Riding

micro-cycles

We explore underwriting cycles and the role of tech and AI in innovation.

expanding

our horizons

Our European leaders talk growth in existing markets and expansion into new geographies.

Change

champion

Q&A with Shali Vasudeva

Group Chief Operations and Technology Officer

claims

reimagined

What does delivering exceptional claims experiences look like now?

early

reflections

Q&A with Peter Clarke

Group Chair

The art of business transformation

Q&A with Aki Hussain

Group Chief Executive Officer

We are a growing, global business, offering everything from small business insurance to insurance‑linked investment strategies, but united by our common purpose and values and a shared growth ambition.

2-5

34-37

76-77

22-25

62-63

48-51

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Hiscox Ltd Report and Accounts 2025

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Remuneration

Financial summary

The art of business transformation

Q&A with Aki Hussain

Group Chief Executive Officer

change

Champion

Q&A with Shali Vasudeva

Group Chief Operations and Technology Officer

early

reflections

Q&A with Peter Clarke

Group Chair

Riding micro‑cycles

We explore underwriting cycles and the role of tech and AI in innovation.

claims

reimagined

What does delivering exceptional claims experiences look like now?

expanding

our horizons

Our European leaders talk growth in existing markets and expansion into new geographies.

The art of

business

transformation

Q&A with Aki Hussain

Group Chief Executive Officer

Aki discusses the next stage of the Hiscox story and why

the distinctive Hiscox culture remains so important.

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Q:    Hiscox is pursuing ambitious growth and a significant programme of business transformation. How do you make sure you drive both successfully?

A:    We built our business on making bold choices, and we’ve continuously reinvented ourselves to better serve our customers and to reflect the evolving risk landscape. So really, our current transformation programme is just the latest chapter in a story that’s now 125 years old.

Defining our growth targets and setting out the scale of our ambition to the market in May last year was an important moment in that story, and we’ve come a long way since then. We’ve brought in new expertise in transformation, data, technology, and outsourcing which is collectively supporting a comprehensive and aligned programme. We’ve also introduced new skills and capabilities to our existing teams, who have gone above and beyond to deliver for our customers and drive growth while we’re building our future state.

We’re making material progress against both our growth and transformation goals. Balancing both means being ready to respond to changing needs, and to flex our approach as situations change. That can mean establishing new skills or enhancing existing ones; being open to new information and ready to pivot, fast-fail and learn from experience. It also means more frequent, deliberate and transparent communication with colleagues across the business. This is a journey we’re going on together, and it’s incredibly important to me that every single person in Hiscox understands the importance of their role in delivering our transformation and growth agenda.

Q:    What changes will Hiscox’s customers and business partners see as that journey continues?

A:    The reality is they’re already experiencing it. We’ve launched more new products this year than during the previous five years, and our acquisition of a digital platform in Italy marks our expansion into a new country for the first time in over a decade. We’ve also deepened our presence in the USA through the acquisition of an insurtech which has accelerated our US roadmap, expanded our reach into new specialist customer segments, and supports the ongoing digitisation of our US broker platform.

At the same time, our technology investments are making the process of buying insurance from us much more frictionless, whether you’re doing it directly or through a broker. For example, the AI model we’ve introduced in our UK high net worth business is helping to quickly assess broker submissions, categorising them by risk appetite, and streamlining the workflow for underwriters. This means brokers get faster responses and customers get an improved service and more tailored products.

The same principles apply in our big‑ticket businesses, where for instance in Hiscox Re we’re automating the classification of broker emails which is speeding up our response times around key renewal periods. In Hiscox London Market, we’ve also extended our collaboration with Google Cloud to broaden our use of generative AI in our underwriting and risk modelling, having started with one product line in 2024 – sabotage and terrorism

delivering our transformation and growth agenda

We’ve launched more new products this year than during the previous five years, and our acquisition of a digital platform in Italy marks our expansion into a new country for the first time in over a decade.

Q&A with Aki Hussain

Group Chief Executive Officer

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– and since expanded to others including major property during 2025.

We’ve also entered new lines during the year in our London Market business, including SME cargo and middle-market property – areas that were previously inaccessible to us because of the economics, but where our AI platform has enabled us to reduce our cost structure sufficiently.

Q:    How will the Group’s transformation and growth ambitions impact Hiscox’s distinctive culture?

A:    Our culture is defined by our values – ownership, integrity, courage, connected and being human in our approach. Those remain constant, even as how we operate evolves, in much the same way as being known for our entrepreneurial spirit and specialty focus remain hallmarks of Hiscox.

The transformation we’re undertaking is about changing how we do things, not who we are. It means moving from manual processes to digitisation and AI, which is something we’re doing in every single part of the business. It also means encouraging even greater collaboration across business units and functions, so that we’re truly operating as ‘One Hiscox’.

The unique composition of our business means that working collectively is becoming a superpower for us, especially as we focus on unlocking new opportunities and strengthening our existing capabilities.

Q:    Hiscox held its first Capital Markets Day in 2025. What was the motivation behind it and what impact did it have?

A:    2025 was the right moment for us to

share more on our strategy, our culture, and our transformation plans, and to highlight the amount of momentum we have in the business. It was also a chance for us to lift the lid further on our specialist retail business, where the multi-market opportunities for us in areas such as high net worth personal lines and small business insurance are huge.

The feedback from the day itself was extremely positive. Shareholders met more of our senior management team, they saw our depth of talent, and now they better understand our ambition; and it was a boost for colleagues to see our story resonate so well externally.

Q:    You’ve talked about building a data‑first culture – what does that look like and how will it impact colleagues?

A:    A data-first culture means even sharper and more evidence-based decision-making. We’re taking some of the strong data practices we already have, in areas such as underwriting and claims, and embedding them across every part of the business.

Data fluency is something we are beginning to build in every Hiscox colleague. Every role, at every level, is evolving in some way because of AI and data-driven decision-making, and we want our people to be ready. One of the ways we supported colleagues with this in 2025 was by introducing a new data fluency assessment. This provided each person in the business with a data persona – I’m a data storyteller – and tailored data coaching and training based on their assessment. That’s a pretty advanced approach and it gives us a consistency of data language and confidence that we’ll need as we scale.

Q:    Turning to 2026, what excites you most about the next phase for Hiscox?

A:    It has to be the size of the opportunity ahead of us. We’ve come a long way in the last few years, and the momentum in our business transformation will accelerate even further during 2026. Personally, I find that incredibly exciting.

In our big-ticket businesses, market conditions are generally moderating as pricing comes down and competition intensifies. We’ll remain disciplined in our cycle management while continuing to seek out new and interesting opportunities as we expand our horizons; but in retail, our growth engine is just getting started.

There’s a huge amount of pace and energy in the business. We have a great range of new products and propositions coming to market over the next 12‑18 months, and we’re laser‑focused on serving more customers with more products by addressing emerging, evolving and in some cases unmet insurance needs. It’s a great time to be at Hiscox.

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Highlights of the year

Financial performance

$732.7m

Profit before tax of $732.7 million (2024: $685.4 million).

Non-financial achievements

$4,979.0m*

Insurance contract written premium of $4,979.0 million

(2024: $4,703.7 million).

82%

High global employee engagement score maintained for the fourth consecutive year (2024: 82%).

76

A retail claims transactional net

promoter score (NPS)† for 2025 that

reflects customers’ high satisfaction with our claims experience (2024: 72). For more information, see page 21.

Our strong performance during 2025 is testament to a sharpened focus on growth and innovation, and to leveraging the power of the Hiscox Group. We are delivering on the ambitious plans we have set out and our change programme remains on track, having successfully achieved a P&L benefit of $29 million in 2025.

Paul Cooper

Group Chief Financial Officer

*Represents alternative performance measure (APM) used by the Group. APM definitions used by the Group are included within the consolidated financial statements on page 231.

†As measured by an independent third party across the UK, Europe and US retail businesses.

$743.8m*

Adjusted operating profit before tax of $743.8 million (2024: $683.3 million).

87.8%*

Undiscounted combined ratio of 87.8%

(2024: 89.2%).

17.1%*

Return on equity of 17.1%

(2024: 19.8%).

20.9%*

Operating return on tangible equity of 20.9% (2024: 24.1%).

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Key moments in 2025

January

Shali Vasudeva appointed as Group Chief Operations and Technology Officer.

Read more on pages 34 to 37.

April

Hiscox Innovation Accelerator went live, enhancing our product and proposition capabilities across the Group.

February

Announced $175 million share buyback programme.

May

First Capital Markets Day held, focused on Hiscox Retail and announcing new operating and efficiency targets.

Hiscox Europe expanded into Italy, the Group’s first new country in over a decade.

Read more on pages 62 to 63.

October

Signed a multi-year collaboration with Google Cloud, deepening a relationship that pioneered an AI‑enhanced lead underwriting solution in Hiscox London Market.

Launched the Hiscox Data Navigator, creating a Group‑wide repository of data and data management tools.

November

Announced the selection of a new IT services provider, opening access to an advanced service management platform that will automate and streamline business processes.

June

Peter Clarke joined Hiscox as new Group Chair.

Celebrated 30 years of Hiscox France and Hiscox Germany, in addition to 20 years of Hiscox Spain during 2025.

Read more on pages 62 to 63.

July

Hiscox UK went live with its largest distribution deal in recent years, highlighting our capability to write large scale deals in the UK retail market.

Hiscox London Market announced a new partnership with X (formerly Google X) and became the first London Market insurer to use its Bellwether wildfire prediction tool to increase the availability of homeowners’ insurance in California.

Read more on page 16.

September

Hiscox Europe signed a new deal with one of the largest German broker consolidators, which will support growth in 2026.

August

Announced increase in share buyback programme to $275 million.

Hiscox London Market establishes new alternative risk transfer offering.

Announced acquisition of a US-based specialist insurtech, expanding existing distribution channels to serve more customers.

Read more on page 103.

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At a glance

About us

Where we are

Hiscox is a global, specialty insurer, listed on the London Stock Exchange and headquartered in Bermuda. We have grown from our roots as a niche Lloyd’s of London underwriter into a diversified international insurance group operating across direct‑to‑consumer, broker and partner‑distributed retail insurance; large and complex commercial insurance; reinsurance and insurance‑linked strategies. We have a distinctive brand, energised and ambitious teams, a strong balance sheet, and plenty of room to grow in each of our chosen markets and lines of business.

We currently employ over 3,000 people worldwide across 13 countries and 31 offices. We serve over 1.7 million retail customers across the UK, Europe and the USA, and we remain one of the largest and longest-standing Lloyd’s of London syndicates.

31

offices

13

countries

1.7m

retail customers

3,000+

employees

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Our purpose

Our vision

Our values

We embrace the unique risks of many, to unlock progress for more. Our focus is on bringing both our deep expertise in specific sectors and professions, and our specialist products and services to more people and businesses over time. Success is measured in our reputation, financial performance, and our ability to attract customers.

