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Five year summary 100 Five year summary <strong>Hiscox</strong> Ltd Report and Accounts 2009 2009 2008† 2007 2006 2005 £000 £000 £000 £000 £000 Results Gross premiums written 1,435,401 1,147,364 1,198,949 1,126,164 861,174 Net premiums written 1,157,023 898,394 974,910 975,397 681,236 Net premiums earned 1,098,102 928,095 965,190 888,828 693,299 Profit before tax 320,618 105,180 237,199 201,062 70,221 Profit for the year after tax Assets employed 280,497 70,808 191,248 163,846 48,630 Intangible assets 50,413 48,557 40,452 33,212 33,099 Financial assets carried at fair value 2,413,300 2,081,772 1,747,827 1,241,910 1,237,778 Cash and cash equivalents 259,647 440,622 302,742 502,871 413,759 Insurance liabilities and reinsurance assets (1,702,225) (1,773,622) (1,433,799) (1,291,329) (1,216,624) Other net assets 100,151 153,697 167,082 195,421 110,001 Net assets 1,121,286 951,026 824,304 682,085 578,013 Net asset value per share (p) Key statistics 299.2 258.1 209.5 173.2 147.7 Basic earnings per share (p) 75.2 18.8 48.4 41.7 15.6 Diluted earnings per share (p) 72.3 18.1 46.8 40.5 15.1 Combined ratio (%) 86.0 75.3 84.4 89.1 96.0 Return on equity (%) 30.1 9.2 28.8 28.9 12.8 Dividends per share (p) 15.00 12.75 12.00 10.00 7.00 Share price – high* (p) 362.00 361.00 304.50 280.25 234.50 Share price – low* (p) 277.00 194.75 246.75 193.75 152.25 *Closing mid market prices. †The 2008 comparatives have been updated from those previously reported to reflect the reclassification of acquisition costs on the purchase of reinsurance contracts from ‘outward reinsurance premiums’ to ‘expenses for the acquisition of insurance contracts’ (see note 2.2). Earlier year results have not been adjusted.
To request a copy of the 2009 <strong>Hiscox</strong> brochure visit www.hiscox.com Design: Browns www.brownsdesign.com Print: St Ives Westerham Press Photography: Portraits © John Ross and Matthew Septimus Front and back cover © Beat Glanzmann/Corbis This brochure is printed on recycled paper containing 100% post-consumer waste, manufactured at a mill that has been awarded the ISO14001 certificate for environmental management. The pulp is bleached using a Totally Chlorine Free process.
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Hiscox Ltd Report and Accounts 2009
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Corporate highlights Group key perf
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Chairman’s statement It is an eno
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Chief Executive’s report In 2009
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Hiscox London Market Hiscox London
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We have also worked hard to develop
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We have continued to invest in trai
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Hiscox London Market Hiscox London
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Group financial performance Group f
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The expense ratio deteriorated by 7
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High quality and well diversified p
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Risk management The risk management
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Credit Reinsurance counterparties T
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Boxplot and whisker diagram of Hisc
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in essence a non-bureaucratic organ
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Cougar Syndicate 6104 Cougar Syndic
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Hiscox Insurance Company (Bermuda)
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Independent Non Executive Directors
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ecent and relevant financial experi
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Directors’ remuneration report Th
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Executive Directors’ cash incenti
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Remuneration of Executive Directors
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Share options Number of Number of M
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Directors’ report The Directors h
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Report of the independent registere
Page 51 and 52: Consolidated balance sheet At 31 De
Page 53 and 54: Consolidated statement of cash flow
Page 55 and 56: 2 Significant accounting policies c
Page 63 and 64: 3 Management of risk continued 3.1
Page 75 and 76: 4 Operating segments continued (a)
Page 77 and 78: 5 Net asset value per share 2009 20
Page 79 and 80: 12 Auditors’ remuneration continu
Page 81 and 82: 15 Intangible assets continued Othe
Page 83 and 84: 19 Reinsurance assets 2009 2008 Not
Page 85 and 86: 22 Derivative financial instruments
Page 87 and 88: 23 Fair value measurements continue
Page 89 and 90: 25 Share capital continued Share op
Page 91 and 92: 27 Insurance liabilities and reinsu
Page 93 and 94: 27 Insurance liabilities and reinsu
Page 95 and 96: 30 Deferred tax continued (b) Group
Page 97 and 98: 31 Employee retirement benefit obli
Page 99 and 100: 36 Contingencies and guarantees con
Page 101: 38 Principal subsidiary companies o
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