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Our ambition remains to be a highly respected international specialist insurance and reinsurance company, built on a balance between volatile international catastrophe business and more steady local and regional business. Robert <strong>Hiscox</strong> Chairman
Corporate highlights Group key performance indicators Operational highlights Insurance rates broadly stable and still very attractive in reinsurance Retail and specialty businesses continue to grow Ongoing investment in UK marketing benefits Group 2009 2008 Gross premiums written (£m) 1,435.4 1,147.4 Net premiums earned (£m) 1,098.1 928.1 Profit before tax (£m) 320.6 105.2 Profit after tax (£m) 280.5 70.8 Earnings per share (p) 75.2 18.8 Total dividend per share for year (p) – increased by 17.6% 15.0 12.75 Net asset value per share (p) – increased by 15.9% 299.2 258.1 Group combined ratio excluding foreign exchange (%) 82.2 91.6 Group combined ratio (%) 86.0 75.3 Return on equity (%) 30.1 9.2 Investment return (%) 7.2 (1.3) 30.1% Return on equity Gross premiums written £m 1,147.4 1,435.4 2008 2009 Net asset value p per share 258.1 299.2 2008 2009 Corporate highlights <strong>Hiscox</strong> Ltd Report and Accounts 2009 1
Page 1: Hiscox Ltd Report and Accounts 2009
Page 5 and 6: Chairman’s statement It is an eno
Page 7 and 8: Chief Executive’s report In 2009
Page 9 and 10: Hiscox London Market Hiscox London
Page 11 and 12: We have also worked hard to develop
Page 13 and 14: We have continued to invest in trai
Page 15 and 16: Hiscox London Market Hiscox London
Page 17 and 18: Group financial performance Group f
Page 19 and 20: The expense ratio deteriorated by 7
Page 21 and 22: High quality and well diversified p
Page 23 and 24: Risk management The risk management
Page 25 and 26: Credit Reinsurance counterparties T
Page 27 and 28: Boxplot and whisker diagram of Hisc
Page 29 and 30: in essence a non-bureaucratic organ
Page 31 and 32: Cougar Syndicate 6104 Cougar Syndic
Page 33 and 34: Hiscox Insurance Company (Bermuda)
Page 35 and 36: Independent Non Executive Directors
Page 37 and 38: ecent and relevant financial experi
Page 39 and 40: Directors’ remuneration report Th
Page 41 and 42: Executive Directors’ cash incenti
Page 43 and 44: Remuneration of Executive Directors
Page 45 and 46: Share options Number of Number of M
Page 47 and 48: Directors’ report The Directors h
Page 49 and 50: Report of the independent registere
Page 51 and 52: Consolidated balance sheet At 31 De
Page 53 and 54:
Consolidated statement of cash flow
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2 Significant accounting policies c
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3 Management of risk continued 3.1
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4 Operating segments continued (a)
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5 Net asset value per share 2009 20
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12 Auditors’ remuneration continu
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15 Intangible assets continued Othe
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19 Reinsurance assets 2009 2008 Not
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22 Derivative financial instruments
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23 Fair value measurements continue
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25 Share capital continued Share op
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27 Insurance liabilities and reinsu
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27 Insurance liabilities and reinsu
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30 Deferred tax continued (b) Group
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31 Employee retirement benefit obli
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36 Contingencies and guarantees con
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38 Principal subsidiary companies o
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To request a copy of the 2009 Hisco
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