For Hiscox to be a leading specialist insurer in our chosen lines and geographies. We want to be known by customers for being true to our word, by our employees as a great place to work and grow for those who are ambitious and talented, and as an industry leader in growth, profits and value creation.

Human

Clear, fair and inclusive.

Connected

Together, build something better.

Integrity

Do the right thing, however hard.

Ownership

Passionate, commercial and accountable.

Courage

Dare to take a risk.

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Financial summary

A differentiated 

offering

Hiscox Retail

Read more on pages 27 to 29.

Hiscox London Market

Read more on pages 28 to 29.

Our big-ticket insurance business uses the global licences, distribution network and credit rating of Lloyd’s of London to insure clients throughout the world with large, and often complex, insurance needs. This business is written through a number of our syndicates including Syndicate 33, one of the largest syndicates at Lloyd’s of London. Our product range includes property, marine and energy, casualty and other specialty insurance lines, and our combination of underwriting and digital expertise differentiates us.

Hiscox Re comprises the Group’s reinsurance business and third‑party capital platform. Reinsurance is written through both our Bermuda and London platforms, while Hiscox Capital Partners offers third-party capital providers access to our underwriting expertise and risk selection through both insurance‑linked securities (ILS) and quota-share partnerships.

Our retail operations focus on specialist areas of personal lines, such as high‑value homes and fine art, and commercial lines including emerging professions, media and tech, and small business insurance. We aim to be available however customers choose to purchase – whether that’s through a broker, via our website or over the phone. With each of our retail operations at different stages of maturity, we are focused on building scale as the size of our addressable markets is huge, and we continue to invest in our brand, distribution and technology.

Hiscox Re

Read more on pages 29 to 30.

Structure

*Includes ILS and cat bond funds, sidecars and quota-share partnerships.

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Our Hiscox DNA

Customer centric

We are here to deliver peace of mind and build resilience for our customers through our products and services. The outcome of daily efforts is reflected in our market-leading retail claims net promoter scores and in our premium retention.

Powerful brand

We have built a recognised brand over many years, that generates high levels of affinity and that our customers trust. Our distinctive campaigns are developed from compelling customer insight and positively contribute to consumer buying decisions.

Entrepreneurial culture

Our entrepreneurial, business-builder culture stands on a foundation of expertise in risk management, a low ego approach, and high degrees of empowerment for our colleagues. This has contributed to organic growth to around $5.0 billion.

Underwriting ecosystem

Our underwriting teams around the world collaborate closely with our marketeers, pricing analysts, risk analysts, claims teams, reserving actuaries and technologists to build great customer propositions, and respond early to changing customer needs and market conditions.

Unique exposure to specialty markets

In every part of the Hiscox Group, we focus on providing specialist products for those sectors where have we deep expertise. These range from high-value home insurance and fine art – areas where we have deep foundations to build on – to small business, flood, and kidnap and ransom – where innovative products and service set us apart.

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Financial summary

Balanced portfolio of large and complex risks

SME and personal lines

A strategy

that creates value

The Hiscox Group comprises three business units facing different opportunities and challenges, but with a common set of capabilities and the capital support required for success.

Attractive and sustainable returns for shareholders

Long-term profitable growth

Mid-teens ROTE through the cycle

Operational leverage

Balanced and diversified portfolio delivering lower cost of capital

We have a diversified business

Progressive dividend

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We achieve growth through the cycle

We create value for all our stakeholders

Over $1.1bn†

announced returns to shareholders through dividends and buybacks over the last three years.

82%

High global employee engagement score maintained for the fourth consecutive year.

$3m

Supported over 300 good causes in 2025 though over 1,100 hours of volunteering and charitable donations of over $3 million.

$2bn

paid out to customers in claims in 2025.

We underwrite and have often pioneered the coverage of complex risks, targeting underserved niches with growth potential and serving carefully selected customer groups.

Hiscox is a specialist underwriter offering (re)insurance solutions which cover the idiosyncratic risks our customers face. Our approach is very targeted and we do not write mass market products. In retail, we provide policies for very small businesses and high net worth individuals, while in big-ticket, we focus on high‑quality corporates and cedents.

Specialist underwriting requires deep expertise across the entire underwriting ecosystem. This includes marketeers, pricing and risk analysts, underwriters, claims teams, reserving actuaries and technologists, who work together to build tailored customer propositions, responding early to evolving customer needs and changing market conditions. Our underwriting expertise is backed by our best-in-class data and analytics. We have leveraged these capabilities to digitise our underwriting where the nature of the risk permits, with 68% of our retail policies now auto‑underwritten.

Our unique business model allows the Group to grow profitably through the insurance cycle as we benefit from both the structural growth opportunities in retail and the cyclical growth opportunities in big‑ticket. In retail, we operate in large, underpenetrated markets with immense headroom to grow, giving us the opportunity to deliver compounding growth year after year. Combined with our digital capabilities, this unlocks increased operating leverage and margin expansion. In Hiscox London Market

and Hiscox Re, we nimbly manage the insurance cycle, capturing cyclical growth opportunities.

While managing a diverse portfolio of risks across multiple geographies, we benefit from strong synergies, including capital diversification and the buying power of outward reinsurance. The genesis of our underwriting expertise is in our big-ticket businesses, and our retail businesses often benefit from product design and underwriting know‑how that originated in big-ticket. Equally, our retail business, which underwrites policies that average around $1,500, has pioneered the digital underwriting capabilities required to service policies of this size profitably, and lessons learned from building and continuously optimising this technology are now being used in our London Market business to reach markets that others in Lloyd’s cannot, such as the US private flood market and SME cargo.

Through the reach and diversity of the Hiscox Group, we are a partner of choice for global brokers to write business across borders, across asset classes and for a wide range of clients. Our significant growth opportunities, increasing operating leverage, underwriting discipline and the diversified nature of the business allows the Group to deliver attractive, sustainable returns through the cycle. This translates into strong capital generation which funds growth, underpins our progressive dividend policy and allows us to return surplus capital to shareholders when appropriate. Over the last three years, the Group has announced returns to shareholders through dividends and buybacks totalling over $1.1 billion and delivered a total shareholder return of 52%*.

*Consistent with the methodology used for remuneration purposes; the three-month average daily closing share price up to the beginning of, and at the end of, the reference period.

†Comprises the interim and final dividends and share buybacks announced in respect of 2023, 2024 and 2025.

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Retail strategy

A focus on high‑quality growth in specialist markets is underpinned by a set of core competencies

Our retail strategy is unique, multi‑country, and omni-channel. Built over 30 years, our retail operations currently reach across the UK, USA, and Europe. This positions us well for cross‑market opportunities and ensures that best practices and successes in one market are quickly replicated in others. In each of our retail markets, our market shares remain small and the opportunity for growth is huge. Our customer propositions are designed to meet the complex, current and emerging risk management needs of particular sectors and professions, and our omni‑channel distribution platform means that customers can access our expertise in the way they want.

Read more on pages 27 to 29.

Seizing the retail opportunity

18%

Marketing, media and creative

17%

Tech

14%

High net worth, art and collections

24%

Tech†

9%

Digital direct‡

10%

Entertainment and media professional indemnity

Leading in specialist sectors with unique risks

20%

Cyber

Market share*

*Market share of serviceable addressable market (SAM). Sources: McKinsey Global Insurance Pools, Finaccord (Aon), management estimates.

†Based on management liability, professional indemnity, employers’ liability and general liability.

‡Nano/micro SMEs only for direct and partnerships.

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Our retail products

Large addressable SME markets across the UK, USA and Europe

Total addressable market (TAM)*

Serviceable addressable market (SAM)†

Current market share

The structural growth opportunity

Hiscox Retail benefits from an immense structural growth opportunity underpinned by long-term secular tailwinds. Our markets are still underpenetrated and underserved, especially at the nano/micro end, although product adoption is growing. Customer purchasing preferences are increasingly digital and we have built market-leading digital platforms and capabilities in each of our markets and across channels. Our target addressable market is over $300 billion of annual premiums, projected to grow at 6% per annum through to 2030, and half of this market is already serviceable today with our current products and distribution. We have vast opportunities in the USA and continental Europe, and ample remaining room to grow in the UK, and we continue to innovate and expand our distribution network to narrow the gap between target and serviceable markets.

Our specialist insurance solutions cover risks that others may not, such as the no-show of a star to a photoshoot in our media E&O policy, or offering affirmative AI cover in our tech E&O policy. We build solutions to address specific customer needs – which drives us to explore and innovate, and means we empower and have impact.

Through our omni-channel distribution approach, customers can buy our policies in a way that works for them, be it direct online, through a partner or via a broker. We are here to deliver peace of mind and build resilience for our customers, and we provide an outstanding claims service that gets customers back on their feet quickly. By knowing and understanding our customers well, we can resolve claims quickly and, across Hiscox Retail, we pay out on over two-thirds of claims made.

Specialty products

2025 premium $2,634.8 million

*TAM represents the SME element of the overall commercial P&C insurance market in countries in which we operate and for products we offer across Hiscox Retail.

†SAM is a subset adjusted for the products and sectors/verticals in that specific market.

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Financial summary

We remain committed to delivering sustained double-digit growth in retail in 2028, driven by a continued investment in digital capabilities and the simplification of core systems, and by bringing our specialty model to new markets. In 2025, we built further momentum across our retail businesses through accelerating product innovation, which resulted in the launch of more new products in 2025 than over the last five years; securing a record number of new distribution partnerships; and by expanding our geographical reach into Italy, our first new country in over a decade (see page 63).

We will build on this progress through 2026 by leveraging the scale and strength of the Group, deepening our presence in sectors with significant structural growth potential, and pursuing opportunities in new markets to deliver on our multi-year retail ambitions.

Clear

priorities

Business priorities 2026

1.

Pursuing structural growth in retail

2.

Managing evolving market conditions

In 2025, we monitored and responded to micro-cycles across our big-ticket businesses to offer opportunities for high-quality growth. In Hiscox London Market, we enhanced core segments, such as pioneering the use of Bellwether’s wildfire prediction tool built by X (formerly Google X) to help expand homeowners’ insurance in California. We are also developing new avenues for growth, including entry into US middle-market property, and building new operational capabilities through Hiscox Artificial Intelligence Laboratories. In Hiscox Re, we are continuing to diversify our portfolio in a transitioning market, supported by a strong pipeline of future potential investors in our ILS offering. 

In 2026, we will continue to respond to the evolving market conditions by maintaining robust underwriting standards and investing in digital, data and AI capabilities to enhance decision‑making and unlock new opportunities – including through our new portfolio solutions division in Hiscox London Market (see page 25).

Our business priorities support our goals around both growth and scale, particularly as we increase our focus on operating as One Hiscox, deepen our global broker relationships, and differentiate through our products and services, as well as our use of data and tech.

Joanne Musselle

Group Chief Underwriting Officer

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3.

