Robert Hiscox announces record results: "World belongs to the discontented"

Unveiling record profits, Hiscox's chairman Robert Hiscox vows profitable growth will continue

For 2009, Hiscox has announced record pre-tax profits of £320.6m (2008: £105.2m) on a gross written premium income of £1,435.4m (2008: £1,147.4m). The combined ratio was 86% (2008: 75.3%) with a return of equity of 30.1% (2008: 9.2%).

Robert Hiscox said: "The investment market is now offering slim pickings, so underwiting - our basic trade - matters totally." He admitted Mother Nature had been kind last year. 

Hiscox UK saw premium growth of 16.1% to £304m (2008: £261.9m). Its direct book has yet to make a profit, although it was near breakeven. The London Market was the stongest part of the group with £179m of profit, but Europe dissapointed.

Hiscox added: "As I have said, there is more discipline in our industry than at any time in my long career. It is of course not perfect, but the general insurance industry and Lloyd's in particular have performed excellently through the financial chaos of the last few years. I just hope that the regulators and government will appreciate the industry's conservatism and value, and not wound it with some collateral damage from its current bank bashing." He continued: "The world belongs to the discontented; we will never be satisfied; the profitable growth will continue."