Slides
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HISCOX Hiscox Ltd Interim results For the six months ended 30 June 2026
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Strategy update
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155 187 204 -3 48 -76 H1 2024 H1 2025 H1 2026 288 262 331 H1 2024 H1 2025 H1 2026 989 1,133 1,235 H1 2024 H1 2025 H1 2026 20.3% 14.5% 20.2% H1 2024 H1 2025 H1 2026 241 196 255 H1 2024 H1 2025 H1 2026 2,782 2,942 3,238 H1 2024 H1 2025 H1 2026 H1 2026 results The power of Hiscox: delivering growth and returns in complex markets ICWP growth supported by all businesses ($m)1 1Following the sale of DirectAsia in July 2025, the related premiums have been excluded from ICWP. H1 2024 has been restated. 2Undiscounted combined operating ratio. 3Mark-to-market, unrealised fair value gains or (losses) on fixed income securities carried at fair value. 4H1 2026 includes a 2.2ppt benefit from recognition of deferred tax asset. 2 Growth and 90.4% COR2 underpin ISR ($m) Investment result reflects coupon and MTM3 ($m) Operating ROTE4 Compounding book value and growing dividends ($c) Adjusted operating profit before tax ($m) +10% +26% +30% +9% +9% +5.7ppt Investment result (excl. fixed income MTM) Fixed income MTM 13.2 14.4 16.8 +17% Interim DPS Book value per share
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69.8% 69.0% 67.4% 70.4% 60% 110% 160% 210% 260% 0 500 1000 1500 2000 2500 FY 2023 FY 2024 FY 2025 H1 2026 83.7% 88.6% 85.9% 93.8% 65% 115% 165% 215% 265% 0 500 1000 1500 2000 2500 Track record of profitable growth across the Group Retail momentum and big-ticket discipline 3 Hiscox Retail ICWP ($bn), growth1 (%) and COR2 (%) Hiscox London Market ICWP ($bn), growth1 (%) and COR2 (%) Hiscox Re ICWP ($bn), growth1 (%) and COR2 (%) +5.3%3 +2%-2%+12% +6.4% +6%+5%+2% 96.4% 92.9% 92.6% 92.1% 65% 115% 165% 215% 265% 0.00 500.00 1,000.00 1,500.00 2,000.00 2,500.00 FY 2023 FY 2024 FY 2025 H1 2026 +4% +5% +6% +8.2% Upgraded guidance: 9% for full-year $2.3bn $2.4bn $2.6bn $1.6bn $1.3bn $1.2bn $1.3bn $0.7bn $1.0bn $1.0bn $1.1bn $0.9bn H1 ICWP ($) H2 ICWP ($) 1ICWP growth year on year in constant currency for Hiscox Retail, USD for Hiscox London Market and Hiscox Re. Following the sale of DirectAsia in July 2025, the related premiums have been excluded from 2023 and 2024 ICWP. 2023 previously restated for K&R business written through Syndicate 33 being transferred from Hiscox USA to Hiscox London Market. 2Undiscounted combined operating ratio (%). 3Excludes 4.5ppt of premium adjustments on prior underwriting years, primarily arising from property binders. 9.8% on a reported basis.
