Bermuda-based specialty insurer Hiscox earned record pre-tax profit of £354.5 million ($568.85 million) last year, up 64% on 2015.

Currency gains and better investment yields pushed up profits.

Gross written premium improved to £2.4 billion ($3.85 billion) from £1.94 billion ($3.11 billion), net premium earned increased to £1.68 billion ($2.7 billion) from £1.44 billion ($2.31 billion) and the combined operating ratio strengthened to 84.4% from 85%.

The insurer’s foreign exchange gains leapt to £152.4 million ($244.56 million) from £15.2 million ($24.39 million).

“This is a good result, flattered by foreign exchange and boosted by a strong investment return,” CEO Bronek Masojada said. “We will remain focused and disciplined where margins are shrinking and invest where we see opportunities for long-term profitable growth.”