Results for the year ended 31 December 2025

A focused Brit delivering a strong performance

Key points:

• First set of annual results of the reconstituted Brit Group (Brit), following the separation of Ki Financial Limited (Ki) on 1 January 2025.  
• Group profit before tax of $716.7m (2024: $571.1m).
• Group profit after tax of $651.8m (2024: $478.4m).
• Return on net tangible assets of 28.8% (2024: 25.8%).
• Combined ratio after discounting of 81.9% (2024: 75.7%) and an undiscounted combined ratio of 89.3% (2024: 85.3%).
• Insurance service result of $446.2m (2024: $557.0m).  
• Insurance premium written for 2025 of $3,091.7m, an increase of 3.8% over 2024 ($2,978.5m) at constant rates of exchange.  
• Strong investment return of $586.5m or 9.0% (2024: $272.3m or 4.8%).
• Capital position remains strong, with a surplus over management capital requirements of $1,524.7m or 175.2% (2024: $823.1m or 147.9%), after dividend payments in the year of $236.0m. A significant proportion of our investment portfolio remains invested in cash and fixed income securities (2025: 80.2%; 2024: 80.6%).
• Overall risk adjusted rate decrease of 4.8% (2024: decrease of 1.4%).
• Key developments include:
  • Continued focus on developing our underwriting capability;
  • Through Brit Re, the strategic expansion of our Bermuda presence;
  • Successful placement of Brit-sponsored catastrophe bond;
  • Strengthening of capital base, with Brit becoming the co-obligor on two existing senior unsecured notes, issued by Fairfax, with a total nominal value of CAD 700m;
  • Continued focus on our customers through claims innovation; and
  • Development of our digital, data and AI strategy. 

Read the full release

Martin Thompson, Group Chief Executive Officer, commented: 

‘I am pleased to report a strong result for 2025, with Brit’s clear strategic focus on performance and profitability generating profits for the year of $651.8m, an increase of 36.2% from 2024, and delivering a discounted combined ratio of 81.9% (2024: 75.7%).  
 
Although our results reflect the relatively benign loss environment in 2025, the unprecedented LA wildfires at the start of the year were another reminder that catastrophe exposure isn’t defined solely by windstorms in the second half. They also reinforced the importance of thoughtful portfolio construction, diversification and aggregation management and a diligent and efficient claims service to enable customers to get back on their feet when they need us most.
 
Against the backdrop of a shifting market environment, we have continued to focus on building our position and reputation as a lead market. We lead on most of our business and are committed to strengthening and broadening our leadership capabilities at Lloyd’s. Across our core classes we are setting price and terms and, with support from our excellent Claims team, constantly improving our proposition to the market. While 2025 saw increasing pressure on both rate and terms, we still believe attractive margins remain in many lines, and this is where we are choosing to deploy our capital and grow. 
 
I am pleased with how we executed against our plan to expand our presence in Bermuda this year. Through Brit Re we are building a long-term Bermudian reinsurance platform [with meaningful scale]. The platform is giving us access to business and talent outside of London while benefitting from the Brit brand and our deep underwriting expertise. The team in Bermuda have delivered a strong result in 2025 and we look forward to continuing the development of the platform in 2026 and beyond.
We continue to invest in our ability to equip our people with the tools they need to compete and win. This year we have made further strides in how we use data whilst upgrading our company-wide AI literacy, our underwriting platform and the sophistication of our pricing tools. 
 
Looking ahead to 2026, our strategy remains unchanged. Our aspiration for the Group is to be a long-term winner at Lloyd’s, supported by our clear strategic focus on lead underwriting and sustainable profitability. We are fortunate to have our ownership with Fairfax, which allows us to have a long-term mindset.  In the near term, we remain focused on managing the cycle and delivering against our objectives, against the backdrop of a market which continues to become more competitive and challenging.  
 
Our success is underpinned by our unique culture. I am proud of how this sees Brit strive for excellence in everything we do and would like to thank everyone at Brit for their hard work in delivering these results.’