Hiscox Ltd (HCXLF) Q3 2023 Earnings Call Transcript


Start Time: 04:00 January 1, 0000 5:02 AM ET

Hiscox Ltd (OTC:HCXLF)

Q3 2023 Earnings Conference Call

November 08, 2023, 04:00 AM ET

Company Participants

Paul Cooper – Group CFO

Conference Call Participants

Will Hardcastle – UBS

Andrew Ritchie – Autonomous

Kamran Hossain – JPMorgan

Freya Kong – Bank of America

Andreas Van Embden – Peel Hunt

Tryf Spyrou – Berenberg

Faizan Lakhani – HSBC

Nick Johnson – Numis

Anthony Yang – Goldman Sachs

Darius Satkauskas – KBW

Operator

Ladies and gentlemen, welcome to the Hiscox Q3 IMS Conference Call. I’m Sasha, the Chorus Call operator.

At this time, it’s my pleasure to hand over to Paul Cooper, CFO. Please go ahead.

Paul Cooper

Good morning, everyone, and thank you for dialing into Hiscox’s Q3 2023 Trading Update. I’m Paul Cooper, the Hiscox Group CFO, and I’m going to briefly walk you through the usual topics that we cover at this time of the year, namely top line growth, large loss experience year-to-date, and our investment result.

Let me start with growth. On a gross basis, so using our insurance contract written premium metric, ICWP for short, Q3 saw the Group deliver top line growth of 6.8% in constant currency. We continue to deploy capital in the attractive rate environment in London Market and Re & ILS, and to build scale through disciplined and profitable growth in retail.

Looking at net written growth, net insurance contract written premium, or net ICWP for short, increased even more by 11%, driven by the acceleration of net growth in Re & ILS to 23.6% and in London Market to 18.1%, reflecting our cycle management and capital deployment strategy to maximize potential earnings.

Before going into more detail, I want to preempt the question I know I’m going to get on capital return. We appreciate the



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