Results for the year ended 31 December 2023

A Record Result

Key points

  • Group profit after tax (including discontinued operations) of $895.4m (2022: $308.9m).
  • Profit on ordinary activities before tax, FX and discontinued operations of $720.3m (2022: $281.3m).
  • Return on net tangible assets on all operations of 51.9% (2022: 12.6%) and return on net tangible assets on continuing operations of 41.7% (2022: 12.9%).
  • Combined ratio for continuing business after discounting of 76.2% (2022: 88.5%) and an undiscounted combined ratio for continuing business of 85.3% (2022: 96.2%).
  • Insurance operating result, excluding the impact of discounting, was a profit of $405.7m (2022: $93.9m), and the result including the impact of discounting was a profit of $423.7m (2022: $492.5m).
  • Insurance premium written for 2023 of $3,753.5m, a reduction of 5.5% over 2022 ($3,970.0m) at constant rates of exchange, reflecting market conditions in certain classes, the implementation of our catastrophe strategy, and our continued focus on improving our performance by exiting underperforming business.
  • Investment return was a strong $394.4m or 6.2% (2022: loss of $132.1m or -2.3%).
  • Result from discontinued operations after tax totalled $266.2m (2022: $21.7m), including the gain on sale of Ambridge of $259.1m.
  • Capital position remains strong, with a surplus over management entity capital requirements of $1,050.5m or 54.5% (2022: $709.8m or 39.9%), after dividend payments in the year of $413.6m. A significant proportion of our investment portfolio remains invested in cash and fixed income securities (2023: 85.8%; 2022: 85.1%).
  • Highly successful third year of trading for Ki3, recording insurance premiums written of $877.0m (2022: $834.1m), a combined ratio after discounting of 83.2% (2022: 91.1%) and an undiscounted combined ratio of 89.4% (2022: 95.0%).
  • Overall market conditions continued to harden, albeit at a reducing rate, and we achieved risk-adjusted rate increases of 7.1%, bringing the compound increase since 1 January 2018 to 65.1%.
  • Key developments include:
    • Completion of the sale of the Ambridge MGA companies;
    • Agreement to sell our holding in Canadian MGA Sutton, which completed post year end on 8 March 2024;
    • Execution of our catastrophe strategy, reducing our Property portfolio’s gross exposure to such events;
    • Launch of Ki’s enhanced offering allowing brokers to access third-party digital capacity from multiple syndicates directly through the Ki platform;
    • Continued focus on our customers through claims innovation;
    • Continued focus on our digital, data and AI strategy; and
    • Adoption of IFRS 17 ‘Insurance Contracts’.

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The calculations of the key performance indicators and alternative performance measures are set out in the ‘key performance indicators and alternative performance measures’ section at the end of this document.  


2022 figures have been restated where applicable following the adoption of IFRS 17 ‘Insurance Contracts’ from 1 January 2023.


The Ki segment result has been prepared for the purposes of Brit Limited segmental reporting and does not constitute stand-alone financials for Ki Syndicate 1618 or the Ki Financial Limited sub-group in whole or part.


Capital Strength

Brit's capital policy is set by the Board and is based on the output of the internal model which reflects the risk profile of the business. The policy requires capital to be held well in excess of regulatory minimum requirements and underpins Brit’s balance sheet strength. The policy ensures the capital adequacy of the Group, and each entity, through an efficient capital structure. The Group proactively responds to developments in the financial environment to ensure its capital strength is maintained whilst optimising risk-adjusted returns.

Brit is part of the Fairfax Group, which is a large Canadian insurance group with significant financial strength.

Brit Global Specialty solely underwrites through Brit's wholly aligned Lloyd’s Syndicate 2987, which benefits from the Lloyd's credit ratings of A (Excellent) from A.M. Best, AA- (Very Strong) from Fitch and A+ (Strong) from Standard & Poors. For further information, please visit Lloyd's of London.

Capital Strength

DB Pension Scheme

Through Brit Group Services Limited, the Group operates a funded defined benefit pension scheme, providing pensions benefits to its members. The scheme closed to new entrants on 4 October 2001 and closed to future accrual of benefits on 31 December 2011. The scheme is approved by HMRC for tax purposes and is subject to UK regulations overseen by the Pensions Regulator. The scheme is operated through a trust, which has assets held separately from the Brit Group. The trust is managed by a corporate Trustee, Brit Pension Trustee Ltd. The Trustee has overall responsibility for payment of the benefits and management of the scheme’s assets.

The scheme’s Statement of Investment Principles can be found here.

The scheme's Implementation Statement can be found here.

Any questions related to the scheme should be addressed to the scheme’s administrators, Lane Clark & Peacock LLP (

DB Pension Scheme

S172(1) Statments

Brit Limited, and a number of its UK subsidiaries, are required to publish a Section 172 (1) statement under the Companies (Miscellaneous Reporting) Regulations 2018.  The statements for the year ended 31 December 2021 can be found by following the links below.

S172(1) Statments