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Strong growth in a complex market Retail acceleration and innovation in all businesses offsets disciplined cycle management ICWP ($m). 1Underlying growth, excluding 4.5ppt of premium adjustments on prio r underwriting years, primarily arising from property binders. 4 Hiscox Retail Compounding and accelerating growth Hiscox London Market Selective growth through adjacencies currently offsets cycle management H1 2025 H1 2026 Retail Growth initiatives Cycle management Hiscox Re Supported mainly by third-party inflows Cycle management +$66m +5.3% USD1 +9.8% reported +$57m +6.4% USD Growth initiatives Third-party Spec. and pro-rata +$174m +8.2 CCY +12.6% USD Group +$297m +10.1% USD
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Growth initiatives Innovation and expansion continues at pace 5 Expand distribution New geographies New products Going deeper and new segments Largest UK distribution deal US partner’s agent access New US lead-generation Acturis and etrade expansion Third-party commercial auto on US platform Top-15 US partnership Hiscox Portfolio Solutions Downstream energy Large commercial and mid-market pro-rata Middle East sidecar Political risk Retail Big-ticket AI agent-to-agent submission protocol Affirmative AI in UK marketing and media European micro cyber resilience services Cyber cover for UK charities Surety in Europe Commercial property in Spain Personal accident in France Structured solutions Significant risk transfer SURF, larger US flood risks Launched in H1 2026 Launching in H2 2026 Italy branchSector appetite expansion in UK (e.g. forensic scientists, rage rooms, online tutors, food technologists, podcasters and streamers) Dentists and vets in UK and Europe Golf insurance in UK Sunshine guarantee – solar panel installer
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Tech innovation to drive growth and redefine customer experience 6 SARAH • Voice agent • Purchasing journey •F N O L Live in US DPD HARI • Triages and assesses • Recommends to underwriters Rolling out in London Market New consumer and broker portals in Retail Agent-to-agent protocol in London Market AI augmented claim management workflow in Retail SARAH – AI voice agent Contact centre routing Machine-learning auto underwriting Centres of excellence Launching Distribution and self-serve Underwriting Claims Live at scale AI augmented underwriting workflow
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Financial performance
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Group financial performance Diverse business portfolio delivering robust outcomes in an evolving market 8 Year-on-year30 June 2025 $m 30 June 2026 $m Premiums 10.1%2,941.63,238.4Insurance contract written premium 6.8%2,125.22,269.3Net insurance contract written premium Earnings 30.2%196.2255.4Insurance service result -45.4%234.9128.2Investment result -13.1%276.6240.5Profit before tax 26.3%262.0331.0Adjusted operating profit before tax 2.2ppt92.6%90.4%Undiscounted combined ratio Shareholder returns 16.7%14.416.8Interim dividend per share (¢) 3.8% 9.0% 3,808.0 1,133.3 3,954.6 1,234.9 Net asset value $m ¢ per share 64.6%63.9105.2 Adjusted operating EPS ¢ per share -0.5ppt12.8%12.3%Return on equity 5.7ppt14.5%20.2%Operating return on tangible equity • Group ICWP up 10.1% with profitable growth in all three segments • Net ICWP growth driven by Retail • Strong underwriting result reflects quality of portfolio, benefits of change programme, benign natural catastrophe experience and Middle East estimated net loss of $60m • Investment result reflects mark-to-market movements which are expected to unwind over time • Operating ROTE of 20.2% • Interim DPS up 17%, one-third of prior year total • $300m buyback 32% complete 1 • One-off DTA of $64.5m, 2.2ppt benefit to ROTE2 1As at close on 30 June 2026. 2DTA benefit has not been annualised in adjusted operating ROTE.
