Record year for Hiscox

Hiscox has announced a record pre-tax profit of £83.4mn for 2003, an increase of 302 % over the previous year result of £20.7mn. The operating profit was £77.1mn compared to £34.6mn in 2002. Gross premium income underwr itten by the Group rose to £1083.2mn in 2003 from £941.3mn in 2002, while the gross premium income applicable to Hiscox plc increased to £797.4mn (2002: £676.7mn). Net earned premium was up 42% to £547.5mn.