# Hiscox (HSX.LSE)

Canonical: https://gigainvestors.com/s/HSX.LSE

Analysis as of: 2026-10-16T07:36:25.646Z. Financial observations: FY2015–FY2025.

Listing currency: GBX. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: GBX 1,852.00 per share; close as of 2026-10-15.

Estimated value: low GBX 636.28 per share, central GBX 795.34 per share, high GBX 1,060.46 per share. Buy at or below the central value GBX 795.34 per share. Valuation as of 2026-10-16T07:36:25.646Z; scenarios are not confidence intervals.

Expected annual return: 7.7% at the stated quote. About 7.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 8

- Return on common equity variation (informational): 1.28×

Chart: Net income; fiscal year observations.

- FY2016: $337M

- FY2017: $34M

- FY2018: $118M

- FY2019: $49M

- FY2020: -$294M

- FY2021: $190M

- FY2022: $42M

- FY2023: $712M

- FY2024: $627M

- FY2025: $617M

### moat: fail

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- median return on common equity below threshold

- Bank / P&C ROTE, median of available years: 7.1%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 1.6%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 16.1%

- FY2017: 1.6%

- FY2018: 5.7%

- FY2019: 2.6%

- FY2020: -14.3%

- FY2021: 8.5%

- FY2022: 1.8%

- FY2023: 24.0%

- FY2024: 18.6%

- FY2025: 17.3%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 7.8%

- Book return interval: 10 years

- Starting book value per share: $7.89

- Ending book value per share: $11.47

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 3.6%

- FY2017: 13.2%

- FY2018: -0.3%

- FY2019: 1.5%

- FY2020: -8.9%

- FY2021: 7.9%

- FY2022: 7.3%

- FY2023: 28.8%

- FY2024: 16.8%

- FY2025: 13.0%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 0.2%

- Share growth excluding flagged crisis recapitalisations: 1.8%

- Five-year share growth excluding flagged crisis recapitalisations: 0.2%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.73×

- Book value created per share: $3.58

- Earnings retained per share after dividends and buybacks: $2.07

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 102

- FY2017: 99

- FY2018: 99

- FY2019: 99

- FY2020: 119

- FY2021: 121

- FY2022: 122

- FY2023: 123

- FY2024: 122

- FY2025: 120

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 8.3% a year forever · net income -1.7%

Story as of 2026-10-16T10:00:07.469Z; price observation 2026-10-15.

The price assumes profits grow 8.3% a year forever

### Net income · FY2025

net income -1.7%; source https://filings.xbrl.org/5493007JXOLJ0QCY2D70/2025-12-31/ESEF/GB/0/5493007JXOLJ0QCY2D70-2025-12-31/reports/5493007JXOLJ0QCY2D70-2025-12-31-T01.html; observed 2026-03-18.

- FY2016: $337M 

- FY2017: $34M 

- FY2018: $118M 

- FY2019: $49M 

- FY2020: -$294M 

- FY2021: $190M 

- FY2022: $42M 

- FY2023: $712M 

- FY2024: $627M 

- FY2025: $617M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are USD 5.5 billion.

- Source: https://filings.xbrl.org/5493007JXOLJ0QCY2D70/2025-12-31/ESEF/GB/0/5493007JXOLJ0QCY2D70-2025-12-31/reports/5493007JXOLJ0QCY2D70-2025-12-31-T01.html (filed 2026-03-18); FY2025: revenue 5483276823.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HSX.LSE: Hiscox Ltd, through its subsidiaries, provides insurance and reinsurance services in the United Kingdom, Europe, the United States, and internationally. It operates through Hiscox Retail, Hiscox London Market, and Hiscox Re segments. The company offers commercial insurance, such as emerging professions, media and tech, and small business insurance; and personal lines, including high-value homes and fine art, as well as artwork, antiques, classic cars, jewelry, collectables, and other assets through brokers, partners, and direct-to-consumers. It also provides property insurance; marine, specialty, cyber, and energy insurance; casualty insurance; terrorism, kidnap, and ransom insurance; and other specialty insurance products. In addition, the company offers property and casualty reinsurance services, as well as investment services. Hiscox Ltd was founded in 1901 and is headquartered in Pembroke, Bermuda.