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Hiscox Retail Continued growth acceleration and margin expansion 9 Year-on-year30 June 2025 $m 30 June 2026 $m Premiums 12.6%1,386.61,560.7Insurance contract written premium 12.7%1,265.41,425.6Net insurance contract written premium Earnings 16.6%128.0149.2Insurance service result 15.6%165.7191.5Adjusted operating profit before tax 0.6ppt92.7%92.1%Undiscounted combined ratio • ICWP up 8.2% in constant currency • Broad-based across all markets • FY 2026 constant currency growth guidance upgraded to 9% for full-year • 60 basis points improvement in COR driven by loss ratio and benefits from change programme
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Hiscox London Market Disciplined cycle management offset by growth from innovation and adjacencies 10 • Underlying ICWP growth 5.3% • Reported 9.8% ICWP growth benefits from adjustments on prior period premium assumptions for binders • Product expansion into adjacencies offsets impact of cycle management • ISR reflects underwriting discipline and Middle East estimated net loss of $40m Year-on-year30 June 2025 $m 30 June 2026 $m Premiums 9.8%667.7733.2Insurance contract written premium 3.2%448.4462.6Net insurance contract written premium Earnings -28.6%61.844.1Insurance service result -13.0%98.585.7Adjusted operating profit before tax -5.9ppt87.9%93.8%Undiscounted combined ratio
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Hiscox Re Underwriting result reflects quality of portfolio and benign natural catastrophe experience 11 • ICWP growth driven by additional third-party capital • Net ICWP reflects property cat discipline, partly offset by growth in specialty and pro-rata lines • COR reflects quality of risk selection and benign natural catastrophe experience • Fee income of $53m • ILS AUM $2.9bn at 1 July 2026. Gross inflows of $1.4bn, of which $1.0bn in cat bond fund Year-on-year30 June 2025 $m 30 June 2026 $m Premiums 6.4%887.3944.5Insurance contract written premium -7.4%411.4381.1Net insurance contract written premium Earnings 635.3%8.562.5Insurance service result 129.9%45.8105.3Adjusted operating profit before tax 29.1ppt99.5%70.4%Undiscounted combined ratio
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Change fuels growth and efficiency Execution on track 12 Group Procurement Resourcing Technology AI adoption -14% number of suppliers6 9% roles outsourced7 -20% number of apps6 69% vs 56% peer benchmark8 1Retail ICWP trailing 12 months to 30.06.2026 per average Retail FTE, versus FY 2024 baseline. Constant currency across all periods. 2Share of premium across all Retail policies (Broker and DPD). 3London Market submissions in digitally augmented open market lines (i.e. sabotage and terrorism, cargo, middle-market property), 12 months to 1 July 2026. 4Over the last 12 months in Hiscox London Market. 5Increase in $m saving over trailing 12 months to 30 June 2026 versus FY 2024 baseline. 6Reduction in suppliers/legacy apps versus FY 2024 baseline. 7Roles outsourced as at 1 July 2026 as a percentage of total headcount as at 31 December 2024. 8Source: Microsoft, 11 July 2026. Score represents percentage of employees who use Copilot three days per week over last four weeks. 2.4x fraud savings5 1.7x recoveries5 +10% ICWP per FTE1 70% ICWP auto-underwritten2 >50x number of submissions through digital augmentation3 -15% Submission to quote time in middle-market property4 Retail Big-ticket Claims
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Guided benefit delivered • P&L benefit includes improved claims recoveries, outsourcing and more efficient procurement • Costs to achieve include consultancy fees, outsourcing related costs and investment in technology • Programme on track to deliver $200m of benefit in 2028 Change programme on track On track for CMD commitments On track for outer years 145 200 -100 2027 2028 P&L benefit ($m) Cost to achieve ($m) P&L benefit ($m) Cost to achieve ($m) 13 45 75 -39 -75 H1 2026 actual 2026 guidance
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367 368 369 412 15 (6) (9) 3 39 Operating jaws Top line growing ahead of underlying expenses with admin expense ratio reducing to 16.1% Evolution of admin expense base ($m) Attributable and other operational expenses Operating jaws widening ICWP growth and change in underlying expenses ICWP CCY +8.0% Underlying expenses +0.4% 141Incremental P&L benefit (H1 2026 vs H1 2025) from change programme recognised in other attributable expenses and other operatio nal expenses.
