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Hiscox

DB:H2X3
Snowflake Description

Reasonable growth potential with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
H2X3
DB
£5B
Market Cap
  1. Home
  2. DE
  3. Insurance
Company description

Hiscox Ltd, together with its subsidiaries, provides insurance and reinsurance services. The last earnings update was 103 days ago. More info.


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H2X3 Share Price and Events
7 Day Returns
1.2%
DB:H2X3
1.9%
DE Insurance
0.7%
DE Market
1 Year Returns
7%
DB:H2X3
20.5%
DE Insurance
-8.7%
DE Market
H2X3 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Hiscox (H2X3) 1.2% 1.5% 4.5% 7% 42.3% -
DE Insurance 1.9% 2.8% 5.9% 20.5% 47.7% 63.3%
DE Market 0.7% -1.2% 0.2% -8.7% 10% 8.1%
1 Year Return vs Industry and Market
  • H2X3 underperformed the Insurance industry which returned 20.5% over the past year.
  • H2X3 outperformed the Market in Germany which returned -8.7% over the past year.
Price Volatility
H2X3
Industry
5yr Volatility vs Market

Value

 Is Hiscox undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Hiscox to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Hiscox.

DB:H2X3 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 9 analysts.
= Stable Book Value * Return on Equity
= $9.46 * 13.2%
$1.25
Book Value of Equity per Share Weighted future Book Value estimates from 10 analysts. $9.46
Discount Rate (Cost of Equity) See below 5.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:H2X3
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.689 (1 + (1- 21%) (11.32%))
0.833
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.833 * 5.96%)
5.19%

Discounted Cash Flow Calculation for DB:H2X3 using Excess Returns Model Model

The calculations below outline how an intrinsic value for Hiscox is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:H2X3 Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (13.2% – 5.19%) * $9.46)
$0.76
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.76 / (5.19% - 0.23%)
$15.27
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $9.46 + $15.27
$24.74
DB:H2X3 Discount to Share Price
Calculation Result
Exchange Rate USD/GBP
(Reporting currency to currency of LSE:HSX)
0.797
Value per Share
(GBP)
= Value per Share in USD x Exchange Rate (USD/GBP)
= $24.74 x 0.797
£19.71
Value per share (EUR) From above. €21.28
Current discount Discount to share price of €18.48
= -1 x (€18.48 - €21.28) / €21.28
13.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Hiscox is available for.
Intrinsic value
13%
Share price is €18.48 vs Future cash flow value of €21.28
Current Discount Checks
For Hiscox to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Hiscox's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Hiscox's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Hiscox's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Hiscox's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:H2X3 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $0.45
LSE:HSX Share Price ** LSE (2019-06-19) in GBP £17.11
LSE:HSX Share Price converted to USD reporting currency Exchange rate (GBP/ USD) 1.255 $21.48
Germany Insurance Industry PE Ratio Median Figure of 6 Publicly-Listed Insurance Companies 13.07x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.53x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Hiscox.

DB:H2X3 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= LSE:HSX Share Price ÷ EPS (both in USD)

= 21.48 ÷ 0.45

47.58x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hiscox is overvalued based on earnings compared to the DE Insurance industry average.
  • Hiscox is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Hiscox's expected growth come at a high price?
Raw Data
DB:H2X3 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 47.58x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts
24.9%per year
Germany Insurance Industry PEG Ratio Median Figure of 5 Publicly-Listed Insurance Companies 3.27x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.49x

*Line of best fit is calculated by linear regression .

