Hiscox (HSX) Q3 2025 TU earnings summary

Executive summary

• Group insurance contract written premiums (ICWP) rose 5.9% year-over-year to $4,052.9 million, with all segments contributing to growth as strategic execution continues.

• Retail segment is on track for over 6% constant currency growth in 2025, supported by new business momentum and distribution deals.

• Investment result reached $350.8 million, a 4.2% return year-to-date, driven by coupon, cash income, and mark-to-market gains.

• The change programme is progressing, targeting a $25 million P&L benefit in 2025 and $200 million annually from 2028.

Financial highlights

• Group ICWP increased 5.9% year-over-year to $4,052.9 million for the first nine months of 2025.

• Retail ICWP grew 7.3% in USD (6.1% constant currency) for nine months, with Q3 discrete at 6.3%.

• U.K. retail saw 8% constant currency growth, Europe 7.1% (driven by double-digit growth in Germany and France), and U.S. USDPD up 6.7%.

• US broker premiums declined 1.2% due to slower new business, but improvement is expected in Q4.

• Group invested assets grew to $9.4 billion as of 30 September 2025.

Outlook and guidance

• Retail expected to deliver constant currency growth above 6% for the year.

• Final 2025 dividend per share to increase 20%, pending board ratification, with a progressive policy thereafter.

• The upsized $275 million share buyback is on track to complete ahead of FY 2025 results, with 65% completed by early November.

• Ambition to reach double-digit retail growth by 2028, supported by broad-based momentum and management actions.

• Board to consider further surplus capital returns at year-end.