Hiscox share price rises 7% as investors welcome updated guidance
By Scott Vincent
May 23 - (The Insurer) - Hiscox's share price closed up more than 7% on Thursday after the London-listed insurer announced a series of new targets at its capital markets day, including plans to achieve double-digit retail premium growth by 2028.
With retail set to represent an increasing proportion of the business over time, Hiscox's board has guided towards delivering a mid-teens operating return on equity through the cycle.
The new guidance also pointed towards a 20% step up in Hiscox's final dividend per share for 2025, which follows a 15% increase in 2024.
Hiscox said its interim dividend policy will be to pay one-third of its prior year total ordinary dividend per share, providing more clarity on mid-year capital returns.
In addition, Hiscox said it will accelerate its change agenda to deliver cost savings of $200 million from 2028 onwards, compared with a 2024 baseline.
Most of this will be recognised in its retail business, Hiscox said.
KBW analyst Darius Satkauskas said the announcements highlighted that the group was now in a stronger position to profitably grow its retail business, at a time when rates for big-ticket lines are starting to soften.
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