Hiscox sees £130m drop in profits
Hiscox has reported a slump in pre-tax profits of over £130m to £105.2m (2007: £237.2m) for 2008. The insurer also reported a deterioration in its combined ratio to 91.1% (2007: 85.5%) which it blamed poor investment returns.
Despite this, dividends increased by 6.25% to 12.75p (2007: 12.0p) in what the chairman, Robert Hiscox described as a "robust performance". He also claimed that as rates in the insurer's chosen markets were increasing, conditions were good for the growth of a profitable business.
Hiscox UK saw a near £10m increase in pre-tax profit from £17.2m last year to £28.9m. The combined ration also improved, now sitting at 85% (98.8%: 2007). However, where the insurer saw nearly £16m in return on
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