Hiscox: Retail takes the wheel: 11% 25-28E EPS CAGR

研报英文原文证据摘录

Hiscox: Retail takes the wheel: 11% 25-28E EPS CAGR

iQprofile SM Hiscox

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(US$ Millions) Insurance - Non-Life

Life Premium Income NA NA NA NA NA

Non-Life Premium Income 4,704 4,979 5,258 5,558 5,935

Life Reinsurance Premium Income NA NA NA NA NA Company Description Non-Life Reinsurance Premium Income NA NA NA NA NA

Life Operating Profit NA NA NA NA NA Hiscox is a specialist global insurer that writes both local

Non-Life Operating Profit 738 800 737 807 974 and wholesale business. Hiscox Retail writes local risks in

Life Reinsurance Operating Profit NA NA NA NA NA the US, UK, Europe and Asia and is focused on smaller

Non-Life Reinsurance Operating Profit NA NA NA NA NA commercial risks, with a fast-growing digital retail franchise.

Asset Management Operating Profit NA NA NA NA NA

The group underwrites wholesale (re)insurance risks in

Banking Operating Profit NA NA NA NA NA

Other Operating Profit 0 0 0 0 0 London and Bermuda via Hiscox London Market and Hiscox

Total Operating Profit 738 800 737 807 974 Re and ILS. These big-ticket risks are broker-sourced, larger

Other Profit 0 0 0 0 0 premiums, which tend to be more complex, volatile and

Pre-Tax Profit 685 733 665 735 902 catastrophe-exposed.

Tax (58.2) (129) (117) (129) (158)

Minorities NA NA NA NA NA

Net Income 627 604 549 606 744

Investment Rationale EPS 1.83 1.81 1.73 1.97 2.48

We have a Buy rating on Hiscox. We view current valuations

Key Balance Sheet Data as attractive for a high quality insurer, with an attractive

Fixed Income 7,078 8,432 9,140 9,928 10,741

and growing SME franchise. We expect Hiscox can deliver

Equities NA NA NA NA NA

mid-teen ROEs and offer investors through-the-cycle Property NA NA NA NA NA