Results for the year ended 31 December 2024. A strong performance underpinned by a clear strategic focus.

Key points

• Group profit before tax from continuing operations of $661.0m (2023: $623.9m).
• Group profit after tax from continuing operations of $576.2m (2023: $629.2m).
• Return on net tangible assets on continuing operations of 23.5% (2023: 41.7%), primarily reflecting the increased level of adjusted net tangible assets held during 2024.
• Combined ratio for continuing business after discounting of 75.7% (2023: 76.2%) and an undiscounted combined ratio for continuing business of 85.9% (2023: 85.3%).
• Insurance service result was a profit of $674.8m (2023: $649.5m).  
• Insurance premium written for 2024 of $3,779.5m, an increase of 0.5% over 2023 ($3,753.5m) at constant rates of exchange.  
• Investment return was a strong $347.7m or 5.0% (2023: $394.4m or 6.2%).
• Capital position remains strong, with a surplus over management entity capital requirements of $987.5m or 53.0% (2023: $1,050.5m or 54.5%), after dividend payments in the year of $605.4m. A significant proportion of our investment portfolio remains invested in cash and fixed income securities (2024: 84.5%; 2023: 85.8%).
• Overall risk adjusted rate decrease of 1.4% (2023: increase of 7.1%).
• Key developments include:
  • Ki established as a standalone operation within the Brit Group Holdings Limited and Fairfax groups following highly successful launch and incubation by Brit;  
  • Focus on underwriting capability development, including new strategic pricing and rating engines for a number of classes;
  • Launch of Brit Re, the strategic expansion of our Bermuda presence;
  • Successful first year of Ki’s enhanced offering allowing brokers to access third-party digital capacity from multiple syndicates directly through the Ki platform;
  • Ki franchise growth: Overall insurance premium written by the Ki franchise, on behalf of Ki Syndicate 1618 and third parties, grew by 16.6% to $1,039m;
  • Launch of the ‘BUILD Project Cargo’ and ‘Cyber First50’ consortia;
  • Completion of the sale of our holding in Canadian MGA Sutton;
  • Continued focus on our customers through claims innovation; and
  • Continued focus on our digital, data and AI strategy.