Hiscox posts profit, says Russian exposure ‘negligible’

(Reuters) — Britain’s Hiscox reported an annual profit Wednesday, as it recorded higher premiums in its reinsurance as well as property/casualty businesses, and said it had “negligible exposure” in Ukrainian and Russian assets.

The British insurance industry is on a path to recovery as rising insurance premiums rates have helped offset payouts of hefty claims for a number of covers including business interruptions during the pandemic.

Shares in London-listed Hiscox were up nearly 5% in early trading.

The company also flagged limited direct insurance exposure through certain lines including terrorism, political violence, war and marine.

The London-listed company also posted a 5.9% increase in its full-year gross premiums written to $4.27 billion, as it saw strong customer growth in its retail insurance unit.

The Lloyd’s of London insurer, which underwrites a range of risks, benefited from rising insurance premium rates and reported a pretax profit of $190.8 million for all of 2021, compared with a loss of $268.5 million in 2020.

Combined ratio — a key measure of profitability — was 93.2% versus 114.5% a year earlier. A level below 100% indicates an underwriting profit.

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