Hiscox (HSX) Q3 2026 TU earnings summary

Executive summary

• 9M 2026 ICWP rose 9.5% to $4,437.2m; disciplined cycle management shaped big-ticket underwriting, with loss experience within expectations.

• Retail ICWP grew 9.1% in constant currency, with accelerating, broad-based growth across the UK, Europe and USA.

Financial highlights

• 9M investment result was $104.2m, a 1.2% YTD return, versus $350.8m and 4.2% in 9M 2025; adjusted investment result was $296.4m versus $287.4m.

• YTD unrealized fair value losses on debt and fixed-income holdings were $192.2m, reflecting higher government bond rates.

Outlook and guidance

• Full-year Retail ICWP growth guidance is 9% in constant currency; momentum supports confidence in the double-digit Retail growth target for 2028.

• Change programme is on track for $75m of 2026 P&L benefit at a cost to achieve of $75m; a $200m benefit is expected in 2028.

• Retail combined ratio guidance remains 89–94, with ambition to move toward the bottom of the range as the programme progresses; further Re natural-catastrophe exposure reductions may follow if rates persist.