Profit falls at Hiscox as COR reaches 105.7% in 2019
Provider reports growth in GWP, but admits household broker business in the UK has been impacted by “tough pricing action” following an increase in claims.
Hiscox has revealed a fall in profit before tax to $53.1m (£41.6m) for the full year 2019, compared to $135.6m in 2018.
The business also reported a worsened combined operating ratio of 105.7% in 2019, up from 94.9% in the preceding year.
However, the group saw a rise in gross written premium over 2019 to $4.03bn (2018: $3.78bn).
In its retail division, profit increased by 22% to $178.4m (2018: $146.3m) and the COR was 98.7%, compared to 93.6% in 2018.
GWP for the UK business was $746.4m in
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