Hiscox 2010
Hiscox Ltd consolidated results year ended 31 December ● £m Category 2006 2007 2008 2009 2010 Gross written premium 1,126.2 1,199.0 1,147.4 1,435.4 1,432.7 Net written premium 975.4 974.9 898.4 1,157.0 1,131.6 NWP $m 1,909.2 1,935.9 1,313.1 1,871.0 1,766.5 Increased NWP % 43.2 (0.1) (7.8) 28.8 (2.2) Retention % 86.6 81.3 78.3 80.6 79.0 Net earned premium 888.8 965.2 928.1 1,098.1 1,131.2 Claims incurred 382.3 423.4 479.4 463.2 571.0 Claims incurred % NEP 43.0 43.9 51.7 42.2 50.5 Operating expenses 312.3 341.4 311.1 369.3 *472.49 Operating expenses % NWP 32.0 35.0 34.6 31.9 41.8 Underwriting result 194.2 200.4 137.6 265.6 87.7 Underwriting result % NWP 19.9 20.6 15.3 23.0 7.7 Combined ratio % 89.1 84.4 75.3 86.0 89.3 Life GWP - - - - - Life NWP - - - - - Life result - - - - - Net investment income 74.2 89.0 92.8 72.6 57.8 Net realised gains/(losses) (5.7) 10.1 4.7 19.7 13.0 Pre-tax result 201.1 237.2 105.2 320.6 211.4 Pre-tax % NWP 20.6 24.3 11.7 27.7 18.7 Net result 163.9 191.3 70.8 280.5 178.8 Shareholders' funds 682.1 824.3 951.0 1,121.3 1,266.1 Solvency margin % 69.9 84.6 105.9 96.9 111.9 Unearned premium reserve 428.1 440.6 432.2 481.8 484.9 Outstanding claims reserve 863.3 993.2 1,341.4 1,220.4 1,332.2 Total technical provisions 1,291.3 1,433.8 1,773.6 1,702.2 1,817.1 Technical reserves as % NWP 132.4 147.1 197.4 147.1 160.6 Overall coverage as % NWP 202.3 231.6 303.3 244.0 272.5 * Note: For 2010, operating expenses includes “operational expenses”.