### Why customers stay

It earns 7.1% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); 10-year return on tangible equity observations [[2016,0.16124988587507819],[2017,0.015586382727237598],[2018,0.05741976330784591],[2019,0.02559405422380404],[2020,-0.14299625103461708],[2021,0.08516471169835063],[2022,0.01802463799438081],[2023,0.2395934986707945],[2024,0.1855621301775148],[2025,0.1729063863626115]]; median 0.07129223750309827. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 328 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Dividend observations: [[2016,138827820],[2017,97944000],[2018,105698000],[2019,111600000],[2020,39200000],[2021,39200000],[2022,119800000],[2023,124500000],[2024,127000000],[2025,148552633]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/5493007JXOLJ0QCY2D70/2025-12-31/ESEF/GB/0/5493007JXOLJ0QCY2D70-2025-12-31/reports/5493007JXOLJ0QCY2D70-2025-12-31-T01.html (filed 2026-03-18); FY2025: cash repurchases 328040971 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); HSX.LSE SharesStats.PercentInsiders = 0.184 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-18); Price 1852; FX 75.34943299551671; original perpetual distributable cash 0.4222168096225581; discount 0.1; growth 0.08282192375473231. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (GBX per share)

- 2016-10: GBX 1,021.00 per share

- 2016-11: GBX 1,047.00 per share

- 2016-12: GBX 1,017.00 per share

- 2017-01: GBX 1,026.00 per share

- 2017-02: GBX 1,086.00 per share

- 2017-03: GBX 1,094.00 per share

- 2017-04: GBX 1,132.00 per share

- 2017-05: GBX 1,228.00 per share

- 2017-06: GBX 1,267.00 per share

- 2017-07: GBX 1,298.00 per share

- 2017-08: GBX 1,278.00 per share

- 2017-09: GBX 1,280.00 per share

- 2017-10: GBX 1,428.00 per share

- 2017-11: GBX 1,385.00 per share

- 2017-12: GBX 1,464.00 per share

- 2018-01: GBX 1,414.00 per share

- 2018-02: GBX 1,391.00 per share

- 2018-03: GBX 1,456.00 per share

- 2018-04: GBX 1,489.00 per share

- 2018-05: GBX 1,502.00 per share

- 2018-06: GBX 1,525.00 per share

- 2018-07: GBX 1,598.00 per share

- 2018-08: GBX 1,685.00 per share

- 2018-09: GBX 1,645.00 per share

- 2018-10: GBX 1,628.00 per share

- 2018-11: GBX 1,686.00 per share

- 2018-12: GBX 1,621.00 per share

- 2019-01: GBX 1,418.00 per share

- 2019-02: GBX 1,599.00 per share

- 2019-03: GBX 1,560.00 per share

- 2019-04: GBX 1,674.00 per share

- 2019-05: GBX 1,636.00 per share

- 2019-06: GBX 1,692.00 per share

- 2019-07: GBX 1,700.00 per share

- 2019-08: GBX 1,550.00 per share

- 2019-09: GBX 1,660.00 per share

- 2019-10: GBX 1,489.00 per share

- 2019-11: GBX 1,363.00 per share

- 2019-12: GBX 1,424.00 per share

- 2020-01: GBX 1,313.00 per share

- 2020-02: GBX 1,226.00 per share

- 2020-03: GBX 925.00 per share

- 2020-04: GBX 702.60 per share

- 2020-05: GBX 740.40 per share

- 2020-06: GBX 788.60 per share

- 2020-07: GBX 781.60 per share

- 2020-08: GBX 793.40 per share

- 2020-09: GBX 893.40 per share

- 2020-10: GBX 824.40 per share

- 2020-11: GBX 1,083.00 per share

- 2020-12: GBX 994.00 per share

- 2021-01: GBX 934.40 per share

- 2021-02: GBX 944.00 per share

- 2021-03: GBX 860.40 per share

- 2021-04: GBX 812.00 per share

- 2021-05: GBX 784.20 per share