DB:H2X3 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 47.58x ÷ 24.9%

1.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hiscox is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Hiscox's assets?
Raw Data
DB:H2X3 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $8.05
LSE:HSX Share Price * LSE (2019-06-19) in GBP £17.11
LSE:HSX Share Price converted to USD reporting currency Exchange rate (GBP/ USD) 1.255 $21.48
Germany Insurance Industry PB Ratio Median Figure of 6 Publicly-Listed Insurance Companies 1.05x
Germany Market PB Ratio Median Figure of 575 Publicly-Listed Companies 1.78x
DB:H2X3 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= LSE:HSX Share Price ÷ Book Value per Share (both in USD)

= 21.48 ÷ 8.05

2.67x

* Primary Listing of Hiscox.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Hiscox is overvalued based on assets compared to the DE Insurance industry average.
X
Value checks
We assess Hiscox's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Hiscox has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Hiscox expected to perform in the next 1 to 3 years based on estimates from 10 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
24.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Hiscox expected to grow at an attractive rate?
  • Hiscox's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Hiscox's earnings growth is expected to exceed the Germany market average.
  • Hiscox's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:H2X3 Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:H2X3 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 10 Analysts 24.9%
DB:H2X3 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 10 Analysts 15.4%
Germany Insurance Industry Earnings Growth Rate Market Cap Weighted Average 4.6%
Germany Insurance Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:H2X3 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:H2X3 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 4,478 378 9
2020-12-31 4,136 337 10
2019-12-31 3,848 320 9
DB:H2X3 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 2,659 300 128
2018-09-30 2,645 344 96
2018-06-30 2,693 383 65
2018-03-31 2,833 243 52
2017-12-31 2,575 95 34
2017-09-30 2,655 159 177
2017-06-30 2,508 218 304
2017-03-31 2,348 145 360
2016-12-31 2,202 70 416
2016-09-30 2,184 -89 400
2016-06-30 2,090 -257 370
2016-03-31 2,203 -88 351

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Hiscox's earnings are expected to grow significantly at over 20% yearly.
  • Hiscox's revenue is expected to grow by 15.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:H2X3 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below

All data from Hiscox Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:H2X3 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.31 1.73 1.04 10.00
2020-12-31 1.17 1.40 0.92 10.00
2019-12-31 1.11 1.32 0.92 10.00
DB:H2X3 Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 0.45
2018-09-30 0.34
2018-06-30 0.23
2018-03-31 0.18
2017-12-31 0.12
2017-09-30 0.63
2017-06-30 1.08
2017-03-31 1.28
2016-12-31 1.48
2016-09-30 1.43
2016-06-30 1.32
2016-03-31 1.24

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Hiscox is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Hiscox's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Hiscox has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Hiscox performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Hiscox's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Hiscox's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Hiscox's 1-year earnings growth exceeds its 5-year average (277.5% vs -21.8%)
  • Hiscox's earnings growth has exceeded the DE Insurance industry average in the past year (277.5% vs 9.4%).
Earnings and Revenue History
Hiscox's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Hiscox Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:H2X3 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 2,658.53 128.00 605.72
2018-09-30 2,645.42 95.90 594.04
2018-06-30 2,693.26 64.62 594.83
2018-03-31 2,832.63 51.88 601.55
2017-12-31 2,575.04 33.90 527.02
2017-09-30 2,654.60 176.69 564.22
2017-06-30 2,507.64 304.16 550.72
2017-03-31 2,348.15 359.84 523.65
2016-12-31 2,201.74 416.07 500.06
2016-09-30 2,184.41 400.49 507.71
2016-06-30 2,089.69 369.77 498.28
2016-03-31 2,203.23 351.46 528.15
2015-12-31 2,193.71 309.53 528.80
2015-09-30 2,224.32 329.56 520.68
2015-06-30 2,283.91 354.91 518.32
2015-03-31 2,113.15 328.21 475.74
2014-12-31 2,170.07 336.87 484.46
2014-09-30 2,250.36 337.14 485.84
2014-06-30 2,363.89 341.23 492.84
2014-03-31 2,288.58 364.41 470.91
2013-12-31 2,259.63 393.87 458.71
2013-09-30 2,196.42 387.70 424.45
2013-06-30 2,050.62 366.55 376.05
2013-03-31 2,015.17 341.05 366.49
2012-12-31 2,121.05 338.12 382.42
2012-09-30 2,034.32 355.74 367.56
2012-06-30 1,911.37 365.89 346.14

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Hiscox has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Hiscox used its assets more efficiently than the DE Insurance industry average last year based on Return on Assets.
  • Hiscox's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Hiscox's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Hiscox has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Hiscox's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Hiscox's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Hiscox's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Hiscox's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Hiscox's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Hiscox Company Filings, last reported 5 months ago.

