Hiscox Confirms Double-Digit Retail Premium Growth in Third Quarter
Key Facts
Hiscox said in a trading statement issued on November 3 that retail premiums recorded double-digit growth at constant exchange rates in the third quarter of 2026, without specifying a standalone rate for the quarter. In the nine months ended September 30, premiums rose to $2,253.3 million from $2,013.0 million in the corresponding period of 2025. That represents an increase of 11.9% in dollars and 9.1% at constant exchange rates, according to the company statement. The distinction puts quarterly performance in context: the 9.1% figure applies to the full nine months, while the company described growth in the quarter alone as double digit. Hiscox said growth accelerated across its three retail businesses, driven by product and distribution initiatives launched in recent years.
At group level, insurance contract premiums written totaled $4,437.2 million in the nine months, up 9.5% from $4,052.9 million in the same period of 2025. The company said retail growth accelerated within that performance, while Reuters reported that strong demand in retail supported the increase in group premiums. Premium growth does not necessarily equate to a similar increase in revenue or profit; the statement reported written premiums and did not attribute a specific effect on overall results to them. Chief Executive Aki Hussain said momentum in retail was building, supported by targeted management actions and a strong new-business mix. He added that distribution opportunities and new products were beginning to gain traction.
Hiscox attributed the increase in retail premiums over the nine months to volume growth, with rates up 1%. It also linked performance to product and distribution initiatives and a strong new-business pipeline, factors it said were supporting activity across its retail units. These units include businesses in the UK, Europe and the U.S., each of which recorded growth during the period. Hiscox UK premiums rose 11.1% at constant exchange rates to $811.1 million from $714.0 million a year earlier, with the company attributing growth to volume and investment in its brand and technology. Hiscox Europe premiums increased 7.4% at constant exchange rates to $650.6 million, while Hiscox USA premiums rose 8.4% to $791.6 million.
Digital partnerships and direct-to-consumer business account for about a third of retail premiums, the company said, and recorded double-digit growth over the nine months. In the U.S., premiums in this business rose 10.1% to $491.4 million, compared with $446.2 million in the corresponding period of 2025. These figures provide further detail on the sources of retail growth, alongside the increases recorded in the UK, Europe and U.S. units. Hussain said the new-business mix remained strong, while distribution opportunities and new products continued to gain traction. The company linked the performance of its digital partnerships and direct-to-consumer business to the continued strength of this channel during the period.
For comparison, retail premiums grew 8.2% at constant exchange rates in the first half of 2026, when Hiscox raised its full-year growth guidance from 8% to 9%. In its November 3 statement, the company kept its target for 2026 retail premium growth at 9% at constant exchange rates and said it remained on track to achieve it. The earlier guidance increase came amid accelerating growth in the third quarter, according to the company, while the updated comparison covers nine months of activity through the end of September. On claims, Hiscox said its third-quarter experience was within the group's expectations. It added that limited natural catastrophe losses in its large-risk business exceeded losses in marine activities linked to the ongoing conflict in the Middle East.
The company said its share buyback program, announced on February 25, was 81% complete as of October 30. Under the program, it had repurchased 10.3 million shares at a cost of $241.9 million, according to the statement. Hiscox set February 24, 2027, as the date for announcing its preliminary results for financial year 2026. The next announcement will therefore be preliminary results, following the trading statement covering the nine months ended September 30. The trading statement did not give a specific figure for third-quarter retail premium growth, describing it only as double digit at constant exchange rates.