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7.4 8.0 8.9 9.2 H1 23 H1 24 H1 25 H1 26 Investment performance High quality and growing portfolio 102 150 154 163 H1 23 H1 24 H1 25 H1 26 Cash and bond income net of fees ($m) Gains/(losses) on investments ($m)2 20 (2) 81 (35) H1 23 H1 24 H1 25 H1 26 Bond portfolio reinvestment yield (%)Group invested assets ($bn) 5.6 5.2 4.4 4.4 H1 23 H1 24 H1 25 H1 26 • Investment result of $128.2m, YTD return of 1.4%1 • Result benefitting from growth in AuM • MTM expected to unwind over next 18 months • Book yield on bond portfolio of 4.4% • Reinvestment yield on bond portfolio 4.4% • Asset duration of 2.0 years, aligned with liabilities • Group invested assets of $9.2bn • Bond portfolio conservatively positioned with an average credit rating of A 1Return on average invested financial assets. 2Includes derivatives. 15
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$51m$67m $62m $132m 1.8% 1.7% 1.3% 3.3% 3.8% H1 22 H1 23 H1 24 H1 25 H1 26 Reserves Prudent reserving philosophy remains unchanged Reserve releases1 as % of opening net reserves 1Reserve releases presented on an undiscounted basis and reclassifying LPT recoveries into claims. 16 $174m • 19 consecutive years of positive reserve development • Reserve releases broad-based and from multiple vintages and all segments 4,178 4,339 106 108345 355 FY 25 H1 26 Balance sheet remains strong ($m) 2Best estimate and risk adjustment totals are undiscounted for comparability purposes between periods and allow for the impact of LPTs. 86th confidence level percentile Best estimate Events not in data Risk adjustment • Confidence level at 86th percentile reflects strength of reserves • Risk adjustment of $355m 2 above an already conservative best estimate 86th confidence level percentile
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Modelled loss amountIllustrative scenario $621m, 29pptUS windstorm modelled loss for a 100-250 year return period, combined with economic stress on investments Very strong capital position Excellent capital generation drives growth and returns • Deployed capital into attractive opportunities • Excellent organic capital generation • Returned 10 points of capital in H1 2026 • Regulatory and ratings capital position remains strong • Fungible liquidity in excess of $1bn • Leverage 17.3% 4 • Pro-forma post-scenario position well in excess of S&P ‘A’ rating 17 Estimated Bermuda solvency capital requirement (BSCR) FY 2025 Capital consumed Capital generated Returns paid in H1 20261 Other2 H1 2026 estimate 1Final 2025 dividend and the shares cancelled in H1 2026 as part of the ongoing $300m buyback. 2Other comprises $64.5m tax DTA recognised, bolt-on acquisition, acquisition of shares by employee benefit trust. 3Interim dividend 2026 and remainder of $300m share buyback. 4Leverage defined as borrowings over borrowings and shareholder equity. Returns announced at H1 20263 Pro-forma
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Underwriting
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Geo-political fragmentation • Specialty response products • Supply chain solutions • Defence sector insurance and risk solutions Economic volatility • Business continuity • Balance-sheet protection • SME adaptation and specialisms Climate change • Resilience gaps and required adaptation • Parametric and risk led solutions • Transition – renewables, carbon capture Technological disruption • AI and autonomous liability • IP and copyright • Cyber accumulation and systemic risk Societal transformation • Health and well-being proposition • Gig and digital workforce 19 Navigating an evolving risk landscape New specialty opportunities
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H1 2026 loss experience within expectations Benign natural catastrophe offsets Middle East Attritional Middle East Attritional • Ongoing event, continue to support our clients • Reserved estimated net loss of $60m • H1 2026 experience benign • Industry insured loss below ten-year average 20 Natural catastrophe • In line with our expectations • Underwriting actions continue to keep pace with claims trends and inflation Group undiscounted loss ratio 43% DiversificationExposure managementPortfolio construction