Operational maturity

In 2025, we continued to focus on managing our expense base as we remain on track to achieving our $200 million P&L benefits commitment in 2028, with the programme realising a P&L benefit of $29 million in 2025. Key milestones include enhancing our fraud and recovery capabilities in claims, reducing our supplier base and launching a technology centre of excellence in Lisbon to reduce duplication and improve efficiency.

Looking ahead, we will continue to build our operational maturity by scaling our global operating model and investing in initiatives that deliver standardisation, automation and stronger cross-market coordination. We will also enhance our change management maturity, focusing on activities that create clear, measurable value and set us up for sustainable long-term growth.

We are proud to have maintained a global employee engagement score of 82% since 2022 (see page 21) and are making significant progress in building the skills and capabilities needed for the future. In 2025, this included embedding high-performance standards through a new leadership framework and strengthening our data expertise through tailored data fluency programmes. We have also launched dedicated Hiscox academies, providing a highly intuitive library of digitally‑enabled learning and development tools, focused on underwriting, data fluency and technology, claims, and leadership skills (see page 56).

In 2026, we will invest in diverse talent and strategic capabilities to enable growth and outstanding customer experiences. Strategic workforce planning will remain a key priority, with a clear focus on identifying and closing critical skills gaps as well as reskilling and upskilling our teams in areas such as data, technology, and change.

Our commitment to embracing our customers’ risks and helping them unlock their progress remains foundational to how we operate. In 2025, we successfully launched a set of enhanced digital portals for brokers and direct clients in France and Germany, and introduced new electronic first notice of loss capabilities, making it even easier for customers to report and track claims. Enhancing client relationship management workflows and expanding our customer insights framework have enabled more targeted engagement and improved service delivery.

In 2026, we will consider new ways to reduce friction to the customer journey. We plan to advance our use of AI and automation in both claims and underwriting, expand our digital self‑service capabilities, and embed a tailored approach for customer lifetime value across our diverse markets. Through these initiatives, we aim to deliver connected, intuitive, and reliable experiences that meet evolving customer needs.

4.

Connected and

energised teams

5.

Customer centricity

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Financial summary

The world

around us

Operating environment

Economic uncertainty

Geopolitical volatility

Economic uncertainty has persisted through the year, as US tariff policy has fluctuated and concerns have grown about fiscal vulnerabilities in a number of countries. Inflation signals are currently mixed. While markets have rapidly shaken off a number of shocks during 2025, the outlook remains unclear.

Regardless of how the macroeconomic environment develops, our geographic diversification provides resilience, and our prudent investment approach limits exposure to short-term market volatility.

Geopolitical tensions have remained elevated over 2025. Our big-ticket business has continued to rigorously manage the small levels of exposure to regions most impacted by conflict, such as the Middle East, while our domestic‑focused retail businesses are not directly impacted by current conflicts. France, the UK and Germany are grappling with country-specific political challenges which are impacting business confidence and creating barriers to growth.

Nevertheless, we believe we still have strong opportunities to grow, given our current modest market share and our focus on serving more customers with valuable, innovative products.

The environment we operate in continues to evolve at pace, and that affects not only our business but also our customers. We track those changes rigorously in order to adapt to the risks and opportunities they represent and help our customers do the same.

Shali Vasudeva

Group Chief Operations and Technology Officer

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The impact of a changing climate

AI and data

Cyber threats

2025 was the third warmest year of the modern era and saw record-breaking temperatures in many regions. The year included significant California wildfire losses in the first half, and an active hurricane season with three Category 5 hurricanes recorded, but insured losses were relatively low.

We have extensive history and expertise in analysing the impact of natural catastrophes, and we recognise the need to continue to develop this further as the impacts of climate change intensify. This year we have introduced a Climate Scenario Working Group, overseen by our Sustainability Steering Committee, to coordinate Group-wide data, modelling and analysis on this topic. We continue to invest in new tooling to ensure we can draw on the latest insight and analytics.

We are focused on making the most of the efficiencies and insight AI can generate via a number of projects, as well as on upskilling our people on AI and broader data skills through our global data fluency programme. We recognise the importance of ensuring that appropriate safeguards are in place and have introduced a new AI risk assessment process, overseen by an AI governance and ethics Board. In addition, we are closely monitoring the impact AI could have on our customers and their risk profiles as they adopt it within their own business processes.

2025 has seen a surge in high‑profile cyber attacks across the market, with AI amplifying the speed and scale of cyber threats. Recognising that this risk will continue to evolve rapidly, we continue to make enhancements to our own cyber defences, including a substantial investment in next‑generation technologies and further development of our Cyber Fusion Centre capability.

We have also continued to evolve our cyber product offering, with a refreshed product that provides customers with enhanced risk mitigation tools, which launched in France and Germany during the year and will roll out to our other retail markets over time.

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Another

record year

Financial KPIs

Net asset value per share*

1,220.0¢

Return on equity*

17.1%

Operating return on tangible equity*‡

20.9%

Net insurance contract written premium*

$3,865.8m

Basic earnings per share

180.7¢

Adjusted operating earnings per share*‡

183.9¢

Insurance contract written premium*

$4,979.0m

Profit before tax

$732.7m

Adjusted operating profit before tax*‡

$743.8m

Ordinary dividend

50.3¢

*Represents alternative performance measure (APM) used by the Group. APM definitions used by the Group are included within the consolidated financial statements on page 231.

†2023 excludes Bermuda deferred tax asset (DTA). Including Bermuda DTA, basic earnings per share was 206.1 cents and return on equity was 27.6%.

‡New measure introduced during 2025.
For more information, see page 231.

Undiscounted combined ratio*

87.8%

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Retail claims transactional net promoter score 76

We are in the business of paying claims, and we measure our customers’ satisfaction with our claims experience across our UK, Europe and US retail businesses via a third party. Our retail claims transactional NPS is market‑leading and maintaining such high scores is a strategic priority for us.

Employee engagement

82%

We are proud to have maintained our high employee engagement score for the fourth consecutive year in 2025. Our people value our evolved listening strategy, which now includes quarterly pulse surveys that provide us with more real-time feedback on what is working well and where we may need to make a change.

Reducing Scope 1 and 2 emissions -32%

As part of our focus on being a responsible business, we have committed to achieving a 50% reduction in our Scope 1 and Scope 2 emissions by 2030, against a 2020 adjusted baseline. While this is a multi-year programme of work, and progress is unlikely to happen in a straight line, our 2025 priorities included the adoption of renewable energy in many of our offices and ongoing engagement with our landlords to realise environmental efficiencies (see pages 73 to 75).

France customer satisfaction 4.9

France was our first foothold in Continental Europe, and here we monitor customer satisfaction through recognised independent tools including Feefo. This captures customer feedback based on their experience of us and, based on Feefo’s five‑star rating system, we are pleased to consistently sustain very high levels of customer satisfaction.

US customer reviews using Feefo 4.8/5

In the USA, we ask customers to review their experience of Hiscox post-purchase. We do this using Feefo, which has a five-star rating system, and are pleased to maintain such high scores year after year, even as the business grows.

Non-financial performance

UK customer satisfaction 93%

In the UK, customers who speak to one of our insurance experts in our customer experience centre in York are asked to rate their experience of Hiscox at the end of the call. Whether they have phoned for advice, a quote, to purchase a new policy or make changes to an existing one, their feedback helps us to constantly improve our service.

Data only available from 2022.

Table denotes reduction vs the 2020 baseline each year.

Data only available from 2024.

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It’s been a busy year in our big-ticket businesses. Hiscox London Market saw the introduction of a number of new product offerings in 2025 – including financial institutions, SME cargo, and middle-market property – and a new portfolio solutions division which went live in January 2026. In Hiscox Re, the team have developed a clearer market proposition for capital partners, maintained underwriting discipline in the face of market softening, and deployed technology in ways that streamline key workflows and enhance collaboration.

With each line of business exposed to a unique set of challenges and opportunities, that means navigating a complex set of micro-cycles.

Managing the micro-cycles

“It’s rare for pricing in all insurance lines to move in unison. Some may be increasing, or as we put it, hardening, while others will be decreasing, which means the market is softening,” explains Paul Lawrence, Hiscox London Market’s Chief Underwriting Officer. “For example, directors and officers’ (D&O) liability insurance experienced a micro‑cycle a few years ago, with rates spiking due to limited capacity, followed by a drop as profits attracted more capacity.”

In 2025, most lines transitioned from positive to negative rate territory, but each did so differently. “D&O continued to soften, and we started to see some oversupply of insurance capacity in cyber, but in US general liability we saw improvements in rates and terms and conditions due to the effects of nuclear jury verdicts and social inflation,” says Paul. “Property rates started the year down and softened further as the wind season passed without major events, and marine rates held steady in some areas, especially where there have been loss issues such as with transporting electric vehicles – which is almost a micro‑cycle within a micro-cycle. Navigating these nuances is the priority for our underwriting team as we move into 2026.”

This management of micro-cycles is also a feature of our Hiscox Re business. “As we move through the cycle, we see prices fluctuate and changes in the way that reinsurance is sold in terms of structure, attachment points, terms and conditions and so on,” explains Jonas Muir Wood, Hiscox Capital Partners’ Head of Investments. “At the end of 2022, we saw a shortage of capital available to back reinsurance risk, while the demand for reinsurance capacity was increasing, and so we saw a big improvement in both pricing and terms

and conditions. Fast forward to the end of 2025, and we find ourselves at a point where there is an increasing supply of capital again in the market so we’re coming off a generational peak in terms of market pricing, but the slight softening we’re seeing now is still a long way above the trough of the soft market cycle. It’s still a very healthy market with underwriting discipline still holding and pricing still being at a level where there are attractive returns to be made.”

Managing these micro-cycles also means pinpointing areas of opportunity. “Beyond our existing product suite, we’re focused on adjacencies – so those product areas that are similar to our core business,” says Paul. “This year, we launched a new middle-market property offering, targeting companies with $50‑$500 million in assets, which sits between our large corporate and small retail segments. In D&O, we expanded into financial institutions and we’re building out that portfolio. And in cargo, technology has enabled us to broaden our appetite into smaller transits which had previously been uneconomical for us to underwrite, and that’s what we call ‘SME cargo’. It’s a prime example of us reusing some of the technology innovation we already have, including from our work with Google Cloud.”

Leaders in our Hiscox London Market and Hiscox Re businesses discuss managing the micro-cycles, building new lines of business, and the growing role of data and AI.

Contributors:

Monika Delekta, Head of Data Science, Hiscox London Market

Paul Lawrence, Chief Underwriting Officer, Hiscox London Market

Jonas Muir Wood, Head of Investments, Hiscox Capital Partners, Hiscox Re

Nick Orton, Head of International, Hiscox Re

Phil Withey, Chief Technology Officer, Hiscox London Market

riding

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New applications

of technology

In cargo, technology has enabled us to broaden our appetite into smaller transits which had previously been uneconomical for us to underwrite, and that’s what we call ‘SME cargo’. It’s a prime example of us reusing some of the technology innovation we already have, including from our work with Google Cloud.

