LONDON (dpa-AFX) - Insurance provider, Hiscox Ltd (HSX.L) Wednesday reported profit before tax of $44.7 million for the full year, lower than $190.8 million in the previous year. Investment result for the year was a loss of $187.3 million compared with a profit of $51.2 million a year ago.
Net profit for the year declined to $41.7 million or 12.0 cents per share from $189.5 million or 54.7 cents per share last year.
Net premiums earned was $2.928 billion, slightly higher than $2.919 billion a year ago.
Net asset value per share declined to 701.2 cents from 739.8 cents in the previous year.
The company's Board has recommended a final dividend at 24.0 cents per share to be paid on June 13, to shareholders on the record as on May 5.
'We expect the investment result, which has been a headwind over the last 12 months, to become a tailwind in 2023, as bond reinvestment yields reached 5.2% at the end of February,' said Aki Hussain, Group Chief Executive Officer.
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