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Professional liability Commercial liability Commercial property Cyber Commercial multi-peril D&OOther High-net worthMarine, energy, specialty Crisis management Property Casualty Portfolio solutions Property North America Property International Retro Specialty A diverse and actively managed portfolio Structural growth, adjacent expansion and cycle management 1Bar charts represent underlying growth in USD in Hiscox London Market (ICWP) and Hiscox Re (Net ICWP excluding ILS). 21 ICWP ($m), twelve months to 30.06.2026 Cargo Hull Marine and energy liability Energy Personal accident Terrorism Product recall Kidnap and ransom Middle market Flood Commercial lines Household Major property General liability D&O Cyber Alternative risk Beta follow Structured solutions Global MGA Specialty, risk and marine Retro Property - International Property - North America Hiscox Re Net ICWP1 H1 2026 vs H1 2025 ($) Hiscox London Market ICWP1 H1 2026 vs H1 2025 ($)
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17% 17% 25% 24% 22% 27% 51% 52% 61% 56% 24% 24% 1.1.26 1.7.26 1.1.26 1.7.26 Adequate+ Adequate Low Inadequate • Hiscox London Market: -5%, +59% since 2018 • Hiscox Re: -16%, +54% since 2018 • Hiscox Retail: +1%, +32% since 2018 • Portfolios remain well positioned to produce attractive returns • 76% of Hiscox London Market, 83% of Hiscox Re adequate or adequate+ • Outwards reinsurance costs a positive tailwind An evolving rate environment Majority of portfolio with good rate adequacy Compound rate change, indexed to 2018 2026 rate adequacy 1 by business unit (% of ICWP) Core London Market Catastrophe reinsurance Retail Hiscox Re Hiscox London Market 1Rate adequacy assessed on expected underwriting returns . Adequate+: above target. Adequate: within target. Low: profitable but below target. Inadequate: negative underwriting result. 22 80 100 120 140 160 180 200 2018 2019 2020 2021 2022 2023 2024 2025 2026
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Adapt to structural market trends Manage the cycle across the existing portfolio Hiscox London Market underwriting strategy Innovation offsets cycle management actions 23 Grow in attractive adjacencies and existing portfolio Property and AI augmented underwriting D&O, crime and cyber Terror -17% -23% Major property Power and renewables 1Percentage of policies/accounts non-renewed in H1 2026. 2Average line size. 3Percentage point represents the contribution to underlying Hiscox London Market ICWP growth (5.3%). US middle- market property Financial institutions Aviation hull war Clients seek multi-line, integrated solutions Facilities an enduring part of the market Trend Our response Launched Beta-follow Launched Structured solutions Specialty MGAs Launched Global MGA Existing expertise Adjacency 1 32 Non-renewing inadequate risks1 General liability Product recall 2023 2026 -36% -34% Reducing line sizes2 +13%pt3-8%pt3
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Grow in non-cat linesManage the cycle across the existing portfolio Hiscox Re underwriting strategy Cycle management in action 24 Scale Hiscox Capital Partners 1US property-cat and retro charts on different axis. Exposures at full-year 2023. 2026 full-year projection. 2Percentage point represents the contribution to Hiscox Re ICWP growth (6.4%). US property-cat 2023 2026 -11% 1.4 1.5 2.9 1.1.2025 1.1.2026 1.7.2026 Traditional ILS Cat bond fund 41 21 53 H1 2024 H1 2025 H1 2026 Fixed Variable Pro-rata North America Specialty adjacencies H1 2025 H1 2026 +13% +53% • Large commercial and mid-market property • Mortgage and surety • Specialty wildfire liability • Climate and resilience 1 32 Retro -36% Net exposure reductions1 ICWP growth in pro-rata and specialty ILS AUM ($bn) Fee income ($m) -17%pt2 +2%pt2 +21%pt2
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AI augmented underwriting in Retail Driving profitable growth 25 More third-party data • Greater underwriting insights • Better risk selection • Simplified customer journeys Next-gen pricing software • More sophisticated pricing • Greater segmentation • Quicker pricing changes Underwriting workflow optimisation • Automated workflows • Right risk, right desk, right information • Higher quote to submission
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2026 CUO area of focus Managing the market cycle New sectors, products and distribution Augmented underwriting and underwriter of the future • Evolving forward looking view of risk • Market in transition framework • Rigorous exposure management • More products and services for existing customers • Deeper penetration in our chosen sectors • Bold entry into new target markets • Blend human acumen with technology • AI, data enrichment and automation • Skills for the future, data literacy and AI practitioner 26