The growing role of data and tech

Data is critical for Hiscox. “First, on individual risks, as margins shrink, we use data more rigorously to fully understand exposures – for instance in our flood insurance book, where we use more granular data to look at the risk on an individual property basis,” says Paul. “Second, we aggregate data across our portfolio through our ‘market in transition’ initiative, where we track a handful of data points per risk each quarter. This gives us a heatmap of market conditions, which we supplement with underwriter surveys for more forward‑looking insights. Sometimes this triggers deeper dives into specific lines if material changes are detected, but either way this process helps us make better‑informed decisions.”

“What’s clear is this more intensive and holistic use of data is revealing complex patterns and trends that aren’t visible on a case-by-case basis,” adds Monika Delekta, Hiscox London Market’s Head of Data Science. “Our data is a goldmine of information, and it’s empowering us to uncover emerging risks or opportunities that we otherwise might not.”

Complementary to this data-first approach is the evolution of technology and a growing use of AI across the business. “AI is already embedded in areas like terrorism and major property, and we’re focused on scaling its use across more business lines,” says Phil Withey, Hiscox London Market’s Chief Technology Officer. “Our collaboration with Google Cloud keeps us at the cutting edge and means we can explore additional AI applications, for instance in

claims and exposure management. AI is unlocking insights that humans might miss, and new data sets are making it easier to run advanced models. Next year, we’ll continue to introduce more AI agents and assistants, always in a safe, governed environment, and measure their impact for continuous improvement.”

One recently implemented tool provides an AI-powered broker submission (or slip) comparison tool for underwriters that can instantly compare two insurance slips, highlight differences, and direct users to the relevant changes. “The technology is now advanced enough to understand intent and subtle language changes, which is a game changer compared to a year ago. This saves hours of manual review and allows underwriters to focus on higher‑value tasks.”

2025 also saw the launch of ReHub, a new reinsurance workbench designed to streamline key workflows by automating the categorisation of over 20,000 emails into the team.

“We saw huge benefits from bringing automation to our data entry and task management processes, particularly around the busy 1 January reinsurance renewal season when volumes increase exponentially,” says Nick Orton, Hiscox Re’s Head of International. “It means we’re able to much more efficiently process broker submissions – plus it’s evolving how broker and underwriter data is filed and stored, which has positive longer‑term implications for our data integrity.”

But staying on the cutting edge is crucial. “The AI models are advancing all the time, so adapting quickly to new technology is key,” adds Monika. “That’s why I’ve been especially pleased by the response from our underwriters; they’ve embraced the innovations we’ve delivered, and their attitude has been key to our success. It’s a team effort, and it takes that combination of data scientists, technologists, and underwriters working together for it to be as effective as we know it can be.”

Broadening appetite

This year, we launched a new middle‑market property offering, targeting companies with $50‑$500 million in assets, which sits between our large corporate and small retail segments.

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This is reflected in how the Group balances the traditional underwriter skillset with the skills of the future, such as data fluency. “Underwriters today are increasingly tech-savvy and curious about how technology can help them do their job,” says Paul. “We like hiring and training people who are open to new approaches, and this will only accelerate as technology evolves.”

Building momentum

Looking ahead, 2026 promises to deliver more innovation in the Group’s big-ticket businesses, particularly when it comes to applications of data. “Our ability to interpret and use data is changing all the time and that’s giving us more complex analytics and helping to drive productivity,” says Monika. “This touches every area of our operations, including accelerating product development and product innovation, and ultimately makes us even more responsive to our customers’ needs.”

Critically, it’s an approach that is not specific to line of business either, concludes Paul: “Our focus is on rolling out successful innovations across all lines of business, not just isolated areas. We’re already replicating the success we had with Google Cloud in our sabotage and terrorism book in major property, and in 2026 we’ll go further. We encourage fearlessness in trying new things, accepting that failure is part of the process. The goal is to scale what works, park what doesn’t, and revisit ideas as technology evolves. The opportunities are endless.”

Introducing Hiscox Portfolio Solutions

Hiscox London Market’s new portfolio solutions division is designed to meet rising client demand for alternative risk structures that complement traditional risk transfer, while also strengthening its support for the delegated authority sector.

Developed during 2025 and having launched in January 2026, the new division builds on existing areas of expertise, including in alternative risk – now part of portfolio solutions – where Hiscox has been marketing a developed proposition for ten years.

Hiscox Portfolio Solutions consists of four distinct but complementary components: alternative risk; beta‑follow; global MGAs; and structured solutions.

Beta-follow is a new offering for Hiscox, providing capacity for every risk written within each facility regardless of its size, industry sector or class. That creates a diversified portfolio of risk that provides good returns for insurers.

Through global MGA, Hiscox works with large, sophisticated groups of managing general agents, with a deep understanding of their marketplace, to provide strategic support across their portfolios in disciplines including underwriting, pricing and exposure management.

Structured solutions are typically multi‑year and/or multi-line, and are often used where traditional insurance solutions do not adequately meet a client’s individual needs or are not providing cover that is perceived to be economical, particularly for complex and evolving risks. As a more bespoke solution that typically provides longer‑term stability for clients, structured solutions tend to involve significant risk-sharing features, which ensures there is a strong alignment of interest between Hiscox and its clients.

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executing

our

strategy

Chief Executive’s report

Strategic execution

2025 has been another year of strong performance, as the pace, energy and innovation of my colleagues across our diverse business delivered continued growth momentum and excellent profitability. The Group achieved a third consecutive year of record profit before tax of $732.7 million and an operating ROTE of 20.9%, exceeding our through‑the‑cycle mid-teens target despite a 2.5 percentage point impact following the introduction of the Bermuda corporate income tax. This strong performance is driven by a record insurance service result of $613.9 million and a record investment result of $442.7 million. Continued strong capital generation has enabled the Board to approve a new $300 million buyback and ratify the second consecutive year of a 20% increase to the final dividend per share.

This has been a pivotal period in the journey of Hiscox. We made strong progress on executing our strategic growth and change initiatives, building on the momentum of prior years, to establish the foundations to progress at pace. The Group has set clear ambitions to accelerate Hiscox Retail’s growth to

double-digit and realise a P&L benefit of $200 million in 2028 and onwards from our change programme, while pioneering the use of cutting-edge technologies to access new markets and drive increased operating leverage. We are firmly on track to deliver against this strategy and ambition.

In 2025, growth accelerated as we entered adjacent specialist segments, launched more products and expanded our distribution and geographic footprint.

Profitable growth through the cycle

The pace and energy across the Group, underpinned by our specialist insurance expertise, is creating substantial momentum, launching more products in 2025 than over the previous five years. In Hiscox Retail, capitalising on our expertise to underwrite emerging professions, we have, among other things, expanded our appetite to include influencers in Europe and technology start-ups in the USA. As the world rapidly evolves, we are taking the lead through innovation. In Hiscox London Market, we are leveraging the latest advanced risk modelling to meet demand from Californian homeowners and, through the use of technology,

opening up new market opportunities such as SME cargo solutions. In Hiscox Re, we have developed a climate and resilience capability to support the growing demand from emerging markets.

Across the Group, we are expanding distribution with many sizeable new deals won, including our largest two deals in the UK in recent years and new cross-market deals as we leverage the power of the Group. In 2025 we entered Italy, our first new country in over a decade, through the bolt-on acquisition of a local digital broker.

Simplifying Hiscox to deliver operating leverage

Our change programme is enabling the business to unlock profitable growth, optimise efficiency and enhance operating leverage. We are building new capabilities that will enhance our proposition to customers and partners, help us become more agile and increase our capacity to innovate. Strong progress has been made in 2025, with the programme realising a P&L benefit of $29 million and remaining on track to deliver $75 million in 2026, ahead of the full $200 million in 2028.

The Group has delivered another year of strong performance, with a third consecutive year of record profits.

Aki Hussain

Group Chief Executive Officer

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Technology

In recent years, we have been building the core technology foundations for our business. Now, through the combination of new technologies and the rationalisation of applications, we are delivering better service to customers and partners, expanding distribution and connectivity, optimising marketing and improving productivity.

The accelerating pace of generative AI adoption provides Hiscox with a significant opportunity. We are deploying AI-enhanced tooling throughout the Group, often re-using tools and capabilities from one area of the business in another, delivering efficient implementation. The benefits from the Group’s ecosystem are compounding as we execute on our initiatives.

Our retail business is well positioned to win in the emerging age of agentic e-commerce, with a leading global retail DPD platform, a recognised and trusted brand, market-leading claims service and a specialist underwriting ecosystem. We are optimising how AI chatbots both source and promote our brand and proposition and have commenced the deployment of agentic AI across both the customer sales and claims journey. The new business broker automation tools already deployed in our UK art and private client business, materially uplifting quote and conversion volumes, are being deployed across all UK business lines, ahead of broader deployment across all of Hiscox Retail.

In big-ticket, our London Market business has pioneered AI‑augmented underwriting at Lloyd’s and is now using these capabilities to expand into new markets of brokered small cargo

risks and US middle-market property. In Hiscox Re, we have rolled out a new digital workbench, enabling us to digitally ingest and process significantly more submissions at the January renewals and benefit from improved portfolio analysis, leading to more accurate risk and return assessments.

Procurement

In procurement, our new Group‑wide platform has supported a further reduction in the number of suppliers by 8%. As a result, enhanced governance and transparency is enabling the Group to achieve lower supplier costs and develop strategic partnerships with core suppliers. Key milestones in the year have included: the selection of a new IT services provider, accelerating our journey to automate and streamline business processes; signing a multi‑year collaboration with Google Cloud, deepening a relationship that pioneered an AI‑enhanced lead underwriting solution in Hiscox London Market; and the optimisation of our real estate footprint, enhancing asset productivity.

Operational excellence

We have developed a more strategic approach to resourcing to ensure we have the skills for the future and the capacity to focus on market-facing activities. We are insourcing capabilities that reinforce our competitive advantages, and leveraging the use of lower cost locations and specialist partners to drive increased efficiency.

In Europe, we have organised our broker business into two regions, North and South, and established a pan-European digital partners and direct (DPD) operation to ensure our resources are focused as the business builds scale.

In technology, we have insourced areas such as application development at our Lisbon hub at a lower cost, while outsourcing activities like data centre support. In finance, we are transitioning certain activities to a third-party specialist. In the people function, we have created global centres of excellence, introduced data-driven recruitment and launched digital development tools to upskill our people for the future.

In claims, we have increased savings from fraud detection and recovery through the formation of a Group centre of excellence.

