Bermuda-based insurer Hiscox Ltd (HSX.L) Monday reported a fall in first-half profit, as currency headwinds and a fall in reinsurance income overshadowed revenue growth.
For the six months to June, pre-tax profit was 124.6 million pounds, down from 180.7 million pounds a year ago. The company was hit by foreign exchange losses of 16.4 million pounds, compared with gains of 34.9 million pounds a year earlier.
After-tax profit plunged to 119.85 million pounds or 34.8 pence per share, from 158.1 million pounds or 40.7 pence per share a year ago.
Half-year revenues, however, rose to 681.78 million pounds from 663.76 million a year earlier. Net premiums earned increased to 643 million pounds from 628 million pounds a year earlier.
The company expects further worsening in the markets for larger insurance lines and for catastrophe reinsurance.
The board has recommended a raise in interim dividend to 7.5 pence per share, payable on September 17 to shareholders of record on August 8.
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