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HISCOX

(HSX BMG4593F1041 GBX)

Value 385.000

Change Today +4.40

Updated17/05 16:35

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PROFILE

Registered Number	38877
Registered Address	Wessex House 45 Reid Street Hamilton HM12 Bermuda
Phone Number	+1 441 2788300
Fax Number
Website	http://www.hiscox.com
Activities	Engages in the insurance and reinsurance businesses
Country of Register	JE
Currency	GBX
Short Name	HISCOX
First Day Traded	12/12/2006
Industrial Sector	Full Line Insurance
Number of shares	388m

Key People

Robert Hiscox	Chairman
Bronislaw Masojada	Chief Executive Officer
Robert Childs	Director
Stuart Bridges	Financial Director
Ernst Jansen	Non Executive Director
Daniel Healy	Non Executive Director
Andrea Rosen	Non Executive Director

Major Shareholders

Invesco Asset Management Ltd.	13.80%
MFS Investment Management Inc.	6.03%

Director Deals

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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	1,054.48	1,050.89	1,210.38	1,224.01	1,214.34
Premiums Earned	965.19	953.02	1,098.10	1,131.16	1,145.01
Total Investment Income	60.14	73.27	73.05	57.80	46.97
Realized Gains (Losses)	10.11	4.74	19.73	12.97	5.04
Other Operating Income	19.04	19.86	19.50	22.08	17.32
Losses, Claims & Reserves	423.37	479.38	463.22	571.00	697.90
Losses, Benefits & Adjustments	423.37	479.38	463.22	571.00	697.90
Long Term Insurance Reserves	0	0	0	0	0
Selling, General & Administrative Expenses & Other	394.22	571.18	395.82	446.82	500.51
Selling, General & Administrative Expenses	341.38	336.07	369.26	390.76	387.96
Other Selling, General & Admin. Expense	76.81	83.20	112.63	120.87	118.17
Underwriting & Commissions	264.57	252.87	256.63	269.89	269.79
Other Operating Expense	52.84	235.12	26.56	56.06	112.55
Operating Income Before Interest Expense	236.89	0.32	351.35	206.20	15.93
Interest Expense, Net of Interest Capitalized	8.18	5.16	5.29	10.09	6.70
Interest Expense (excl. Interest Capitalized)	8.18	5.16	5.29	10.09	6.70
Interest Capitalized	0	0	0	0	0
Operating Income After Interest Expense	228.72	-4.84	346.05	196.11	9.23
Non-Operating Income (Expense)	8.40	109.76	-25.55	15.48	7.82
Interest Income	0	0	0	0	0
Miscellaneous Non Operating Expense	8.40	109.76	-25.55	15.48	7.82
Equity in Affiliates (Pretax)	0	0	0	0	0
Reserves Increase (Decrease)	0	0	0	0	0
Unusual Expense	0	0	0	0	0
Pretax Income	237.12	104.92	320.50	211.59	17.05
Income Taxes	45.95	34.37	40.12	32.57	-4.00
Income Tax - Current - Domestic	26.89	-32.34	53.38	57.17	-95.43
Income Tax - Current - Foreign	0	0	0	0	0
Income Tax - Deferred - Domestic	19.06	66.71	-13.25	-24.60	91.43
Income Tax - Deferred - Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	0	0	0	0	0
Equity in Affiliates	0.08	0.26	0.12	-0.22	0.22
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	191.25	70.81	280.50	178.80	21.27
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	191.25	70.81	280.50	178.80	21.27
Preferred Dividends	0	0	0	0	0
Net Inc. Avail. To Common - Basic	191.25	70.81	280.50	178.80	21.27
Operational EPS	46.78	18.12	72.33	45.41	5.33
EPS (basic)	48.40	18.80	75.20	47.20	5.50
EPS (diluted)	46.78	18.12	72.33	45.41	5.33