People and culture

This is an exciting time for Hiscox. As we execute our growth strategy and transform the way we operate our business, the energy and momentum across the Group is extremely positive. Colleagues are empowered to deliver change while nurturing what makes us Hiscox – our specialist insurance expertise, customer focus and service excellence, and our entrepreneurial culture of being business builders. Employee engagement remains at an all time high, with a score in the 80s for the fourth consecutive year, demonstrating our collective commitment to delivering our ambitious growth and change strategy.

Hiscox Retail2

Hiscox Retail comprises our retail businesses around the world: Hiscox UK, Hiscox Europe and Hiscox USA.

The momentum we have generated across all markets gives us confidence that Hiscox Retail’s acceleration will continue, with growth at 8.0% for full‑year 2026, in constant currency, as momentum continues to build towards double-digit growth in 2028.

Hiscox Retail

2Following the completion of the sale of DirectAsia in July 2025, DirectAsia is no longer included within Hiscox Retail, instead being included in the ‘other’ segment from 1 January 2025. 2024 financials have been restated to report on a consistent basis.

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In this segment, our entrepreneurial culture, specialist sector and class of business knowledge, renowned brand, and market-leading distribution platforms reinforce our strong market position in an increasingly digital world.

Hiscox Retail premiums increased by 6.3% in constant currency, in line with our guidance, continuing our multi-year volume-driven growth acceleration and second consecutive year of margin expansion. Policies-in-force increased 7.5% in the year, while rate increased by 2% on average. The momentum we have generated across all markets through new products, entering adjacent segments and expanding distribution, gives us confidence that Hiscox Retail’s acceleration will continue, with growth at 8.0% for full-year 2026, in constant currency, as momentum continues to build towards double-digit growth in 2028.

Hiscox Retail’s insurance service result of $267.4 million (2024: $261.1 million) increased 2.4% as a result of continued growth and earnings momentum, more than offsetting the impact of a lower discounting benefit.

The 30 basis points improvement in the undiscounted combined ratio of 92.6% (2024: 92.9%) is driven by early benefits from the change programme and increasing operating leverage.

Hiscox UK

Hiscox UK is a leading specialty insurer in its chosen markets of commercial and personal lines, offering a broad specialist range of covers primarily for nano- to medium-sized businesses and high-net-worth customers through deep broker relationships and a leading brand.

Hiscox UK ICWP grew by 8.4% in constant currency to $962.4 million (2024: $864.0 million) as the business delivered strong double-digit new business growth.

Art and private client (APC) has achieved six consecutive quarters of double‑digit growth, driven by the ramp‑up of recently won distribution deals and technology‑enabled improvements in underwriting efficiency and productivity, as it was able to quote 40% more new business. To maintain momentum, the business has expanded its award‑winning marketing campaign from its original commercial SME focus into high net worth.

Commercial is growing well, driven by policy count increases, as the business focuses on deepening and widening its specialist sectors. We continue to build out our sector-focused propositions, which has included launching direct landlords cover, expanding our cyber product into the charity sector and writing our first ever risk in the fast‑growing e-sports market.

Hiscox Europe

Hiscox Europe provides specialty commercial and personal lines insurance across ten European markets. Through deep broker relationships and a leading pan‑European digital platform, we offer a broad specialist range of covers for nano- to medium‑sized businesses and high-net-worth customers.

Hiscox Europe grew ICWP by 6.1% in constant currency to $710.9 million (2024: $656.5 million) driven by strong growth across Germany and France, our two largest markets.

The business is continuing to launch new propositions tailored to the changing needs of our customers. Our German business won awards at the country’s largest broker conference for our combined D&O, professional indemnity and cyber product and for our innovative freelancer personal accident cover. In France, our new cyber proposition has been well received, with strong broker feedback ahead of a wider roll-out in other European markets planned for the first half of 2026.

The business is also benefitting from recently signed distribution deals, such as our Iberian bancassurance deal which is gaining momentum. In 2025, we also signed two new distribution deals with German broker consolidators, which will support growth from 2026 onwards, with a strong pipeline of further deals developing.

Our strategy to enter more markets saw us establish a new operation in Italy in 2025 through the bolt-on acquisition of a small local player. With over four million small businesses, Italy represents an exciting opportunity for Hiscox Europe over the coming years.

Hiscox USA

Hiscox USA provides specialty commercial insurance for nano- to medium-sized businesses through a broad range of specialist covers. We serve our customers through a leading digital platform, offering access both directly to the customer and through a diverse range of partners and traditional brokers.

Hiscox USA grew by 4.4% to $961.5 million (2024: $920.9 million), as growth momentum continues to build from the breadth of management action taken over the last couple of years.

The diversity of the business and its ability to innovate has provided opportunities for new profitable growth while managing the cycle in lines of business where rates were under pressure.

Hiscox London Market

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US DPD grew by 7.0% to $580.5 million (2024: $542.7 million), driven by continued double-digit growth in digital direct, benefitting from enhancements to the customer journey and improved lead generation. In partnerships, the mid-single digit growth trajectory has been sustained but with a more positive pipeline, with 23 new partners added in 2025. In addition, one of our largest partners has recently opened our products to local agents and selected Hiscox as their preferred provider. These developments will support increasing new business production in 2026.

In US broker, we have reversed the trend and begun to grow the business again. ICWP increased by 0.7% to $381.0 million (2024: $378.2 million), benefitting from stronger broker relations, the implementation of initiatives to streamline workflows and improve service to brokers, and through the bolt-on acquisition of Corix, which accelerated our appetite expansion into life sciences and technology start-ups.

Hiscox London Market

Hiscox London Market offers a broad and diverse range of specialist insurance across property, casualty, crisis management and marine, energy and specialty risks. Through our flagship Syndicate 33, we use the global licences, distribution network and credit rating of Lloyd’s to insure clients throughout the world.

Hiscox London Market has successfully navigated a competitive market, with ICWP increasing to $1,249.6 million (2024: $1,229.5 million). The diversity of the business and its ability to innovate has provided opportunities for new profitable growth while managing the cycle in lines of business where rates were under

pressure. Though rates reduced by 4% on average over the year, cumulative rates are up 67% since 2018, with the overall portfolio being well rated.

Property growth was driven by new alternative risk portfolio deals, most notably in US high net worth, and expansion into US middle market property, leveraging existing AI‑enabled capabilities to accelerate quoting. These initiatives have more than offset deliberate reductions where we are managing the cycle, such as in major property and commercial lines, as competition drives double-digit rate decreases.

In casualty, we continued to reduce exposures in D&O and cyber as rates fell by a further 8% and 7% respectively. Nonetheless, because of rate tailwinds in general liability, supplemented by the launch of our new financial institutions and technology E&O products, we have achieved modest growth in casualty.

In marine, energy and specialty we have achieved strong growth in power and renewables, as Hiscox London Market capitalised on recent investments in product and capability to win new construction business. These have included taking a leading position to insure a solar panel installer in the USA, and insuring one of the world’s largest battery construction projects currently underway in Europe. In crisis management, we are benefitting from our well-established position, maintaining strong retention in a competitive market, while in product recall we are managing the cycle as rates soften.

The undiscounted combined ratio of 85.9% (2024: 88.6%) marks the sixth consecutive year in the 80s, a reflection of our underwriting discipline, risk

selection and pricing as we navigate the micro-cycles across the market. Hiscox London Market achieved an insurance service result of $160.3 million (2024: $141.3 million), benefitting from loss ratio improvement, driven by a more favourable loss experience than in 2024.

Hiscox Re

Hiscox Re comprises the Group’s reinsurance business and third‑party capital platform. Reinsurance is written through both our Bermuda and London platforms, focusing on property and specialty risks, while Hiscox Capital Partners offers third‑party capital providers access to our underwriting expertise and risk selection including through private insurance‑linked securities (ILS) and catastrophe bond funds, sidecars and quota-share partnerships.

Hiscox Re grew net ICWP by 7.9% to $538.7 million (2024: $499.3 million) driven by growth in pro-rata and specialty lines, including parametric climate resilience, mortgage and surety. ICWP increased by 6.0% to $1,094.6 million (2024: $1,032.8 million) benefitting from net growth and increased third-party capital support.

The insurance service result of $189.4 million (2024: $165.7 million) and an undiscounted combined ratio of 67.4% (2024: 69.0%) reflect the quality of risk selection, and a benign natural catastrophe loss experience in the second half of the year.

Rates reduced by 5% over the year as competition increased, most notably in property catastrophe, while attachment points and terms and conditions remained broadly stable. At year-end, cumulative rate increases since 2018 were 83%.

The insurance service result of $189.4 million (2024: $165.7 million) and an undiscounted combined ratio of 67.4% (2024: 69.0%) reflect the quality of risk selection, and a benign natural catastrophe loss experience in the second half of the year.

Hiscox Re

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Financial summary

Despite the 2025 Atlantic hurricane season being only the second year on record to see more than two Category 5 hurricanes form, insured hurricane losses were relatively low. As such, competition from both incumbent reinsurers and alternative capital resulted in rates reducing by 13% at the January 2026 renewals. Despite this, the portfolio remains rate adequate following significant rate increases since 2018.

ILS assets under management were $1.5 billion at 1 January 2026 (1 January 2025: $1.4 billion) as the business attracted capital inflows of over $330 million from new and existing partners over the year, offsetting planned returns and increasing the level of deployable capital at the January renewals. The pipeline for further alternative capital inflows remains robust. In 2025, our third-party capital platform generated $109.4 million (2024: $128.2 million) of fee income from ILS and quota-share partners, the third consecutive year of fee income above $100 million, with the majority from fixed fees.

Claims

Loss activity for the year has been within expectations, as the significant California wildfire losses in the first half of the year were followed by more benign weather and lower large loss experience over the second half.

The undiscounted claims ratio was 40.4% (2024: 41.9%), with the year‑on‑year movement reflecting the benefit of higher prior‑year releases.

The Group continues to prioritise the high‑quality claims service for our customers and clients. This is reflected in our market-leading retail claims NPS of 76.

Strong foundations

Expenses

The Group has made a strong start to the change programme. In 2025, we realised $29 million in savings and efficiencies, principally through optimised procurement, streamlined processes, technology efficiencies and improved fraud detection and recovery. The one‑off costs to achieve of $24 million in 2025 included investments in new technology, restructuring provisions and advisory fees. The progress to date provides confidence that the Group is on track to deliver $75 million of P&L benefit in 2026, and $200 million in 2028. The cost to achieve in 2026 is expected to be $75 million.

Total Group expenses4 increased to $1,991.1 million (2024: $1,850.2 million), reflecting expense growth and inflation, higher variable compensation following another year of record profit, our change programme, as well as some one-off non-attributable expenses from small bolt-on acquisitions and the disposal of DirectAsia.

The admin expense ratio has improved by 30 basis points, reflecting more efficient premium growth as we begin to see the benefits from the change programme. This is partially offset by the impacts of higher variable compensation and a weaker US Dollar. The acquisition expense ratio increased by 40 basis points, reflecting slight changes in business mix.

