Hiscox, a Bermuda-based insurer, has reported pre-tax profits of GBP237.2 million for the year ended December 31, 2007, up 18% from GBP201.1 million in 2006.

Hiscox has said that its earnings per share on profit after tax increased 16.1% to GBP48.4 against GBP41.7 in 2006. Net assets per share rose 21% to GBP209.5 per share compared with GBP173.2 in the preceding year. Return on equity was 28.8%.

Robert Hiscox, chairman of Hiscox, said: This is another record result driven primarily by the performance of our Global Markets and Bermuda businesses. We will continue to develop our UK and international network to distribute our specialist products which will provide further stability to the Group.

Hiscox’s Global Markets’ profits increased to GBP155.6 million compared with GBP90.7 million in 2006.