Interim Results for the six months ended 30 June 2026
A strong performance in an increasingly competitive market
- Profit before tax increased to $326.8m (30 June 2025: $307.7m)
- Undiscounted combined ratio of 89.5% (30 June 2025: 95.2%)
- Discounted combined ratio of 83.9% (30 June 2025: 87.4%)
- Non-annualised return on invested assets of 3.2% (30 June 2025: 4.7%)
- Insurance premium written increased by 4.4% to $1,767.3m (30 June 2025: $1,692.2m)
- Capital ratio increased to 197.9% (31 December 2025: 175.2%)
- Key business developments include:
- Continued development of our digital and data-enabled underwriting capabilities, delivering greater efficiencies and further enhancing the customer experience
- Successful execution of Brit Re’s growth strategy with third party written premiums growing by 69.8%
- Successful launch of three new Brit-led consortia
- Continued development and implementation of our ‘simplification’ strategy, including the deployment of new technology solutions across finance and actuarial
- Continued development of our digital, data and AI strategy across underwriting, claims and operations
Martin Thompson, Group CEO of Brit, commented:
‘In the first half of 2026, Brit’s profit before tax increased to $326.8m, reflecting a strong underwriting result and positive investment performance. Against a backdrop of increasing competition and accelerating rate reductions across many of our markets, we remained highly disciplined with a focus on protecting underwriting margins and maintaining portfolio quality. Whilst this has resulted in a more selective underwriting approach in certain classes, it has enabled us to continue delivering strong underwriting returns with an insurance service result of $200.4m and an undiscounted combined ratio of 89.5%.
It is also pleasing to see the continued growth of Brit Re, our Bermudian reinsurance platform, which is contributing meaningfully to our growth and enhancing our ability to deploy capital efficiently. As our Brit Re strategy enters its second full year of deployment, the company continues to gain momentum. Combined with the breadth of business we underwrite through Syndicates 2987 and 2988, and our deep distribution relationships, we are well placed to respond to where we see opportunities in the market while maintaining a relentless focus on cycle management.
We remain focused on our four strategic pillars: Focus; Capability; Simplification; and Culture. During the period, we continued to invest in underwriting capabilities through the development of our common underwriting platform and associated tooling. We also continued to embed AI and automation across the business, simplifying processes, improving efficiency and ensuring a sustainable cost base as market conditions evolve.
Looking ahead to the second half of 2026, we remain mindful of continued market softening and increasing competition. In this environment, underwriting discipline and effective portfolio management become increasingly important. These are core strengths of Brit and, through enhanced segmentation, we are taking an increasingly selective approach to portfolio construction, directing capital to those areas where we see the most attractive risk-adjusted returns. I am confident that we are well placed for the second half of 2026 and beyond.’
