Lloyd's of London insurer Hiscox posts record annual profit

(Reuters) - Lloyd's of London insurer Hiscox posted a record annual profit, as rising interest rates and strength in its commercial business helped offset claims inflation and the effect of currency swings, and said retail outlook for 2024 was positive.

The London-listed company, which underwrites a range of risks from natural catastrophes to cyber attacks to kidnappings and art theft, said on Tuesday profit before tax for the full year ended Dec. 31 rose to $625.9 million, from $275.6 million a year earlier.

Net insurance contract written premium for 2023 climbed 10.7% to $3.56 billion.

(Reporting by Eva Mathews and Radhika Anilkumar in Bengaluru; Editing by Rashmi Aich)