DB:H2X3 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 2,317.12 699.95 2,795.68
2018-09-30 2,317.12 699.95 2,795.68
2018-06-30 2,419.70 735.24 1,295.48
2018-03-31 2,419.70 735.24 1,295.48
2017-12-31 2,368.38 390.95 2,251.79
2017-09-30 2,352.22 388.27 2,434.96
2017-06-30 2,414.14 369.13 765.70
2017-03-31 2,327.80 355.93 738.31
2016-12-31 2,245.16 340.68 2,158.59
2016-09-30 2,367.82 359.29 2,276.52
2016-06-30 2,217.12 377.72 594.54
2016-03-31 2,401.99 409.21 644.11
2015-12-31 2,254.58 406.52 2,421.97
2015-09-30 2,313.43 417.13 2,485.19
2015-06-30 2,224.69 0.00 1,173.72
2015-03-31 2,101.71 0.00 1,108.84
2014-12-31 2,266.35 0.00 2,445.07
2014-09-30 2,359.00 0.00 2,545.02
2014-06-30 2,279.06 0.00 774.32
2014-03-31 2,220.94 0.00 754.58
2013-12-31 2,334.90 0.00 5,217.24
2013-09-30 2,281.97 0.00 5,098.98
2013-06-30 2,112.23 0.00 846.49
2013-03-31 2,110.31 0.00 845.72
2012-12-31 2,219.21 0.00 1,068.93
2012-09-30 2,201.32 0.00 1,060.32
2012-06-30 2,089.55 0.00 1,066.95
  • Hiscox's level of debt (30.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 30.2% today).
  • Debt is well covered by operating cash flow (42.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.3x coverage).
X
Financial health checks
We assess Hiscox's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Hiscox has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Hiscox's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.95%
Current annual income from Hiscox dividends. Estimated to be 2.27% next year.
If you bought €2,000 of Hiscox shares you are expected to receive €39 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Hiscox's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.45%).
  • Hiscox's dividend is below the markets top 25% of dividend payers in Germany (3.91%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:H2X3 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 10 Analyst Estimates (S&P Global) See Below
Germany Insurance Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:H2X3 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.61 1.00
2022-12-31 0.56 1.00
2021-12-31 0.51 10.00
2020-12-31 0.48 12.00
2019-12-31 0.46 11.00
DB:H2X3 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-25 0.419 1.989
2018-03-13 0.363 1.859
2018-02-26 0.398 2.032
2017-03-14 0.334 2.126
2017-02-27 0.334 2.536
2016-03-15 0.482 3.934
2016-02-29 0.557 4.165
2015-03-17 1.064 8.305
2015-03-02 1.130 8.387
2014-07-28 0.981 8.384
2014-03-11 1.200 9.134
2014-02-24 1.210 8.770
2013-07-29 0.368 2.894
2013-02-25 0.383 3.519
2012-02-27 0.368 3.849
2011-02-28 0.362 4.269
2010-03-01 0.309 4.222
2009-08-25 0.279 3.941

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Hiscox's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).
X
Income/ dividend checks
We assess Hiscox's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Hiscox afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Hiscox has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Hiscox's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Bronek Masojada
COMPENSATION $1,862,710
AGE 57
TENURE AS CEO 19.4 years
CEO Bio

