Brit Limited Half-year Report

RNS Number : 1538D

Brit Limited

06 September 2024

 

 

 

 

 

 

 

 

Brit Limited                                

PRESS RELEASE                                     

6 SePTEMBER 2024

 

interim results for the six months ended 30 june 2024

 

 

A STRONG performance UNDERPINNED BY A CLEAR STRATEGIC FOCUS

 

·     Profit before tax from continuing operations increased to $362.4m (restated 30 June 2023: $300.0m)

·     Undiscounted combined ratio improved to 80.5% (restated 30 June 2023: 82.3%)

·     Discounted combined ratio improved to 70.1% (restated 30 June 2023: 72.0%)

·     Return on invested assets decreased to 2.0% (30 June 2023: 2.4%)

·     Insurance premium written decreased to $1,964.7m (30 June 2023: $2,021.3m)

·     Capital ratio increased to 167.7% (31 December 2023: 154.5%)

·     Key business developments include:

o  Continued focus on underwriting capability development

o  Continued successful delivery of our digital, data and artificial intelligence (AI) strategy

o  Successful launch of Ki's enhanced offering allowing brokers to access third-party digital capacity through the Ki platform

 

Martin Thompson, Group CEO of Brit, commented:

 

'I am pleased to report a strong overall performance for the first half of 2024, with an undiscounted combined ratio of 80.5% (restated 30 June 2023: 82.3%), discounted combined ratio of 70.1% (restated 30 June 2023: 72.0%), and a profit before tax from continuing operations of $362.4m (restated 30 June 2023: $300.0m).  These results reflect our clear strategic focus on driving performance and profitability rather than targeting overall premium growth. 

 

We continue to build on our solid foundations as we invest in our technology strategy, broker relationships and underwriting capabilities to build on the established leadership positions of these respective parts of the Group, while retaining our long-term focus on careful, proactive management of the insurance cycle. 

 

Looking ahead to the second half of the year and beyond, our diversified and balanced portfolio makes us well placed to benefit from the breadth of Brit's underwriting and our strong relationships, while remaining mindful of evolving market dynamics. Our strategy, positioning and unique culture gives me great confidence in the outlook for Brit.'

 

 

 

Brit Limited 2024 Interim Report

 

Brit Limited's 2024 Interim Report will be available at www.britinsurance.com.

 

 

For further information, please contact:

 

Antony E Usher, Group Financial Controller, Brit Limited	[phone]
Edward Berry, FTI Consulting	[phone]
Tom Blackwell, FTI Consulting	[phone]

 

 

 

About Brit Limited

 

Brit is a market leader in global specialty insurance and reinsurance, writing a broad range of commercial insurance.  Brit is a highly regarded and an influential name in the Lloyd's market and we pride ourselves on our specialist underwriting and claims expertise.

 

We operate globally via a combination of our own international distribution network that benefits from Lloyd's global licences, and through our broker partners.  Our underwriting capabilities are underpinned by a strong financial position, our underwriting expertise and discipline, enhanced by a data-led approach and strong focus on innovation.

 

We have a strong track record and are passionate about our business, our people and our clients and we have focused on cultivating a franchise that is built on delivering exceptional customer service.  Our culture is centred on achievement, and we have established a framework that identifies and rewards strong performance. 

 

Brit is a member of the Fairfax Financial Holdings Limited group of companies (Fairfax).  The Fairfax financial result for the six months ended 30 June 2024, published on 1 August 2024, includes the Brit financial result.

 

www.britinsurance.com

 

 

Disclaimer

 

This press release not constitute or form part of, and should not be construed as, an offer for sale or subscription of, or solicitation of any offer or invitation or advice or recommendation to subscribe for, underwrite or otherwise acquire or dispose of any securities (including share options and debt instruments) of the Company nor any other body corporate nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever which may at any time be entered into by the recipient or any other person, nor does it constitute an invitation or inducement to engage in investment activity under Section 21 of the Financial Services and Markets Act 2000 (FSMA).  This document does not constitute an invitation to effect any transaction with the Company or to make use of any services provided by the Company.  Past performance cannot be relied on as a guide to future performance.

 

 

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