Hiscox (HSX.L) Model Update

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05 Aug 2026 12:05:03 ET │ 14 pages

Hiscox (HSX.L)

Model Update

CITI'S TAKE

We update our model post 1H earnings, raising 2026 US$ EPS by 21% due

to higher reserve releases and the exceptional tax credit. We lower 2027/8

EPS by 1% and 4% respectively mostly on a higher assumed combined

ratio in London Market and RE & ILS. We increase our Target Price by 15%

to £18.46 to reflect strong execution on the efficiency program and a

better assumed growth profile in Retail. With 6% total ETR, we reiterate

our Neutral recommendation. The shares trade on 2.4x 2026E TNAV for a

stable looking ~20% ROTE.

Neutral

Price (04 Aug 26 16:30)

Target price

from £16.11

Expected share price return

Expected dividend yield

Expected total return

Market Cap

James A ShuckAC

Hiscox (USD)

Year to 31 Dec

2024A

2025A

2026E

2027E

2028E

Operating Profit ($M)

Diluted EPS (¢)

685.2

178.1

732.7

174.9

563.4

164.1

716.1

190.5

898.2

252.1

Diluted EPS (Old) (¢)

178.1

174.9

135.2

193.0

263.9

PE (x)

13.4

13.7

14.6

12.5

9.5

DPS (¢)

43.1

50.3

53.9

56.6

59.1

Net Div Yield (%)

Solvency II BV Per Share (¢)

Price/ SIIBVPS (x)

1.8

2.1

2.3

2.4

2.5

1,086.5

1,220.0

1,270.9

1,346.5

1,485.2

2.2

2.0

1.9

1.8

1.6