Insights
Hiscox 1H26 trading statement
Posted 05/08/2026 – Insights
Hiscox plc has released its trading statement for the first half of 2026 (1H26) ending 30th June 2026
Main highlights
- Group insurance contract written premium (ICWP) grew by 10.1% to $3,238.4m (H1 2025: $2,941.6m). All three business segments are growing and contributing to the growth.
- Undiscounted combined ratio of 90.4% (H1 2025: 92.6%)
- Investment result of $128.2m (H1 2025: $234.9m)
- Adjusted operating profit before tax of $331m (H1 2025: $262m), and operating ROTE of 20.2% (H1 2025: 14.5%).
Aki Hussain, Group Chief Executive Officer, Hiscox Ltd, commented:
“Our diverse business portfolio, underpinned by our specialty underwriting ecosystem, entrepreneurial culture and a relentless focus on dynamic capital allocation and returns, has led to Hiscox again delivering robust outcomes in a more unpredictable and challenging market”
Hiscox London Market highlights
- Insurance contract written premium increased by 9.8% to $733.2m (H1 2025: $667.7m)
- Average rate decrease of -5% during 1H26. Rates remain up 59% since 2018 and 76% of the portfolio is rate adequate or better.
- Profit before tax of $71.8m (H1 2025: $106.9m)
- Undiscounted combined ratio of 93.8% (H1 2025: 87.9%)
Hiscox Re & ILS highlights
- Net Insurance contract written premium has increased by 9% to $944.5m (H1 2025: $887.3m)
- Average rate decrease of -16% alongside some modest softening in terms and conditions. 83% of the portfolio remains rate adequate or better, with rates up 54% since 2018.
- Profit before tax of $94.6m (H1 2025: $54.0m)
- Undiscounted combined ratio of 70.4% (H1 2025: 99.5%)
Claims
Loss experience has been within expectations during the first half of the year with natural catastrophe losses largely benign. In relation to the conflict in the Middle East, the Group has reserved an estimated net loss of $60 million.
Alpha comment
2026 has started well for Hiscox, with a strong set of interim results. Alpha members provide capital to Syndicate 33 and SPA 6104, which form part of Hiscox London Market and Hiscox Re & ILS respectively. Loss activity has been relatively benign, with no major catastrophe events during the first half of the year other than the Group’s exposure to the Middle East conflict, for which Hiscox has prudently reserved $60m. Despite rates declining they remain well above 2018 levels, with a large part of the portfolio remaining rate adequate or better. With the most active part of the US windstorm season still to come, the remaining half of the year will be a determining factor on the final 2026 calendar year result.
