Hiscox profits surge 29.5% despite adverse FX

25th Aug 2009 07:55

Hiscox, the international specialist insurer, posted record interim profits up 29.5% despite adverse currency fluctuations in the period.Pre-tax profit for the half-year rose to £141.4m from £109.2m in the same period last year despite incurring foreign exchange losses of £42.8m against a gain of £9.5m last year.Gross written premiums increased 41.7% to £906.0m. Net asset value per share was 259.3p versus 222.1p last time and return on equity was 27.5% (2008: 21.8%)'Another record first half year result reinforces the strength of the Hiscox business and its resilience to the continuing international financial turmoil,' said chairman Robert Hiscox.'This was achieved, despite adverse currency fluctuations, by strong underwriting results from Global Markets, Bermuda and Guernsey and by greatly improved investment returns,' he added.Interim dividend was raised to 4.5p from 4.25p.