Balance sheet

The Group has experienced another year of favourable reserve development, with net releases totalling $292.7 million (2024: $145.5 million). In line with our conservative reserving philosophy, net reserves are at a confidence

level of 86% (2024: 83%) with the risk adjustment5 above best estimate of $344.9 million (2024: $267.5 million). This is above our target range, reflecting the strength of total reserves, and over time we expect the reserve confidence level to operate in the range between 75% and 85%.

The Group, at the holding company level, continues to retain a significant level of liquidity, with fungible assets in excess of $1 billion, comprised of liquid assets and undrawn borrowing facilities. The full-year 2025 leverage is 17.4%6, comfortably within the range that the Group chooses to operate in.

The Group remains well capitalised, with an estimated BSCR ratio of 233% at 31 December 2025 after having returned $425 million over the course of 2025 through a combination of ordinary dividends and the upsized $275 million share buyback.

The Board has ratified a final dividend of 35.9 cents per share7 (2024: 29.9 cents per share), a 20%

4Sum of acquisition costs, other attributable expenses and other operational expenses.

5Allows for the reclassification of LPT recoveries into claims.

6Leverage defined as borrowings over borrowings and shareholder equity.

7The record date for the dividend will be 24 April 2026 and the payment date will be 8 June 2026. The Company’s Scrip Dividend Scheme has been suspended and so no Scrip Dividend alternative will be offered in respect of the final dividend. However, a Dividend Reinvestment Plan (DRIP) will be provided by the Company’s registrar, Equiniti Financial Services Limited, which enables shareholders to elect to have their cash dividend payments used to purchase the Company’s shares. Further details can be found on hiscoxgroup.com/investors/dividend-information/dividend-history-calculator and the last date for receipt of DRIP elections will be 18 May 2026.

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Total Group insurance contract written premium*

($m)

Big-ticket business

Hiscox Re

Hiscox London Market

Retail business

Hiscox UK

Hiscox Europe

Hiscox Special Risks

Hiscox USA

Hiscox Asia

*Historic amounts have not been restated for IFRS 17 but are presented as gross written premiums on an our-share basis.

†Following the completion of sale of DirectAsia in July 2025, DirectAsia is no longer included within Hiscox Retail. 2024 financials have been restated to report on a consistent basis.

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increase year‑on‑year, reflecting the changing shape of the Group and confidence in our strategy. In addition, excellent organic capital generation over the year has allowed the Group to announce a new $300 million buyback. In total, once completed, the Group will have returned $725 million through share buybacks since 2023, and over $1.1 billion including ordinary dividends.

Post the final dividend and the $300 million share buyback announced in respect of the 2025 results, the Group’s estimated BSCR is 211%, above the 190%-200% target BSCR range at this point in the cycle. The Group benefits from a diversified business model, which allows it to dynamically allocate capital to the most attractive opportunities across the market.

Investments

The investment result for the year was $442.7 million (2024: $383.9 million), or a return of 5.1% (2024: 4.8%). This includes $59.8 million of unrealised fair value gains (2024: $46.4 million) on fixed income securities carried at fair value that are excluded from adjusted operating profit. Group invested assets as at 31 December 2025 were $9.2 billion (2024: $8.2 billion).

While early 2025 saw heightened volatility in the financial markets due to trade tariffs and inflationary concerns, markets more than recovered by year‑end as inflation was contained and growth remained firm. Attention moved away from geopolitical uncertainty and onto the wider economic outlook being supported by easing from central banks. Government bond yields and corporate bond spreads both fell, supporting investment income.

With bond yields expected to fall over the near-to-medium term, the Group is optimising liquidity in the strategic asset allocation with a greater allocation to fixed income and a corresponding reduction in cash.

Overall, our portfolio remains conservatively positioned, with over 90% of our investments held in cash and cash equivalents or investment‑grade fixed income assets. The average credit rating of the fixed income assets is ‘A’ with a duration of 2.0 years. The reinvestment yield of the bond portfolio was 4.0% at 31 December 2025.

Tax

Bermuda’s Corporate Income Tax (BCIT) came into effect on 1 January 2025, with a 15% tax rate, resulting in the Group’s effective tax rate increasing to 17.6% (2024: 8.5%). In anticipation of this, the Group previously recognised a deferred tax asset (DTA) of $154.6 million, of which $15.2 million was amortised over the year, partially offsetting the aggregate cash tax payable.

On 15 January 2025, the OECD published guidance, advising that 80% of the DTA granted under the BCIT will not be recognised for calculating global minimum tax (GMT). As a result, the Group is likely to be obligated to pay additional tax of up to 80% of the DTA, spread over eight years, from 2027. Under current IFRS requirements, the Bermuda DTA must be maintained while it provides a tax benefit in Bermuda, but no offsetting deferred tax liability can be recognised in anticipation of future GMT payable (instead this will be booked as current tax on an arising basis).

On 21 November 2025, legislation to enact new substance-based tax credits

(SBTC) was introduced, which provides tax credits against employee costs and other expenses incurred in Bermuda for eligible Bermudian companies. The benefit has been recognised as a reduction of the related expense and is not material. These credits reduce the tax cash impact of the new BCIT rules, in a way that should not be negated by additional GMT top-up tax.

The Group continues to expect the effective tax rate to be within the range of 15%-20%.

Outlook

In Hiscox Retail, we expect to see momentum continue to build through the year, with ICWP growth accelerating to 8.0% for the full‑year 2026, in constant currency, underpinned by growth in customer and policy count, supplemented by momentum from new products, new distribution deals and new markets. We are on track to deliver double-digit growth in 2028. As the business increasingly benefits from our ongoing change programme, we expect Hiscox Retail’s undiscounted combined ratio to improve gradually within the 89%-94% operating range. As a result of the Group’s change programme, we expect to realise a P&L benefit of $75 million in 2026, and remain on track for the full $200 million in 2028 in line with our capital markets day guidance. The cost to achieve in 2026 is expected to be $75 million.

In Hiscox London Market, we will continue to judiciously manage the micro-cycles as rates soften in certain areas, while leveraging our diverse portfolio and ability to innovate to find attractive new business in areas where we have

Hear more from Aki on our 2025 full-year results.

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complementary expertise and technological advantages.

In Hiscox Re, we have successfully captured the opportunities of the hard market, with net growth of 180% over the last five years, and three consecutive years of an undiscounted combined ratio in the 60s. The portfolio remains rate adequate and in 2026 we expect to maintain our net property catastrophe exposures at a similar level. Gross premium progression will be a function of the availability of third-party capital and growth in specialty lines.

These are exciting times at Hiscox. The momentum we have generated over recent years, together with the pace, energy and innovation of my colleagues, sets us up strongly to deliver our strategic ambitions and seize the vast specialty opportunities in front of us.

Aki Hussain

Group Chief Executive Officer

24 February 2026

Projected capital requirement

Rating agency and BSCR assessments shown are internal Hiscox assessments of the capital requirements based on year-end 2025. Hiscox uses the internally developed Hiscox integrated capital model to assess its own capital needs on both a trading (economic) and purely regulatory basis. All capital requirements have been normalised with respect to variations in the allowable capital in each assessment for comparison to a consistent available capital figure. The available capital figure basis is reflective of IFRS 17 and comprises net tangible assets and subordinated debt. Benefit of IFRS 17 discounting is allowed for within the internal capital model position.

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CHANGE CHAMPION

Q&A with Shali Vasudeva

Group Chief Operations and Technology Officer

Shali discusses her career as a ‘Hiscox boomerang’ and mobilising the business’s change programme to transform the Hiscox experience for colleagues, customers and brokers.

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Q:    You’re a ‘Hiscox boomerang’ – a former Hiscox employee who returns to the business. Can you share your journey with the Company and what enticed you back?

A:    My first stint at Hiscox was from 2018 to 2019, when I was brought in to help land a number of global regulatory programmes including Brexit. I really enjoyed the culture and the entrepreneurial spirit here, so when the opportunity arose to return to Hiscox at the beginning of 2025, focusing on organisation-wide transformation, it was an easy ‘yes’ for me.

Q:    What’s changed in the business since your first time here?

A:    There’s an even stronger sense of a unified ‘One Hiscox’ mindset and that brings with it great momentum and energy. Accelerating our change agenda has brought the organisation together, with everyone supporting the same goals and outcomes as we look to scale at pace. Change can be challenging and we’re thoughtful about how we manage it through the business, but we’re building from a position of strength, so there’s a real spark and you can feel that collective sense of purpose.

Q:    What have been your priorities in your first year back?

A:    My main focus has been on mobilising the accelerated transformation programme that we announced in May at our Capital Markets Day, through which we expect to deliver $200 million in annual P&L benefit in 2028 and onwards.

Doing that means delivering change on multiple fronts – meeting our immediate commitments, designing longer-term change, building new capabilities, and upskilling or reskilling our teams. We’re

focusing on simplifying and automating processes where we can; reducing duplication across the business; improving the management of our supplier base; and using technology and AI to improve and digitise the Hiscox experience for customers and brokers, so they can engage with us in a faster and much more seamless way.

Equally important is staying true to who we are. We want to preserve the essential Hiscox DNA: our entrepreneurial culture, our deep underwriting expertise, our human touch when it matters most,

and our areas of sector specialism. These elements matter deeply to us, and they matter to our customers and brokers too.

Q:    How do you balance short-term wins with longer-term transformation goals?

A:    About 80% of our transformation is based on proven levers like process design and automation, technology upgrades and rationalisation, and how we organise ourselves through the use of centres of excellence and shared services. The other 20% is focused on innovation, and in particular on using AI and data to leapfrog ahead.

We’ve brought in new talent specifically to drive our AI and data agenda, and we’re working on several initiatives that could significantly change how we operate and underwrite. These include looking at more predictive weather tooling using AI, and finding ways to help reduce the quantity of information we need from brokers and clients.

We also signed a new multi-year collaboration with Google Cloud towards the end of 2025, which deepens our existing relationship with them and will help us to lead in the Al space.

Q:    What efficiency targets or metrics are you using to measure success?

A:    We have specific targets against our three main areas: technology, procurement, and operational excellence. For example, in technology, we started the year with over 1,000 applications. We are now working to reduce some of this duplication and complexity so that we can right-size our requirements for an organisation of our size and scale. That means we expect to decommission about 30% of our current applications over the next three years.

a unified ‘One Hiscox’ mindset

Accelerating our change agenda has brought the organisation together, with everyone supporting the same goals and outcomes as we look to scale at pace.

Q&A with Shali Vasudeva

Group Chief Operations and Technology Officer

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On the procurement side, we’ve already reduced our supplier base from about 10,000 to around 3,000, and we see plenty of opportunity to reduce this further to around 2,000 so that we have fewer but much more valuable supplier relationships.

