All numbers are illustrative or indicative, unaudited and subject to change. No forecasts, KPI numbers or new targets issued.
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What we will cover today
Key messages and overview
Core IFRS 17 changes relevant to our business
Impact on numbers and key performance indicators
Timeline of events
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Key messages and overview
Paul Cooper, Group CFO
Key messages Fundamentals unchanged
Economics of the business
Capital position and cash generation
Reserves
Group's earnings
Shareholders' equity
Presentation and disclosures
Key performance indicators (KPIs)
No change in strategy. Strong business fundamentals.
Robust solvency position and cash generation. Expect no impact.
No change in conservative reserving philosophy but more granular disclosures.
Reduced volatility as changes to investment return arising from interest rate movements are now partially offset by discount rate on net insurance liabilities.
Small net increase on transition, primarily due to discounting; no fundamental change in profitability.
New and more granular disclosures.
Revised reporting KPI definitions but no change to management focus and decision-making.
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Hiscox Ltd. published this content on 06 December 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 December 2022 13:21:01 UTC.
Hiscox Ltd is a Bermuda-based diversified international insurance company. The Company is a holding company for subsidiaries involved in the business of insurance and reinsurance in Bermuda, the United States, the United Kingdom, Guernsey, Europe and Asia. The Companyâs segments include Hiscox Retail, Hiscox London Market, Hiscox Re & ILS and Corporate Centre. The Hiscox Retail segment includes results of the Companyâs retail business divisions in the United Kingdom, Europe, United States and Asia. The Hiscox UK and Hiscox Europe divisions underwrite personal and commercial lines of business. The Hiscox USA division comprises commercial, property and specialty businesses. The Hiscox London Market consists of the internationally traded insurance business, including lines in property, marine and energy, casualty and other specialty insurance lines. The Hiscox Re & ILS segment is the reinsurance division of the Company, combining the underwriting platforms in Bermuda and London.