.3m (2007: £6.6m) with GWP increasing by 14.6% because of "increased concentration on commercial lines generates profitable growth."
Hiscox Global Markets recorded a profit before tax of £80.4m (2007: £87.5m), but praised "highly disciplined underwriting in the face of softening rate environment."
Pre-tax profits in Hiscox International were up 67.7% to £20.3m (2007: £12.1m). The insurer said Bob Forness is set to join the Bermudian business and set up new specialist team to complement existing property catastrophe business.
Robert Hiscox, chairman of Hiscox Ltd, said: "We have done what we said we would do. We have reduced our exposure in internationally traded business in the face of competitive rating, but still succeeded in lowering the combined ratio.
"We have increased our income and profit in our regional businesses. We have repaid capital to our shareholders by buying back shares and increasing the dividend.
"Our well-diversified specialist businesses round the world have the ability and the opportunities to make profits whatever the state of the market."
