28th Jul 2005 07:01
Hiscox PLC28 July 2005 HISCOX PLC TRADING UPDATE Hiscox plc ("Hiscox"), the UK's leading specialist insurer, today announces atrading update for the six months to 30 June 2005. The Board believes that the Group's half-year results will be materially aheadof expectations due to strong trading, benign claims activity, an improvedinvestment performance, and the effect of reporting under InternationalFinancial Reporting Standards (IFRS). It is anticipated that pre-tax profit forthe group for the first half of 2005 will exceed £80 million. Reflecting ourstrong trading performance and cash generation, the Board expects to declare aninterim dividend of at least 2 pence net per share. As noted in our trading statement at the time of the AGM in June, Hiscox has hada good start to the year across all its business areas and activities. Hiscox Global Markets, the international business trading through Lloyd's, hasperformed well reflecting the benefits of our specialty focus, a disciplinedapproach to pricing and selective underwriting. Hiscox UK has shown strong profitability and Hiscox Europe is also makingprogress, with increased profitability. We will be reporting on an IFRS basis for the first time and our initialassessment indicates that this will have a favourable impact on profits. This update is given at the beginning of the hurricane season with severalhurricanes having already taken place, with little impact to Hiscox. Our fullyear result is obviously dependent on hurricane activity and other potentialclaims in the remainder of the year. Robert Hiscox, Chairman of Hiscox plc, said: "We have had a very strong first half year with all parts of the businessperforming well. It is our ambition to buck the cycle as much as is possible,and our strategy of underwriting a spread of specialist products distributedover a wider geography is helping us achieve that aim". Hiscox will announce its interim results on Monday 12th September 2005. - ends - For further information: Hiscox plcRobert Hiscox Chairman 020 7448 6011Stuart Bridges Finance Director 020 7448 6013Fiona Fong Director of Communications 020 7448 6447 The Maitland Consultancy Suzanne Bartch 020 7379 5151 Notes to editors Hiscox plc is a specialist insurance group listed on the London Stock Exchangewhere it has a market capitalization of circa £500 million. There are three mainunderwriting parts of the Group - Global Markets, UK and International Retail.The Global Markets business underwrites, via Syndicate 33, mainlyinternationally traded business in the London Market - generally large orcomplex business which needs to be shared with other insurers or needs theinternational licences of Lloyd's. The UK business offers a wide range ofspecialist insurance for professionals and business customers, as well as highnet worth individuals. It has regional offices in Birmingham, Glasgow, Leeds,Maidenhead and Colchester. The European business has offices in Paris,Amsterdam, Munich, Brussels and Guernsey and writes mainly high value householdbusiness and some specialist professional indemnity business. Guernseyunderwrites kidnap and ransom business and fine art. For further information, goto www.hiscox.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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