Insights
Hiscox plc 2025 results
Posted 25/02/2026 – Insights
Hiscox plc has released its group result for the 2025 financial year.
Group headline figures
| 2025 | 2024 | |
| Insurance contract written premium | $4,979.0m | $4,703.7m |
| Net insurance contract written premium | $3,865.8m | $3,622.4m |
| Insurance service result | $613.9m | $553.5m |
| Investment result | $442.7m | $383.9m |
| Positive prior year development | $292.7m | $145.5m |
| Profit before tax | $732.7m | $685.4m |
| Group combined ratio (undiscounted) | 87.8% | 89.2% |
| Return On Equity (ROE) | 17.1% | 19.8% |
Group highlights
- Insurance contract written premium increased by 5.9% to $4,979.0m (2024: $4,703.7m).
- Record underwriting profit of $613.9m (2024: $553.5m).
- Undiscounted combined ratio of 87.8% (2024: 89.2%), the best group combined ratio in a decade.
Aki Hussain, Group Chief Executive Officer, said:
“2025 was a pivotal year for Hiscox as we delivered another strong performance and made excellent progress in executing our growth and change strategy. In Hiscox Retail, we have achieved multi-year growth and margin expansion through new products, deeper distribution, the deployment of new technologies and execution of our change programme. Our retail markets present a large and attractive opportunity with a long runway of growth on which we are executing at pace. In big-ticket, our specialist expertise and technology capabilities have enabled us to launch new business initiatives, more than offsetting the dynamics of our cycle management actions. We are executing on our strategic agenda, and our commitment to underwriting excellence remains at the core.”
Hiscox London Market
| 2025 | 2024 | |
| Insurance contract written premium | $1,249.6m | $1,229.5m |
| Net insurance contract written premium | $880.9m | $879.7m |
| Insurance service result | $160.3m | $141.3m |
| Profit before tax | $235.3m | $215.0m |
| Undiscounted combined ratio | 85.9% | 88.6% |
Hiscox London Market highlights
- Insurance contract written premium increased by 1.6% to $1,249.6m (2024: $1,229.5m). This slight increase in premium income is driven by some new initiatives introduced by Hiscox such as a new middle market property business, financial institution and renewables. This growth was offset by Hiscox’s cycle management where rates were under pressures such as major property and D&O.
- Annual rate reduction of -4%, however cumulative rate increases of +67% since 2018.
- Undiscounted combined ratio of 85.9% (2024: 88.6%), the sixth consecutive year in the 80s.
Hiscox Re
| 2025 | 2024 | |
| Insurance contract written premium | $1,094.6m | $1,032.8m |
| Net insurance contract written premium | $538.7m | $499.3m |
| Insurance service result | $189.4m | $165.7m |
| Profit before tax | $286.7m | $267.5m |
| Undiscounted combined ratio | 67.4% | 69.0% |
Hiscox Re highlights
- Insurance contract written premium increased by 6.0% to $1,094.6m (2024: $1,032.8m). This growth in premium income is driven by new pro-rata, specialty, parametric and mortgage reinsurance business.
- Annual rate reduction of -5%, however cumulative rate increases of +83% since 2018.
- Undiscounted combined ratio of 67.4% (2024: 69.0%), the third consecutive year in the 60s.
Reserves and claims
- Loss activity for 2025 was within expectation, with a benign US hurricane season and lower large loss experience over the second half of 2025. This is following the LA Wildfires in January.
- Positive prior year development of $292.7m (2024: $145.5m) with a solvency capital ratio of 233% (2024: 229%).
Alpha Comment
This is a very strong set of results from Hiscox with a lower combined ratio and a record profit for 2025. All headline metrics have improved: combined ratio, prior year release and investment result. Members support Hiscox through syndicate 33 and SPA 6104 which are within the Hiscox London Market and Hiscox Re divisions respectively. Both of these divisions were able to reduce their combined ratios and also noticeably increase their insurance service results (profits) for 2025, despite rate decreases across the portfolio. The growth of innovation and new product launches has been offset by cycle management elsewhere. We would expect these results to translate to positive initial forecasts for the 2025 year of account coupled with some meaningful profits to members for 2023 and an improvement in the forecast profit for 2024. These are expected to be published in the next week.
