Insurance Age

Hiscox reports operating profit

Hiscox reported an operating profit of £86.3m for 2004, despite the £70m impact of last year's hurricane season. The group's pre-tax profit and premium income both fell to £77m (2003: £83.4m) and £1051.1m (2003: £1,083.2m) respectively. Hiscox said the London Market business increased operating profit to £63.5m (2003: £61.5m) with a combined ratio of 92.9% (2003: 85.8%). Hiscox's UK retail increased operating profit to £18.8m (2003: £15m) with a combined ratio of 89.8% (2003: 90.3%).

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