1127 GMT - Hiscox's recent updates surprised positively, Jefferies says in a note. "We believe that this investor day will be remembered as a landmark moment, coming at a time when the shares trade...far below the prepandemic average," analyst Philip Kett writes. The U.K. insurer's commitment to lift dividends was unexpected and welcome, he says. Hiscox also aims to accelerate growth in its retail segment, which has historically been the greatest source of differentiation and diversification, he says. The most material surprise was the unexpected launch of an operating efficiency program, which will see benefits emerge in the long term. Jefferies raises its rating on the stock to buy from hold and its price target to 1,500 pence from 1,000 pence. Shares are up 0.5% at 1,277 pence and have risen 18% year to date. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
June 03, 2025 07:27 ET (11:27 GMT)
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