Mr. Bronislaw Edmund Masojada, also known as Bronek, serves at Augmentum Capital LLP. He serves as the Chief Executive Officer of Hiscox, Ltd since 2000 and has been its Executive Director since December 12, 2006. Mr. Masojada serves as the Chief Executive Officer at Hiscox plc. He joined Hiscox Group in 1993. From 1989 to 1993, he was employed by McKinsey and Co. He served as Chairman of the Lloyd’s Tercentenary Research Foundation from 2008 to 2014. He served as Chairman of the Lloyd’s Underwriting Agents Association from 1998 to 2001. He served as Deputy Chairman of Lloyd’s from 2001 to 2007. He serves as a Director at Hiscox plc. Mr. Masojada serves as Director of Hiscox Holdings Ltd. and Hiscox Syndicates Limited. He served as a Non Executive Director of Ins-sure Holdings Limited from 2002 to 2006. He served as Member of Council at Society of Lloyd's. He was the President of The Insurance Institute of London. He was the Master of The Worshipful Company of Insurers. He is a member of the Board of the Association of British Insurers. Mr. Masojada holds a M.Phil. in Management Studies from University of Oxford from 1985 to 1987 and Bachelors of Science in Civil Engineering from The University of KwaZulu-Natal from 1979 to 1982

CEO Compensation
  • Bronek's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Bronek's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Hiscox management team in years:

8.3
Average Tenure
55.5
Average Age
  • The average tenure for the Hiscox management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Bronek Masojada

TITLE
CEO & Executive Director
COMPENSATION
$2M
AGE
57
TENURE
19.4 yrs

Aki Hussain

TITLE
CFO & Executive Director
COMPENSATION
$1M
AGE
45
TENURE
3.2 yrs

Richard Watson

TITLE
Chief Underwriting Officer & Executive Director
COMPENSATION
$1M
AGE
54
TENURE
13.7 yrs

Ian Penny

TITLE
Chief Information Officer
TENURE
2.2 yrs

Kylie O'Connor

TITLE
Head of Group Communications

Jason Jones

TITLE
Group Compliance & Audit Director

Marc Wetherhill

TITLE
Group Company Secretary & General Counsel

Steve Langan

TITLE
CEO of USA & Chief Marketing Officer
AGE
57

Amanda Brown

TITLE
Group Human Resources Director
AGE
49
TENURE
13.4 yrs

Jeremy Pinchin

TITLE
Chairman of Hiscox Special Risks & Chairman of Hiscox Pension Trustees
AGE
63
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Hiscox board of directors in years:

4.1
Average Tenure
58
Average Age
  • The tenure for the Hiscox board of directors is about average.
Board of Directors

Rob Childs

TITLE
Non-Executive Chairman of the Board
COMPENSATION
$301K
AGE
67
TENURE
6.3 yrs

Bronek Masojada

TITLE
CEO & Executive Director
COMPENSATION
$2M
AGE
57
TENURE
12.7 yrs

Aki Hussain

TITLE
CFO & Executive Director
COMPENSATION
$1M
AGE
45
TENURE
2.8 yrs

Richard Watson

TITLE
Chief Underwriting Officer & Executive Director
COMPENSATION
$1M
AGE
54
TENURE
6.1 yrs

Caroline Foulger

TITLE
Independent Non Executive Director
COMPENSATION
$188K
AGE
57
TENURE
6.4 yrs

Lynn Pike

TITLE
Independent Non Executive Director
COMPENSATION
$98K
AGE
61
TENURE
4.1 yrs

Colin Keogh

TITLE
Independent Non Executive Director
COMPENSATION
$126K
AGE
64
TENURE
3.6 yrs

Anne MacDonald

TITLE
Independent Non Executive Director
COMPENSATION
$92K
AGE
62
TENURE
4.1 yrs

Costas Miranthis

TITLE
Independent Non-Executive Director
COMPENSATION
$112K
AGE
54
TENURE
1.6 yrs