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash Only	236.42	353.54	166.78	260.71	258.93
Total Investment Assets	1,814.15	2,168.85	2,506.17	2,534.41	2,626.26
Total Fixed Income Securities Investment	1,444.53	1,928.60	2,267.05	2,299.97	2,182.23
Bonds	1,444.53	1,928.60	2,267.05	2,299.97	2,182.23
Redeemable Preferred Stock	0	0	0	0	0
Total Equity Securities Investment	159.42	124.86	133.84	154.86	173.43
Common Stocks	159.42	124.86	133.84	20.30	173.43
Non-Redeemable Preferred Stock	0	0	0	0	0
Real Estate Assets	0	0	0	0	0
Mortgage, Policy & Other Loans	0	0	0	0	0
Other Investments	210.20	115.39	105.28	79.59	270.60
Premium Balance Receivables	327.76	441.19	412.49	411.48	428.72
Net Property, Plant & Equipment	19.38	19.67	22.24	19.74	18.16
Investment in Unconsolidated Subs.	1.50	7.20	7.32	6.89	6.38
Other Assets (incl. Intangibles)	220.99	259.10	268.21	280.78	366.04
Separate & Variable Account Assets	0	0	0	0	0
Deferred Charges	132.64	139.08	141.51	150.39	158.44
Tangible Other Assets	47.90	71.46	76.29	66.28	140.05
Intangible Assets	40.45	48.56	50.41	64.11	67.55
Total Assets	2,660.36	3,277.30	3,414.94	3,543.06	3,754.84
Insurance Policy Liabilities (Insurance)	1,433.80	1,789.70	1,702.23	1,817.10	2,007.75
Insurance Reserves - (Insurance)	0	0	0	0	0
Unearned Premiums	440.58	448.27	481.79	484.89	518.00
Policy Claims	993.22	1,341.43	1,220.43	1,332.21	1,489.74
Other Insurance Liabilities	0	0	0	0	0
Total Debt	92.22	90.72	138.39	20.05	0
ST Debt & Current Portion of LTD	45.88	90.28	138	20	0
Short Term Debt	0	90.28	138	20	0
Current Portion of LT Debt	45.88	0	0	0	0
Long-Term Debt	46.34	0.44	0.39	0.05	0
LT Debt excl. Capital Lease Obligations	45.88	0	0	0	0
Capitalized Lease Obligations	0.46	0.44	0.39	0.05	0
Provision for Risks & Charges	0.59	0	0	0	0
Deferred Taxes	9.75	68.65	55.60	31.34	126.70
Deferred Taxes - Credit	49.90	96.40	87.33	60.39	177.06
Deferred Taxes - Debit	-40.15	-27.75	-31.74	-29.05	-50.36
Accumulated Minority Interest	0	0	0	0	0
Other Liabilities	259.54	349.47	365.71	379.41	314.14
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	194.88	291.42	365.71	314.47	257.29
Deferred Income	64.66	58.05	0	64.93	56.85
Total Liabilities	1,836.05	2,326.27	2,293.66	2,276.94	2,498.94
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	824.30	951.03	1,121.29	1,266.11	1,255.90
Common Stock Par/Carry Value	19.90	20.07	20.16	20.30	20.56
Additional Paid-In Capital/Capital Surplus	403.79	361.50	315.30	260.81	277.09
Retained Earnings	443.88	462.15	748.10	935.56	897.73
ESOP Debt Guarantee	0	0	0	0	0
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-43.27	107.32	37.73	49.46	60.52
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	0	0	0	0	0
Unappropriated Reserves	0	0	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	824.30	951.03	1,121.29	1,266.11	1,255.90
Liabilities & Shareholders' Equity	2,660.36	3,277.30	3,414.94	3,543.06	3,754.84

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Funds from Operations	-123.52	200.94	-140.03	271	258.20
Extraordinaries	0	0	0	0	0
Changes in Working Capital	0	0	0	0	0
Net Operating Cash Flow	-123.52	200.94	-140.03	271	258.20
Capital Expenditures	10.29	8.05	11.71	19.05	12.55
Capital Expenditures (Fixed Assets)	7.79	4.52	8.80	3.46	2.56
Capital Expenditures (Other Assets)	2.50	3.53	2.91	15.59	9.99
Net Assets from Acquisitions	-12.07	-3.14	0	-3.66	0
Sale of Fixed Assets & Businesses	0	0	0	0	0
Purchase/Sale of Investments	-1.27	-5.44	0	0.47	0.73
Purchase of Investments	-1.27	-5.44	0	0	0
Sale/Maturity of Investments	0	0	0	0.47	0.73
Other Uses	0	-0.04	0	0	0
Other Sources	0	0	0	0	0
Net Investing Cash Flow	-23.63	-16.67	-11.71	-22.25	-11.82
Cash Dividends Paid - Total	-43.59	-46.76	-48.61	-58.46	-50.51
Common Dividends	-43.59	-46.76	-48.61	-58.46	-50.51
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-6.18	-60.43	2.50	4.11	3.22
Repurchase of Common & Preferred Stk.	-11.34	-65.07	0	0	0
Sale of Common & Preferred Stock	5.16	4.63	2.50	4.11	3.22
Proceeds from Stock Options	0	0	0	4.11	3.22
Other Proceeds from Sale of Stock	5.16	4.63	2.50	0	0
Issuance/Reduction of Debt, Net	-0.27	-1.29	47.72	-118.54	-20
Change in Current Debt	0	0	0	0	0
Change in Long-Term Debt	-0.27	-1.29	47.72	-118.54	-20
Issuance of Long-Term Debt	0	0	47.72	0	0
Reduction in Long-Term Debt	-0.27	-1.29	0	-118.54	-20
Other Funds	0	0	0	0	0
Other Uses	0	0	0	0	0
Other Sources	0	0	0	0	0
Net Financing Cash Flow	-50.05	-108.48	1.61	-172.89	-67.30
Exchange Rate Effect	-2.93	62.09	-30.84	0.51	1.45
Miscellaneous Funds	0.00	0.00	0.00	0.00	0.00
Net Change in Cash	-200.13	137.88	-180.98	76.37	180.53
Free Cash Flow	-174.90	149.67	-197.45	209.08	205.13