- 2021-06: GBX 831.60 per share

- 2021-07: GBX 876.40 per share

- 2021-08: GBX 918.80 per share

- 2021-09: GBX 839.60 per share

- 2021-10: GBX 833.00 per share

- 2021-11: GBX 828.40 per share

- 2021-12: GBX 860.80 per share

- 2022-01: GBX 970.80 per share

- 2022-02: GBX 921.80 per share

- 2022-03: GBX 983.60 per share

- 2022-04: GBX 946.60 per share

- 2022-05: GBX 924.40 per share

- 2022-06: GBX 942.40 per share

- 2022-07: GBX 892.60 per share

- 2022-08: GBX 897.80 per share

- 2022-09: GBX 882.40 per share

- 2022-10: GBX 899.20 per share

- 2022-11: GBX 1,000.50 per share

- 2022-12: GBX 1,089.50 per share

- 2023-01: GBX 1,124.50 per share

- 2023-02: GBX 1,140.00 per share

- 2023-03: GBX 1,109.00 per share

- 2023-04: GBX 1,182.00 per share

- 2023-05: GBX 1,172.00 per share

- 2023-06: GBX 1,091.00 per share

- 2023-07: GBX 1,079.00 per share

- 2023-08: GBX 997.50 per share

- 2023-09: GBX 1,005.00 per share

- 2023-10: GBX 938.00 per share

- 2023-11: GBX 1,016.00 per share

- 2023-12: GBX 1,054.00 per share

- 2024-01: GBX 1,039.00 per share

- 2024-02: GBX 1,133.00 per share

- 2024-03: GBX 1,240.00 per share

- 2024-04: GBX 1,230.00 per share

- 2024-05: GBX 1,142.00 per share

- 2024-06: GBX 1,150.00 per share

- 2024-07: GBX 1,271.00 per share

- 2024-08: GBX 1,177.00 per share

- 2024-09: GBX 1,146.00 per share

- 2024-10: GBX 1,082.00 per share

- 2024-11: GBX 1,050.00 per share

- 2024-12: GBX 1,083.00 per share

- 2025-01: GBX 1,093.00 per share

- 2025-02: GBX 1,186.00 per share

- 2025-03: GBX 1,176.00 per share

- 2025-04: GBX 1,099.00 per share

- 2025-05: GBX 1,261.00 per share

- 2025-06: GBX 1,255.00 per share

- 2025-07: GBX 1,292.00 per share

- 2025-08: GBX 1,305.00 per share

- 2025-09: GBX 1,369.00 per share

- 2025-10: GBX 1,375.00 per share

- 2025-11: GBX 1,340.00 per share

- 2025-12: GBX 1,423.00 per share

- 2026-01: GBX 1,482.00 per share

- 2026-02: GBX 1,548.00 per share

- 2026-03: GBX 1,511.00 per share

- 2026-04: GBX 1,548.00 per share

- 2026-05: GBX 1,749.00 per share

- 2026-06: GBX 1,847.00 per share

- 2026-07: GBX 1,809.00 per share

- 2026-08: GBX 1,842.00 per share

- 2026-09: GBX 1,854.00 per share

- 2026-10: GBX 1,852.00 per share

## Annual estimated value (GBX per share)

- FY2019: low GBX 263.69 per share, central GBX 290.09 per share, high GBX 322.37 per share

- FY2020: low GBX 170.76 per share, central GBX 187.85 per share, high GBX 208.74 per share

- FY2021: low GBX 245.91 per share, central GBX 271.27 per share, high GBX 302.46 per share

- FY2022: low GBX 309.90 per share, central GBX 343.35 per share, high GBX 384.91 per share

- FY2023: low GBX 444.39 per share, central GBX 505.18 per share, high GBX 585.23 per share

- FY2024: low GBX 571.29 per share, central GBX 689.02 per share, high GBX 867.86 per share

- FY2025: low GBX 584.81 per share, central GBX 731.01 per share, high GBX 974.68 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:10.975Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/5493007JXOLJ0QCY2D70/2025-12-31/ESEF/GB/0/5493007JXOLJ0QCY2D70-2025-12-31/reports/5493007JXOLJ0QCY2D70-2025-12-31-T01.html); period 2025-12-31, filed 2026-03-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations