Hiscox Ltd (HSX.L): 1H’26 results preview: continued focus on the growth in the Retail segment

Research evidence excerpt

Hiscox Ltd (HSX.L): 1H’26 results preview: continued focus on the growth in the Retail segment

Equity Research

27 July 2026 | 12:45PM BST

Hiscox Ltd (HSX.L): 1H’26 results preview: continued focus on the

growth in the Retail segment

Hiscox reports its 1H’26 results on 5th August. We are 7% below company consensus Vash Gosalia, CFA

+44(20)7051-0132 |

on the insurance service result ($253mn vs cons. $271mn) driven by 70bps higher vash.gosalia@gs.com

Goldman Sachs International

than company consensus undiscounted COR (89.7% vs cons. 89.0%). We believe that

Andrew Baker, CFA

the deviation on undiscounted COR is driven by Retail, where we estimate 80bps +44(20)7051-2074 |

improvement YoY, and Reinsurance, where we reflect a higher expense ratio. We are andrew.x.baker@gs.comGoldman Sachs International

1% ahead of consensus on PBT, in our view likely driven by other income, where we Alice Palumbo

see a modest uplift vs 2H’25 due to ILS fee income and other operational expenses, +44(20)7051-2403alice.palumbo@gs.com|

within which we reflect investments in the cost savings program. Goldman Sachs International

Ankitha Giridhar

At the results, we expect investor focus to be on: (1) acceleration in growth within +1(332)245-7972ankitha.giridhar@gs.com|

the Retail division; (2) rate changes in big ticket business; and (3) progress on the cost Goldman Sachs India SPL

savings plan.

We estimate growth in Retail for 2Q to accelerate modestly vs the 8% constant

currency seen in 1Q’26. We look to management’s expectation for the rest of 2026,

and potentially the exit rate into 2027. An acceleration towards the 9% mark in 2Q

would be taken positively by the market, in our view. Separately, pricing on big-ticket

lines has been softening as seen from the commentary at US peers, but we will be