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
|
+44 (0) 20
3857 0000
|
|
Edward Berry, FTI
Consulting
|
+44 (0) 20
3727 1046
|
|
Tom Blackwell, FTI
Consulting
|
+44 (0) 20
3727 1051
|
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.