Hiscox reported a 12.5% jump in pre-tax profit for the six months to the end of June, with pre-tax profits rising to £133.5m from £118.7m in the same period a year ago, as gross premium written increased to £1.5bn from £1.3bn. Despite this, factors including the impact of foreign exchange, saw actual profits fall to £102.6m from £206m the year before. Chief executive of the company, Bronek Masojada said, "We are managing the cycle and driving retail growth, as our long-held strategy of balancing the portfolio between volatile big-ticket business and steady retail business continues to deliver. Despite tough market conditions we are finding opportunities."