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.’
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