An investment loss of approximately £176.4m and a group loss of £39.6m net of reinsurance from the Ukraine conflict has driven Hiscox to post a group loss before tax of £88.5m for the six months to 30th June 2022. The loss contrasts the profit of £109.9m posted for the same period last year.

Gross premiums earned in H1 were £2,183.3m, up from £1,999.1m in 2021. The group combined ratio for the half was 91.3% and improvement on last year’s 93.1%.

Aki Hussain, group chief executive officer at Hiscox, said: “I am pleased with the Group’s performance during the first half of the year as rate strengthening and disciplined growth drove much-improved underwriting profitability.

“Whilst macro-economic and geo-political concerns are affecting the global economic outlook, our strategy and diverse portfolio of businesses continues to create opportunity, and we are well positioned to generate high quality growth and earnings.

“Our big-ticket businesses have experienced positive market conditions and our well-balanced portfolio is generating attractive returns. In Retail, ongoing investment in technology and brand is driving growth in 2022 and is expected to accelerate in 2023.”

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