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	1,127.59	1,253.46	1,188.77	1,452.37	1,450.75
Price/Earnings	5.92	18.09	4.22	8.08	67.91
Price/Sales	1.07	1.22	0.98	1.18	1.18
Price/Book Value	1.37	1.32	1.06	1.15	1.16
Price/Cash Flow	0	6.61	0	5.54	5.77
Enterprise Value/EBIT	0	0	0	0	0
Enterprise Value/EBITDA	0	0	0	0	0
Enterprise Value/Sales	1.20	1.35	1.13	1.24	1.23
Total Debt/Enterprise Value	0.07	0.06	0.10	0.01	0
Total Debt/EBITDA	0	0	0	0	0
EPS (basic)	48.40	18.80	75.20	47.20	5.50
EPS (diluted) as stated	46.78	18.12	72.33	45.41	5.33
Profitability
Operating Margin (%)	22.47	0.03	29.03	16.85	1.31
Pretax Margin (%)	22.49	9.98	26.48	17.29	1.40
Net Margin (%)	18.14	6.74	23.17	14.61	1.75
Return on Assets (%)	7.59	2.39	8.38	5.14	0.58
Return on Equity (%)	25.39	7.98	27.07	14.98	1.69
Return on Avg. Total Capital (%)	22.61	7.23	24.38	14.05	1.67
Return on Avg. Invested Capital (%)	23.91	7.77	27.06	14.98	1.69
Efficiency
Revenue/Employee	1.31	1.15	1.14	0	0
Total Asset Turnover	0.42	0.35	0.36	0.35	0.33
Capital Structure
Debt-to-Total Equity (%)	11.19	9.54	12.34	1.58	0.00
Debt-to-Total Capital (%)	10.06	8.71	10.99	1.56	0.00
Debt-to-Total Assets (%)	3.47	2.77	4.05	0.57	0.00
Interest Coverage	0.00	0.00	0.00	0.00	0.00

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,442.49	-1.24%
HONG KONG HANG SENG INDIC	19,200.93	+0.00%
Nikkei 225	8,876.59(c)	+0.00%

Name	Latest	Var
RANDGOLD RES.	4,855.00(c)	+4.63%
ICAP	342.00(c)	+1.63%
NATIONAL GRID	675.00(c)	+1.43%
ANTOFAGASTA	1,026.00(c)	+1.38%
CENTRICA	311.90(c)	+1.10%

Name	Latest	Var
INTL. CONS. AIR GRP	143.50(c)	-6.02%
AVIVA	267.70(c)	-4.70%
GKN	184.30(c)	-4.21%
HARGREAVES LANS	480.70(c)	-4.15%
MAN GROUP	78.55(c)	-4.09%

Buys

Name	Latest	Var
AVIVA	267.70(c)	-4.70%
LAMPRELL	128.50(c)	+1.18%
RED EMPEROR RES	18.00(c)	-41.46%
LLOYDS GRP.	27.65(c)	-3.56%
RANGE RES.	7.25(c)	-16.47%

Sells

Name	Latest	Var
RED EMPEROR RES	18.00(c)	-41.46%
RANGE RES.	7.25(c)	-16.47%
BP	396.65(c)	-0.75%
AVIVA	267.70(c)	-4.70%
VODAFONE GRP.	165.90(c)	-1.19%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

HISCOX

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

Analysis Data

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