Mike Goodwin

TITLE
Independent Non Executive Director
COMPENSATION
$92K
AGE
59
TENURE
1.6 yrs
Who owns this company?
Recent Insider Trading
  • Hiscox insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
18. Jun 19 Buy Colin Keogh Individual 14. Jun 19 14. Jun 19 868 €18.80 €16,315
18. Jun 19 Buy Anne MacDonald Individual 14. Jun 19 14. Jun 19 1,448 €18.80 €27,217
23. May 19 Sell Amanda Brown Individual 23. May 19 23. May 19 -3,600 €18.93 €-68,145
10. May 19 Sell Richard Watson Individual 08. May 19 08. May 19 -50,000 €18.53 €-926,289
11. Apr 19 Sell Steve Langan Individual 08. Apr 19 08. Apr 19 -32,121 €17.97 €-577,260
05. Apr 19 Buy Hamayou Hussain Individual 03. Apr 19 03. Apr 19 3,000 €18.38 €55,150
01. Apr 19 Buy Colin Keogh Individual 29. Mar 19 29. Mar 19 901 €18.07 €16,283
01. Apr 19 Buy Anne MacDonald Individual 29. Mar 19 29. Mar 19 1,502 €18.07 €27,144
08. Mar 19 Sell Robert Childs Individual 07. Mar 19 07. Mar 19 -800 €19.01 €-15,211
27. Feb 19 Buy Thomas Hürlimann Individual 27. Feb 19 27. Feb 19 5,000 €18.48 €92,408
27. Feb 19 Sell Richard Watson Individual 25. Feb 19 25. Feb 19 -20,000 €18.89 €-377,796
14. Dec 18 Buy Colin Keogh Individual 14. Dec 18 14. Dec 18 914 €17.81 €16,282
14. Dec 18 Sell Robert Childs Individual 13. Dec 18 13. Dec 18 -25,000 €18.19 €-454,860
14. Dec 18 Buy Constantinos Miranthis Individual 12. Dec 18 12. Dec 18 4,525 €18.41 €83,314
14. Dec 18 Buy Anne MacDonald Individual 14. Dec 18 14. Dec 18 1,525 €17.81 €27,166
02. Oct 18 Buy Colin Keogh Individual 28. Sep 18 28. Sep 18 854 €18.53 €15,825
02. Oct 18 Buy Anne MacDonald Individual 28. Sep 18 28. Sep 18 1,424 €18.53 €26,387
05. Sep 18 Sell Bronislaw Masojada Individual 31. Aug 18 31. Aug 18 -50,000 €18.95 €-947,606
X
Management checks
We assess Hiscox's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Hiscox has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Hiscox Ltd, together with its subsidiaries, provides insurance and reinsurance services. The company operates through four segments: Hiscox Retail, Hiscox London Market, Hiscox Re & ILS, and Corporate Centre. It provides commercial insurance for small-and medium-sized businesses, including household, fine art and collectibles, and luxury motor via brokers, through a growing network of partnerships, and directly to consumers. The company also offers property insurance; marine and energy insurance; casualty insurance; specialty and international employees and officers’ insurance; kidnap and ransom insurance; auto physical damage insurance; and other specialty insurance, such as aviation, contingency, terrorism, personal accident, and product recall. In addition, it provides healthcare and casualty reinsurance services, as well as investment services. The company operates in Bermuda, the United Kingdom, Ireland, the United States, Guernsey, France, Germany, Belgium, the Netherlands, Spain, Portugal, Singapore, and Thailand. Hiscox Ltd is headquartered in Hamilton, Bermuda.

Details
Name: Hiscox Ltd
H2X3
Exchange: DB
Founded:
£5,518,796,582
287,861,550
Website: http://www.hiscoxgroup.com
Address: Hiscox Ltd
Wessex House,
4th Floor,
Hamilton,
HM 12,
Bermuda
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
LSE HSX Ordinary Shares London Stock Exchange GB GBP 17. Nov 1994
OTCPK HCXL.F Ordinary Shares Pink Sheets LLC US USD 17. Nov 1994
DB H2X3 Ordinary Shares Deutsche Boerse AG DE EUR 17. Nov 1994
BATS-CHIXE HSXL Ordinary Shares BATS 'Chi-X Europe' GB GBP 17. Nov 1994
Number of employees
Current staff
Staff numbers
3,300
Hiscox employees.
Industry
Property and Casualty Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 22:30
End of day share price update: 2019/06/19 00:00
Last estimates confirmation: 2019/06/19
Last earnings filing: 2019/03/08
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.