We’re also looking at our balance of insourcing versus outsourcing, so for example, in late 2025 we announced the selection of a new IT services provider, which will provide us with an advanced service management platform, and strengthen our ability to automate and streamline business processes. We’re also insourcing key capabilities where it makes sense, such as in technology and claims. Our Lisbon Tech Hub is a great example of this, as it’s one of our major global centres of technology excellence, with a team of over 100 experts with different technology skills and competences including solution architecture, software engineering, quality assurance, and information security.

We see Lisbon as a strategic location for growing our technology, data and analytics capabilities. The talent pool there is strong and that’s enabling us to bring more of these critical skills in‑house.

Q:    How will these changes benefit customers and brokers?

A:    Flexibility, speed of response, and choice are key – and that means meeting customers where they are. While some want to call us directly to make a claim, others prefer to contact us digitally, especially for things like logging a straightforward claim or making a policy change. By digitising the front end of the customer journey, we can provide the flexibility of service that customers want and expect. This is as true for our broker partners as it is for our direct‑to‑consumer business: automated submissions and automated underwriting processes, for example, mean we’re able to respond quicker and more efficiently, improving the broker experience and providing more choice in how they interact with us. We’ve already seen this in London Market, where our collaboration with Google Cloud has reduced the time to quote in our sabotage and terrorism book from days to minutes, and in claims, where our trialling of new automated coverage assessment tools have shown that we can accelerate claims processing by as much as 20%.

Q:    What excites you most about the future at Hiscox?

A:    I could not be more excited about what we’re going to do in the next few years, especially when it comes to increasing our agility and supporting growth. We have a huge opportunity to continue to transform how we engage with customers, especially in

our retail business. We’re also moving away from building large, monolithic systems and instead focusing on common microservices that can be deployed quickly and effectively across multiple business units. That means we’ll see the impact of our technology investments much sooner and positions us to continue growing from a position of strength.

We’re delivering on our commitments, seeing real change and setting ourselves up for continued success. It’s a great moment to be part of the team.

reducing complexity

We’ve already reduced our supplier base from about 10,000 to around 3,000, and we see plenty of opportunity to reduce this further to around 2,000 so that we have fewer but much more valuable supplier relationships.

Meeting customers where they are

While some want to call us directly to make a claim, others prefer to contact us digitally, especially for things like logging a straightforward claim or making a policy change. By digitising the front end of the customer journey, we can provide the flexibility of service that customers want and expect.

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Risk strategy

Our risk strategy is based on three key principles:

dwe maintain underwriting discipline;

dwe seek balance and diversification through the underwriting cycle;

dwe are transparent in our approach to risk, which allows us to continually improve awareness and hone our response.

Risk management framework

The Group takes an enterprise-wide approach to managing risk. The risk management framework provides a controlled system for identifying, measuring, managing, monitoring and reporting risk across the Group. The framework includes coverage of strategic, insurance, market, credit and operational risks. It supports innovative and disciplined underwriting across many different classes of insurance by guiding our appetite and tolerance for risk.

Exposures are monitored and evaluated both within the business units and at Group level to assess the overall level of risk being taken and the mitigation approaches being used. We consider how different exposures and risk types interact, and whether these may result in correlations, concentrations or dependencies. The objective is to optimise risk-return decision-making while managing total exposure, and in doing so remain within the parameters set by the Board.

The risk management framework is underpinned by a system of internal control, which provides a proportionate and consistent system for designing, implementing, operating and assessing the controls that manage our key risks. This framework is regularly reviewed and enhanced to reflect evolving practice in risk management and governance. During 2025, we have continued to maintain and further strengthen our system of internal control.

Risk appetite

The risk appetite sets out the nature and degree of risk the Group is prepared to take to meet its strategic objectives and business plan. It forms the basis of our exposure management and is monitored throughout the year.

Our risk appetite is set out in risk appetite statements, which outline the level of risk we are willing to assume, both by type and at an aggregate level. Risk appetites, which are set for the Group as a whole and for each of our insurance carriers, are reviewed annually, enabling us to respond to internal and external factors such as the growth or reduction of an area of the business, or changes in the underwriting cycle that may have an impact on capacity and rates.

Our risk management strategy positions us well to capture the upside of the risks we pursue and effectively manage the downside of the risks to which we are exposed.

Fabrice Brossart

Group Chief Risk Officer

managing expectations

Risk management

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Risk management across

the business

The Group coordinates risk management roles and responsibilities across three lines of defence. These are set out in the model on the left. We have Chief Risk Officers in place for each of our business units, and risk is also overseen and managed by formal and informal committees and working groups across the first and second lines of defence. These focus on specific risks such as catastrophe, cyber, casualty, sustainability, reserving, technology, investments and credit, as well as emerging risks. The Group Risk and Capital Committee and the Group Underwriting Review Committee are

sub-committees of the Risk Committee of the Board and make wider decisions on risk. More information on these Committees can be found on pages 72 to 73.

The Own Risk and Solvency Assessment (ORSA) process

The Group’s ORSA process involves a self-assessment of the risk mitigation and capital resources needed to achieve the strategic objectives of the Group and relevant insurance carriers on a current and forward-looking basis, while remaining solvent, given their risk profiles. The annual process includes multi-disciplinary teams from across the business, such as capital, finance and business planning.

Risk management framework

Understanding and managing the significant exposures we face.

Hiscox Own Risk and Solvency Assessment (ORSA) framework

The Group’s ORSA process is an evolution of its long-standing risk
management and capital assessment processes.

Three lines of defence

Assesses, challenges and advises on risk objectively

Provides independent oversight, challenge and support to the first line of defence.

Consists of the Group risk team and the compliance team.

Provides independent assurance of risk control

Provides independent assurance to the Board that risks are being managed in line with approved policies, appetite, frameworks and processes, and helps verify that the system of internal control is effective.

Consists of the internal audit function.

Owns risk and controls

Responsible for ownership and management of risks on a day‑to‑day basis.

Consists of everyone at every level in the organisation, as all have responsibility for risk management at an operational level.

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The role of the Board in risk management

The Board is at the heart of risk governance and is responsible for setting the Group’s risk strategy and appetite, and for overseeing risk management including the risk management framework. The Risk Committee of the Board advises on how best to manage the Group’s risk profile by reviewing the effectiveness of risk management activities and monitoring the Group’s risk exposures, to inform Board decisions. More information on the Risk Committee can be found on pages 100 to 101.

The role of the Group risk team in risk management

The Group risk team is responsible for designing and overseeing the implementation and continual improvement of the risk management framework. The team is led by the Group Chief Risk Officer who reports to the Group Chief Executive Officer and the Risk Committee of the Board.

The team works with the first-line business units and transversal functions to understand how they manage risks and whether they need to make

changes in their approach. It is also responsible for monitoring how the business goes about meeting regulatory expectations around enterprise risk management. The second-line Group risk and compliance function is organised into dedicated business unit and Group‑level teams, providing proximity to the business while enabling the provision of critical challenge to the business and ensuring robust risk management oversight.

Casualty extreme loss scenarios

As our casualty businesses continue to grow, we develop extreme loss scenarios to better understand and manage the associated risks. Losses in the region of $75‑$950 million could be suffered in the following extreme scenarios:

*Losses spread over multiple years.

†Losses incurred from non-cyber product lines from a cyber event.

‡As a point of comparison.

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With a continued focus on bringing together expertise from across the business to meet evolving risks head-on, this year saw a number of enhancements to existing operational risk management structures and processes, including a new Operational Risk Committee, an evolved set of operational resilience standards, and a new AI governance and ethics board.

“Our Operational Risk Committee has been a real catalyst,” says Lucy Currie, Hiscox’s Group Risk Director. “It’s brought together leaders from across operations, procurement, people, technology, data, and claims, and is already driving richer discussions on how we monitor the performance of critical suppliers and around lessons learned, like our response to the power outages in Iberia. It’s a space where we surface challenges and share solutions.”

The Committee’s remit includes people risk, third-party and supplier management, business processes, and data and AI governance. This ensures that key parts of the business are engaged in not only building resilience but also embedding it.

The work of the committee is supported by a set of operational resilience standards that were also enhanced this year. These standards represent a comprehensive Group‑wide framework covering everything from documented incident response plans to rigorous IT testing and is designed to ensure

the business can withstand and adapt to disruptions.

Regulatory expectations have also played a role in shaping the Group’s approach, driven by both new PRA and FCA operational resilience requirements in the UK and the Digital Operational Resilience Act (DORA) in Europe. Lucy explains: “We’ve adopted a high standard for operational resilience and are applying it globally, so that all our business units and functions are held to the same high bar. That means rigorous gap analysis, regular testing, and a rolling programme of crisis management exercises, all designed to keep the business prepared for whatever comes next.”

This forward-looking focus also applies to AI, and a new AI governance and ethics board set up during 2025 ensures that every use of AI aligns with the Group’s values and governance standards. Rather than focusing solely on efficiency or technical capability, the Board’s remit is to scrutinise whether proposed uses of AI are consistent with both legislation and the Group’s ethical standards. This complements existing forums, while sharpening the Group’s focus on AI risk and opportunity. “It’s a significant step in embedding responsible innovation within our risk management framework. We look at every new AI initiative to make sure compliance and ethical considerations are built in from the outset, which is a prime example of where risk management can be a valuable part of the business solution.”

Risk management in action: enhancing operational resilience

Lucy Currie

Group Risk Director

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Property extreme loss scenarios

Boxplot and whisker diagram of modelled Hiscox Ltd net loss ($m) January 2026.

Stress tests and reverse stress tests are regularly performed and reported on to the Risk Committee of the Board.
These include climate-related scenarios such as those shown in the chart below.

This chart shows a modelled range of net loss the Group might expect from any one catastrophe event.
The white on the red bars depicts the modelled mean loss.

The return period is the frequency at which an industry insured loss of a certain amount or greater is likely to occur.
For example, an event with a return period of 20 years would be expected to occur on average five times in 100 years.

JP EQ – Japanese earthquake

JP WS – Japanese windstorm

EU WS – European windstorm

US EQ – United States earthquake

US WS – United States windstorm

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Claims

reimagined

Delivering exceptional claims experiences has always been core to Hiscox, and during 2025 the Group continued to evolve its capabilities with customers in mind. So, what does great claims service look like now for Hiscox?

The Maxwell family’s journey with Hiscox began over 15 years ago, sparked by a recommendation from a trusted friend. “He was telling me about a claim he’d had with Hiscox following some smoke damage to his home and how straightforward and stress‑free that experience had been, and I took note,” Noa Maxwell recalled. The impression left by that story was strong enough for him and his wife, Orla, to go on to make Hiscox their home insurer of choice.

It was only years later that the family came to fully appreciate the value of the Company’s claims approach. High winds during a storm damaged part of the dormer roof,

with water damage affecting some of the upstairs of the property, and a failure in the drainage system caused flooding to the ground floor kitchen due to the volume of rainfall. The required remediation works included removing the kitchen, below-floor investigations, comprehensive drying, replacement flooring, and extensive redecoration. Given the scale of the damage and disruption, the family of five – and their two dogs – were temporarily relocated while repairs were completed.

