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Hiscox swings to loss as pandemic-linked claims bite
StockMarketWire.com
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Insurance company Hiscox swung to an annual loss, driven by the impact of event cancellation and business interruption claims owing to the Covid-19 pandemic.
For 2020, the company reported a pre-tax loss of $268.5 million from a profit of $53.1 million year-on-year, while gross premiums were largely flat at $4,033.1 million from $4,030.7 million last year.
The company expects to pay $475 million in Covid-related claims net of reinsurance, the majority for event cancellation and the remaining for business interruption and other claims.
'These are large sums and disappointingly means that we will make a pre-tax loss for the year of $268 million
The company said it decided not to declare a final dividend for 2020, but would consider resuming payments in 2021 when it publishes interim results.
'In 2021, we expect to see the benefits of our balanced business strategy asserting itself in a proactive manner after the past four years where the benefits have been mostly defensive,' the company said.
At 8:11am: (LON:HSX) Hiscox LTD share price was 0p at 1042p
Story provided by StockMarketWire.com
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