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Closing remarks
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Key messages 28 …Retail momentum accelerating, supplemented by innovation and cycle management in big-ticket …sustained multi-year strong capital generation …dynamic and proactive capital allocation combined with an expert underwriting eco-system …delivers new capabilities and improving operating leverage Consistent and attractive returns underpinned by… Capital reinvestment and distributions driven by… Profitable growth through the cycle… Innovation and change execution…
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Positive outlook Delivering as we execute our strategy 1ICWP growth in constant currency. 2Gross of $39m cost to achieve in H1 2026. 2026 cost to achieve expected to be $75m. 3As at close on 30 June 2026. Retail growth1 Operating ROTE 9.0% for full-year HY 2026 FY 2026 Mid-teens through-the-cycle P&L benefit from change programme2 $75m Capital returns FY 2028 Double-digit $200m Progressive dividend 8.2% 20.2% $45m +17% interim DPS Buyback 32% complete3 29 UPGRADED
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Appendices • Geographical reach • Hiscox investment case • A unique business • Long-term growth • Group performance • Adjusted operating profit and operating ROTE reconciliation • Claims discounting impact on profit • Realistic disaster scenarios • Non-natural catastrophe extreme loss scenarios • Boxplot and whisker diagram of modelled Hiscox Ltd net loss • Natural catastrophe risk • ICWP geographical and currency split • Group reinsurance security • Portfolio – asset mix • Portfolio – USD debt and fixed income holdings • Portfolio – GBP and other currencies debt and fixed income holdings 30
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Geographical reach 31 offices in 13 countries USA Atlanta Chicago Los Angeles New York City Scottsdale West Hartford Guernsey St Peter Port Latin American gateway Miami Bermuda Hamilton Europe Amsterdam Berlin Bordeaux Brussels Cologne Dublin Frankfurt Hamburg Lisbon Luxembourg Madrid Milan Munich Paris Stuttgart UK Birmingham Colchester Glasgow London Maidenhead Manchester York 31
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Hiscox investment case 32 Big-ticket 1 : Specialty expertise in Lloyd’s of London and Bermuda Retail 2 : Structural growth in SME and HNW across UK, Europe and USA 1Big-ticket comprises internationally traded (re)insurance business written through Lloyd’s and our Bermuda platform. 2Hiscox Retail comprises the Group’s small commercial and personal lines business in the UK, Europe and USA. Attractive and sustainable returns for shareholders Long-term profitable growth Operational leverage Mid-teens ROTE through-the-cycle Balanced and diversified portfolio delivering lower cost of capital Progressive dividend
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Professional liability Commercial liability Commercial property Cyber Commercial multi-peril D&OOther High-net worthMarine, energy, specialty Crisis management Property Casualty Portfolio solutions Property North America Property International Retro Specialty A unique business Leading pure-play specialty insurer with enduring franchise value 33 Unique exposure to specialty markets Diversified across lines and geographies Entrepreneurial culture Specialist brand Deep broker and partner relations Industry leading loss ratios Attractive capital management Omni-channel distribution Leading specialty digital distribution platform ICWP ($m), twelve months to 30 June 2026
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Long-term growth Hiscox Re Hiscox UK Insurance contract written premiums ($m) Hiscox London Market Hiscox Europe Hiscox USA Hiscox RetailHiscox London Market Hiscox Re Group premium ($m)1 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024* 2025 34 2 1Historic amounts have not been restated for IFRS 17 but are pres ented as gross written premiums on an our-share basis. The yellow category represents Hiscox Special Risks.. 2Following the completion of sale of DirectAsia in July 2025, DirectAsia is no longer included within Hiscox Retail. 2024 financia ls have been restated to report on a consistent basis. The green category prior to 2024 represents Hiscox Asia.
