Brit profits plummet to £6.8m
July 24, 2011 by Timothy Wilkes · Leave a Comment
Brit Insurance saw first-half 2011 pre-tax profit plummet to £6.8 million, from £77.5 million a year earlier, having faced an unprecedented number of catastrophe events in the first six months of the year.
The re/insurer recorded a 2.1% rise in gross written premium, to £845.3 million, and its combined ratio stood at 104.8% (30 June 2010: 96.5%) including 15.5 percentage points for major claims (30 June 2010: 7.1%).
The firm achieved a rate increase of 0.9% (30 June 2010: 1.1%) and a return on investment of 1.5% (30 June 2010: 1.6%).
Underlying management expenses were reduced by 11.8%, to £75.4 million, and Brit says it maintain a strong and continuing focus on key areas that drive performance, i.e. underwriting, claims, investments and expenses.
Commenting on the figures, Brit Insurance Holdings BV chief executive officer, Dane Douetil, says: “The continued improvement in the underlying claims ratio has been particularly encouraging at a time of difficult pricing conditions and is the result of our total focus on underwriting performance across the business.”
Similar Posts:
- Fortis fine tunes household underwriting
- AIG names new Chartis CEO
- FM Global reports 2010 results
- Brit establishes new property investors team
- Allianz partners Vizion for BMW repairs