“We were amazed how understanding Hiscox was,” Orla shared. “We had a single ‘point person’ at Hiscox that we could deal with from the beginning and that we could always reach directly. I was concerned about all the disruption and upheaval, especially our move into temporary accommodation while the damage was rectified. The prospect of trying to find somewhere local for us to decamp to that would still be convenient for us for work and for the children was

daunting, but the Hiscox claims handler we dealt with was incredibly helpful and just dealt with every hurdle for us in a really efficient and simple way.”

What truly set Hiscox apart for Noa was the human touch. “I’d expected the process to be laborious, with lots of paperwork to complete, when in fact it couldn’t have been more human and reasonable,” he reflected. “We were initially worried about damage to our kitchen cabinets, or to appliances, but there was just no argument on any of the small things that could have been quite big things to us, and that made the whole thing brilliantly worry-free.”

Now, back at home, their experience has made them passionate advocates for Hiscox, sharing their story with friends and family, and Noa has also insured his business through Hiscox. “The reason we joined Hiscox is someone telling us a story a bit like this and I’m so glad they did. Now we do the same with our friends.”

Creating advocates

Orla and Noa Maxwell,

pictured at home with

their dog, Badger.

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Claims expertise aligned to local customer needs

Our approach to claims is rooted in aligning the right expertise to each claim, so that customers are supported by professionals with deep knowledge of their specific needs. Our claims teams include qualified lawyers and recognised market-leading experts and is structured by both line of business and geography, so that our local claims experts are empowered to make decisions and solve problems swiftly.

It’s an approach that’s supported by communities of practice across regions, through which knowledge and specialist skills can be shared. During 2025, this included building on our existing practice groups in areas such as technical claims and change, to connect experts and share the best of Hiscox across technical lines of business. This means we’re able to leverage our global scale to bring the best of Hiscox claims to every single corner of the business.

Customer-focused claims innovation

Our use of technology is focused on giving our customers more choice in how they interact with us if they need to make a claim.

For more straightforward claims – such as the loss or theft of equipment – where we know customers value speed and efficiency, we are using technology to triage and process claims swiftly and seamlessly. In 2025, this resulted in one in nine of our retail claims being paid on the same day as the customer submitted the claim to us.

When it comes to more complex claims, such as professional negligence or a devastating house fire, we know that customers value one-to-one, expert

attention. In these instances, we provide customers with a single Hiscox point of contact that will support them through the process – all the way through from notification to resolution.

Our use of technology in claims is also focused on delivering quicker outcomes for customers.

During 2025, this included the integration of claims into our existing broker portals in Europe, and the trialling of new automated coverage assessment tools that, during

proof of concept, have accelerated claims processing by as much as 20%. We plan to expand on these capabilities throughout 2026, including in the USA where we’re looking at the use of agentic AI in the claims notification process to further enhance customer convenience.

In the UK, the introduction of AI‑powered assistants to support with administrative tasks is freeing up two to three hours per week for each of our claims handlers to spend on increased service delivery and hands‑on, human support to our customers, with more time savings to be realised over time.

In our London Market business, we continue to build on our successful collaboration with Google Cloud, which has already transformed our lead underwriting process by applying those same principles in claims. This includes the automation of manual claims tasks, which is freeing up our claims teams to support customers where they are most needed.

Protecting customers amidst a changing claims landscape

Insurance fraud remains a feature of our industry, which is why we’re committed to protecting genuine customers by continually strengthening our approach to fraud detection. By tackling fraud at every stage of the customer journey – whether that’s application fraud, claims fraud or fraud that occurs during the policy lifecycle – we protect genuine customers, reduce avoidable cost, are able to keep premiums fair, and can focus our resources where they are most needed.

receiving the right support

Our evolving capabilities mean that every customer receives the right level of support, through the channel of their choice, with empathy and efficiency at every step.

Steve Parry

Group Claims Director

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Writing our next chapter

A closer look

Claims reimagined

Governance

Remuneration

Financial summary

During 2025, we continued to invest in our dedicated fraud teams across the UK, London Market, USA, and Europe, and standardised our fraud governance and training approach to ensure that every claim we receive is assessed with both expertise and care.

Our use of people-led fraud detection paired with advanced data and technology solutions is helping us to detect fraudulent attempts – from doctored documents to stock photography – even quicker. This not only enhances fraud prevention but also helps us to create frictionless experiences for those customers whose claims can be resolved quickly and efficiently.

In 2025, we more than doubled fraud and recovery savings and while the claims landscape continues to change, so too does our approach through our use of both technology and training – with further enhancements planned for 2026.

Listening to our customers

We regularly conduct research and focus groups with customers across a range of geographies and demographics to understand and adapt to their evolving preferences. During 2025, this included engaging with customers who had experienced a property claim to understand the effectiveness of the claims journey and the communications they receive at every stage of the process. We also spoke to prospective customers about what a good claims journey would look like to them and made adjustments based on the collective feedback we received.

We track our claims net promoter scores (NPS) across the organisation, with consistently positive results, and regular quality assurance reviews and insights from customer feedback are used to continue to improve our processes. Our obsession with learning from both positive and negative experiences drives ongoing enhancements to our claims journey.

$2bn

paid out in claims in 2025.

340+

Hiscox claims professionals worldwide.

76

Retail claims net promoter score in 2025.

Over two-thirds

of all retail claims paid.

1 in 9

retail claims paid on the same day as the customer submitted the claim to us.

Hiscox claims

in action

Shared expertise

centres of excellence in areas including fraud and recoveries, vendor management, quality assurance and indemnity management.

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Claims reimagined

Governance

Remuneration

Financial summary

As a global business, we have diverse stakeholders with diverse interests, so understanding what matters most to them through regular engagement is an important part of our decision‑making processes.

We engage with stakeholders at every level, including Board level, to build positive relationships, respond to their areas of interest, and ensure their expectations of Hiscox are met.

Our key stakeholder relationships will be managed in different parts of the business, and in different ways. However, they are united by a common Hiscox approach, driven by our values, and each has an appropriate degree of Executive involvement and Board oversight.

The power of partnership

Stakeholder engagement

We approach all of our stakeholder relationships professionally and pragmatically, and their inputs help to shape our business.

Business written through brokers remains the largest distribution channel for the Group, and in 2025 Hiscox launched Broker Accelerator to revolutionise the way it manages its relationships with key broking partners.

Broker Accelerator complements the work that takes place in each geography and business unit today, by harnessing the full strength and capabilities of Hiscox to provide brokers with more value, more support, and faster access to Hiscox expertise in a ‘One Hiscox’ way.

As Alastair Burns, Head of Broker Accelerator, explains: “Brokers can now tap into the whole of Hiscox much more easily and benefit

from our collective capabilities for smarter, more effective problem‑solving. It’s about demonstrating to our brokers that we can bring more than just a single piece of the puzzle to them at any one time.”

The impact of this approach is already being felt and the feedback from brokers has been positive. Cross‑border collaboration has enabled Hiscox to support brokers in new markets this year and, where pragmatic, mutually beneficial deals have been struck by leveraging relationships across regions.

The Group will build on this work in 2026, particularly in relation to broker intelligence, to ensure that data and insight are accessible and shared.

As Alastair concludes: “Our approach sets us apart in the market. We’re big enough to meaningfully collaborate with global brokers, but agile enough to bring our component parts and capabilities together for those big valuable broker conversations around how to help them build their business, through serving their customers better.”

Stakeholder engagement in action: Broker Accelerator

Alastair Burns

Head of Broker Accelerator

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Governance

Remuneration

Financial summary

How the business engages with shareholders

dOur Group Chief Executive Officer, Group Chief Financial Officer, Group Chief Underwriting Officer and Director of Investor Relations meet with existing shareholders, potential investors and research analysts regularly to discuss our strategy, trading conditions, business performance, and other factors affecting our operations.

dWe conduct annual investor roadshows each year in the UK, USA, Europe and the Middle East.

dWe participate in a range of investor conferences across regions.

dWe report to the market on Company performance four times per year, with interim and preliminary results also shared via an online webcast which is open to capital markets stakeholders to attend. These materials are available on our corporate website and as an email alert for subscribers.

dWe publish our Annual Report and Accounts each March, giving shareholders a more detailed view of the business.

dDuring 2025, we held our first Capital Markets Day, providing shareholders with more information on our retail businesses and the size of the retail opportunity, and introducing a number of new financial targets.

How the Board engages with shareholders

dBoard members engage with shareholders as part of our AGM.

dBoard members engage with shareholders at other key governance moments, for example around remuneration policy review periods.

Outcomes of engagement and relevant KPIs in 2025

dOver 300 attendees to our first Capital Markets Day.

dAll 2025 AGM resolutions passed with a significant majority.

dHeld over 470 meetings with over 250 investors, representing approximately 76% of our issued share capital.

Shareholders

We maintain ongoing engagement with our shareholders, focusing on our clear strategy, strong underwriting discipline, and sound capital management.

How the business engages with customers

dWe conduct both quantitative surveys and qualitative research with thousands of customers each year – including feedback after they have bought a product or made a claim – which help to continually improve our offering.

dWe measure the health of our brand through regular brand tracking surveys which assess consumer brand awareness and perception, and inform marketing and sales activities.

dWe use a combination of customer insight and claims experience to develop our risk transfer products and risk mitigation tools. These include our cyber exposure calculator, the cyber training we offer through our CyberClear Academy, and Leakbot – an early warning leak detection tool we offer all UK high-value home customers to help mitigate escape of water claims.

dDuring 2025, we introduced ‘structured solutions’ in our London Market business to provide customers with multi-year pricing certainty and access to specialised cover that is more closely tailored to individual customer needs (see page 25).dIn our London Market terrorism business, we offer a risk mitigation allowance to support our clients with readiness activities that help them to reduce the risks they face, for example through the testing of crisis management or business continuity plans, or via team training.

dIn our capital partners division, we hold an annual summit for our fund and sidecar investors to showcase the depth and breadth of the Hiscox proposition and emphasise what makes Hiscox different as a potential investment partner in the reinsurance and ILS space.

How the Board engages with customers

dThe Board receives updates on customer research and insight work, and on customer‑focused regulation as appropriate, for example the UK’s Consumer Duty regulation.

Outcomes of engagement and relevant KPIs in 2025

dCustomer satisfaction scores (see page 21).dPaid out $2 billion in claims to customers.

dClaims transactional net promoter score of 76 (see page 21).

dProvided over 1,200 Leakbot devices to customers and, of these, almost a third detected a leak within the first three months of installation – reducing both damage to property and costly escape of water claims.

Customers

We have over 1.7 million retail customers worldwide and providing each of them with products they can rely on is what we are here for.

Read more on pages 48 to 51.

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