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Constant currency Six months to 30 June 2026 ICWP change % ICWP change % ICWP $m 8.2%12.6%1,560.7Hiscox Retail 10.2%14.4%530.2Hiscox UK 6.2%15.8%494.6Hiscox Europe 8.1%8.1%535.9Hiscox USA 9.8%9.8%733.2Hiscox London Market 6.4%6.4%944.5Hiscox Re 8.0%10.1%3,238.4Total Group performance 35
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FY 2025H1 2025H1 2026$m 732.7276.6240.5 Profit before tax )(59.8)(47.776.0 Unrealised fair value (gains) or losses on fixed income securities carried at fair value 18.98.1)(24.0Impact on discounting from changes in yield curve included in insurance finance income and expenses )(7.14.40.9 Net foreign exchange (gains) or losses 24.08.839.4 Accelerated change costs 35.111.8)(1.8One-off (gains) or losses and non-core operations 743.8262.0331.0 Adjusted operating profit before tax )(128.9)(46.26.5Income tax (expense)/credit 614.9215.8337.5 Adjusted operating profit after tax 3,689.93,689.93,947.9 Opening total equity )(160.8)(26.8)(59.1Time weighted impact of capital distributions, share buybacks and issuance of shares )(0.1)(0.1)(58.4Cumulative impact of unrealised fair value (gains) or losses on fixed income securities )(280.5)(280.5)(281.8Cumulative impact of discounting of insurance contract liabilities and reinsurance contract assets )(308.8)(308.8)(381.0Opening goodwill and intangible assets 2,939.73,073.73,167.6 Adjusted opening total equity 20.9%14.5%20.2%Annualised operating return on tangible equity Adjusted operating profit and operating ROTE reconciliation 36
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Claims discounting impact on profit Net impact of $38m 1Excludes $1.0m of interest from funds withheld (H1 2025: $2.0m). 37 PBT sensitivity ($m) to +/-100 bps change in interest rates: Net insurance finance: 61/(61) Net investment result: (132)/132 Weighted average of 4.1% In line with full-year guidance of $115m-$145m On average rates decreased by just 0.31% $24m($66m)1$79m $203m $241m H1 2026 FY 2026 Expected unwind in range of $115m to $145m Estimate using weighted average rate There will be variance due to changes in payment patterns
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33% 29% 31% 59% 14% 5% 6% 7% 9% 13% 4% 1% San Francisco earthquake European windstorm Florida windstorm Gulf of Mexico windstorm Japanese earthquake Japanese windstorm Hiscox Group – losses shown as percentage of gross and net written premium Return periods are estimated using models provided by Moody’s and Verisk. Industry exposures have been adjusted for inflation. Industry loss return period $50bn 1 in 400 year $250bn 1 in 60 year $290bn 1 in 80 year $50bn 1 in 100 year $125bn 1 in 250 year Gross loss Net loss $20bn 1 in 50 year Realistic disaster scenarios April 2026 38
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Losses in the region of $75m-$950m could be suffered in the following extreme scenarios: Est. lossEvent $270m5% deterioration on three years casualty premiumsMulti-year loss ratio deterioration $570mAn event more extreme than witnessed since World War II1Economic collapse $950mEst. 1:200 view of a casualty reserve deterioration on current reserves of c.$2.8bnCasualty reserve deterioration $145mGlobal pandemic considering broader and alternative impacts than Covid-19Pandemic $650m1-in-200 year catastrophe event from $350bn US windstormProperty catastrophe3 Up to $475mA 1:200 cyber event, such as a major cloud outage or mass ransomware attack. Includes exposures from outside the cyber product line2Cyber Up to $75mRange of events covering collision and sinking of vessels and any resultant pollutionMarine scenarios Up to $125mTotal loss to a major offshore platform complexOffshore platform Up to $400mAircraft strike terror attack in a major cityTerrorism 1Losses spread over multiple years. 2Losses incurred from non-cyber product lines from a cyber event. 3As a point of comparison. Non-natural catastrophe extreme loss scenarios Changing portfolios, changing risk 39
