Hiscox Ltd (HCXLY) Q3 2026 Sales/Trading Call Transcript

Operator

Hello, everyone. Thank you for joining us today for Hiscox IMS Q3 2026 Call. My name is Sami and I’ll be coordinating your call today. [Operator Instructions]

I will now hand over to your host, Paul Cooper, CFO, to begin. Please go ahead, Paul.

Paul Cooper
Group CFO & Executive Director

Good morning, and thank you for joining today’s call. I will take you through the group’s performance for the first 9 months of 2026, focusing on premium growth, our change program, claims and the investment results. After that, we will open the call for questions. Starting with premium. ICWP increased by 9.5% to over $4.4 billion. This was underpinned by accelerating momentum in all retail markets, while in big ticket, proactive cycle management was offset by innovation, expansion into adjacent specialty classes and third-party capital support.

Now let’s dive into the details, starting with our Retail business. Retail ICWP reached $2.25 billion, increasing by 9.1% in constant currency, with double-digit growth in the discrete third quarter, leaving us well-positioned to deliver our upgraded full year guidance. Growth remained broad-based and volume-led. U.K. premiums grew by 11.1% in constant currency to $811 million, supported by continued investment in the brand, successful execution of our sector strategy and increased production from distribution deals.

Growth was underpinned by double-digit expansion in direct commercial, where new business increased by