Q3 2022 Hiscox Ltd Trading Statement Call Transcript
Good morning, and thank you for joining Hiscox's Q3 2022 Trading Update. I'm Paul Cooper, the Group CFO.
I'll start with brief opening remarks focusing on 4 key topics: growth, large loss experience, investment results and refinancing, following which we will open the floor for Q&A.
Let me start with some comments on trading momentum and growth. The group gross written premiums are up 9.3% in constant currency. Key drivers have been the ongoing momentum in retail due to the very strong growth across Europe and sustained momentum in US DPD, in line with expectations and strong performance in our reinsurance division, which crossed the $1 billion GWP milestone in the third quarter.
Let me provide more color on business divisions, starting with Retail. GWP grew 6.1% in constant currency. This reflects excellent constant currency growth of nearly 15% in Europe and a resilient performance in the U.K., also improvement in the U.S. growth from half year levels as the impact from the U.S. broker channel corrective
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