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Boxplot and whisker diagram of modelled Hiscox Ltd net loss ($m) April 2026 Lower 5%- upper 95% range Modelled mean loss Mean industry loss $bn Industry loss return period and peril JP EQ – Japanese earthquake JP WS – Japanese windstorm EU WS – European windstorm US EQ – United States earthquake US WS – United States windstorm 02 04 09 03 56 05 07 18 09 106 12 13 30 27 179 21 19 40 54 261 34 27 51 96 361 0 200 400 600 800 1,000 JP EQ JP WS EU WS US EQ US WS JP EQ JP WS EU WS US EQ US WS JP EQ JP WS EU WS US EQ US WS JP EQ JP WS EU WS US EQ US WS JP EQ JP WS EU WS US EQ US WS 5-10yr 10-25yr 25-50yr 50-100yr 100-250yr Hiscox Ltd net loss ($m) Typhoon Trami – 5-year return period Superstorm Sandy – 8-year return period Hurricane Ian – 7-year return period Loma Prieta Quake – 10-year return period Typhoon Hagibis – 20-year return period UK Storm 1987J – 11-year return period Hurricanes Andrew – 12-year return period and Katrina – 20-year return period Typhoon Jebi – 25-year return period Storm Daria – 30-year return period Northridge Quake – 75-year return period 40
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Natural catastrophe risk Trajectory over time – adjusted for USD inflation US windstorm Hiscox Ltd mean net modelled loss ($m)1 1Disclosed US windstorm box and whisker exhibit, adjusted for USD CPI inflation. In 2020/2021 during Covid, we de-risked this peril at the higher return periods by purchasing additional ILW reinsurance protec tion. 41 0 100 200 300 400 500 600 700 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 100-250yr 25-50yr 5-10yr
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17.5% 47.3% 19.3% 8.0% 7.9% UK North America Western Europe (excl.UK) Worldwide Other ICWP geographical and currency split H1 2026 geographical split H1 2026 currency split 18.8% 59.2% 20.0% 2.0% GBP USD EUR CAD and other 42
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31.4% 26.1% 33.8% 8.7% A range AA range ILS Collateralised Group reinsurance security Reinsurance assets at H1 2026 of $1.9bn (FY 2025: $1.8bn) H1 2026 reinsurance protections1 First loss exposure by rating 1Reinsurance placements in force at 30 June 2026. Overall weighted average credit quality is AA-. 2Out of the total, 19.4% belongs to AA-. 2 43 19.2% 53.8% 26.1% 0.9% AAA and collateralised AA A Other / Non-rated
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Portfolio – asset mix High quality, short duration portfolio Investment portfolio $9.2bn as at 30 June 2026 Asset allocation 72.7 12.5 12.2 2.6 USD GBP EUR CAD and other 19.1 15.8 9.625.8 21.9 7.8 Gvt. AAA AA A BBB BB, below and unrated 84.3 14.4 1.3 Debt and fixed income holdings Cash and cash equivalents Equity and investment funds Debt and fixed income holdings credit quality Debt and fixed income currency 44
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Duration years Total % BB and below and unrated % BBB % A % AA % AAA % Portfolios: $5.4billion 2.218.31.10.60.216.20.2Government issued 2.31.70.20.20.50.70.1Government supported1 2.212.60.212.4Asset backed 3.55.65.6Mortgage backed agency 1.56.60.56.1Mortgage backed non agency 2.055.03.619.226.15.70.4Corporates 1.80.20.2Lloyd’s deposits and credit funds 2.1100.04.920.026.829.119.2Total Portfolio – USD debt and fixed income holdings As at 30 June 2026 1Includes agency debt, Canadian provincial debt, multilateral development banks and government guaranteed bonds. 45
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Duration years Total % BB and below and unrated % BBB % A % AA % AAA % Other currencies: $1.1 billion 2.327.53.124.4Government issued 1.51.61.00.6Government supported1 0.12.60.22.4Asset backed 2.360.80.130.624.31.14.7Corporates 1.47.53.90.30.60.42.3Lloyd’s deposits and credit funds 2.2100.04.030.925.95.433.8Total Portfolio – GBP and other currencies debt and fixed income holdings As at 30 June 2026 1Includes agency debt, Canadian provincial debt, multilateral development banks and government guaranteed bonds. Duration years Total % BB and below and unrated % BBB % A % AA % AAA % GBP portfolios: $933 million 1.920.920.9Government issued 0.11.51.5Asset backed 1.876.50.233.830.13.29.2Corporates 1.01.11.1Credit funds 1.7100.01.333.830.124.110.7Total 46