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21.8% ROE highest in 7 yrs and record profit before tax of $625.9 million (2022: $275.6 million), along with great growth prospects, are my favourite bits.
Now we know why the Chair invested big here.
Very good results
Fell out of FTSE-100 into FTSE250 yesterday 5th
£210k chairman buy is gratifying to see he agrees with me that this is a great chance to scoop up cheap shares on the back of fabulous interims.
20,000 at GBP 10.51 = GBP 210,200.00
Sadly I didn't have £200k spare to throw at this, but beat him on averaging 1044 for my very modest splurge.
Ah, thanks.
Looks like you need to Google "Uncrossing trade". In layman's terms, as I understand it (not very well), it's the end of day SETS uncrossing trade sorting out buys and sells left on the market makers' books at a suitable average.
Is that really £8m trade at 16:35? Flagging as a sell. do they know something I don't??
Looks like the price has turned a corner for today as well. Gutted to have missed the chance to snaffle some at 1010p. But nice to see a bit of sanity returning into the close.
Great set of results. Bit baffled by the reduction in the share price this morning.
I deal with Hiscox on a daily basis through my job and after 3 pretty shambolic years, it looks and feels like they have turned a corner.
This and Beazley are massively under valued in my opinion.
Profit jumped x 10
ROE surged to nearly 20% from 2.6% a year ago, on annualised basis.
Alliance news say "The company explained that this is a combined effect of the insurance service result of USD221.4 million, up 58% on the prior period from USD140.2 million, and the improved investment result of USD121.8 million, compared to a loss of USD214.1 million, as higher bond reinvestment yields begin to earn through.
Notably, the firm reported a net fair value gain on financial investments at fair value of GBP29.3 million, compared to a loss of GBP228.3 million a year before. "
I still think it's a strong buy.
Recovering some of yesterday's losses.
DYOR
Dividend accounts for only drop of about 18p (23 Cents) equating to around 2 out of 8.5% drop.
Majority of the drop is due concerns on loss on investment returns. For the quarter there was a investment loss of US$119.4 million compared to profit of US$20.7 million a year ago.
To answer my own question, today was ex dividend day. Of course.
8% drop is a bit of a harsh response to what I read as a family good RNS.
Wonder what would be the bill of the storm damages for Insurance companies like Hiscox?
Starting to make small moves in the right direction now! Hopefully the slow steady progress continues.
Best of luck all
Agreed, £12 easy. Also, I think it is prime for a takeover at this price ridiculous sp.
I still think Hiscox are a good thing long term, back to £12 at some point next year. What are everyone else's thoughts?
Gone from a nice positive to a bad negative. Luckily only on a small amount.
I am also expecting upgrades in target sp from various brokers. A great investment to add to your portfolio IMO. This should trade 1300 come end of the year when profits are back to 2019 range.
Great set of results, we are back in profit and dividend is reinstated.
Hopefully, he'll address some of the service issues which, frankly, are abysmal.
And failing to issue renewal terms even when you are 2 days before the renewal date isn't only a commercial risk, but it could warrant unwanted attention from the FCA.
HSX built a superb reputation for paying claims and providing a top level of service. Both of these are now shot.
Masojada trained as an underwriter...Hussain KPMG chartered accountant and has stayed in finance divisions since then...does this appointment tell us where Hiscox and more importantly, Childs, wasn’t the company to go?
Ps: he was born 1972...not sure young is the adjective that springs to mind.