2025-05-22-Jefferies-希斯科克斯（HSX）_初步观点新目标揭晓_6页_100kb

报告摘要

Price: 1,194.00p
Rating: HOLD

The announcement includes better-than-expected targets and guidance for the retail business.
Focus shifts to accelerating growth in Hiscox Retail over 2026/2027.
Benefits of the ongoing change agenda ($200m investment) will contribute $200m in earnings by FY 2028.
The move occurs amid waning sentiment in reinsurance, positioning growth as a catalyst.

Objective	Details	Timeline/Effect
Target Guidance	Mid-teens Operating Return on Tangible Equity	Through the business cycle
Dividend Policy (DPS)	+20% step-up in 2025 (progressive thereafter)	Immediate focus (+20% increase this fiscal year)
Capital Target	Target range set at 190%-200% of BSCR level	New benchmark for financial strength
Retail Premium Growth	Accelerate premium growth to reach double-digit by FY 2028	Near-term focus (2026/2027) - doubling substantial
`Ongoing Change Agenda`	Unlock growth, optimize costs; creates $200m run-rate earnings (offsets costs)	By 2028