Interim Results 2004

Brit Insurance Holdings PLC, the UK general insurance group, today announces interim results for the six months ending 30 June 2004.
September 07, 2004


Highlights
Profit before tax ?52.5m (30 June 2003: ?31.0m)
Basic earnings per share of 3.88p (30 June 2003: 2.82p)
Group combined ratio of 86.9% (30 June 2003: 87.0%)
Technical account profit increased 92.4% to ?80.8m (30 June 2003: ?42.0m)
Net unearned premium reserve increased by 44.7% to ?675.3m (31 December 2003: ?466.7m).
A second interim dividend payment of 2p per share payable on 15 October 2004 to all shareholders on the register on 17 September 2004
At 30 June 2004 the Group had net tangible assets totalling ?631.8/64.9p per share (31 December 2003 restated: ?627.6m/64.4p)

Results
ResultsSix Months ending 30 June 2004 (?m)Six Months ending 30 June 2003 (?m)Year ended 31 December 2003 (?m)
Gross premiums written778.5666.21,015.7
Net premiums written626.0544.1850.8
Gross premiums earned492.6360.2834.3
Net premiums earned412.5286.4671.4
Technical profit80.842.0100.3
Operating profit based on long term rate of investment return69.535.991.2
Basic earnings per share3.88p2.82p6.58p
Net assets696.8665.2*697.5*
Net assets per share71.5p68.3p*71.6p*
Group Combined ratio86.9%87.0%88.5%

* Restated
Neil Eckert, Chief Executive Officer, said:
'The first half has produced a record set of results. We now have a tremendous team in place and a truly strong platform from which to trade. Recent catastrophe losses and industry reserve strengthening serve as a timely reminder of the need to maintain underwriting discipline. Excellent market conditions continue and we look forward to the future with confidence.'
For further information, please contact:
Neil Eckert, Chief Executive Officer, Brit Insurance Holdings PLC - 020 7984 8500
David Haggie or Peter Rigby, Haggie Financial - 020 7417 8989
 
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