Brit posts 80.5% undiscounted CoR in H1’24, pre-tax profit climbs to $362.4m

Brit Ltd, the global specialty re/insurer and subsidiary of FairFax Financial Holdings Limited, has posted an undiscounted combined ratio of 80.5% for the first half of 2024, representing an improvement from the prior year’s 82.3%.

At the same time, the organisation also posted a discounted combined ratio of 70.1% for the period, compared to 72.0% from the first half of 2023.

Brit’s profit before tax increased to $362.4 million for H1’24, a notable improvement from last year’s $300 million.

Elsewhere, Brit witnessed a decrease in insurance premium written during H1, coming in at $1,964.7 million for the period, compared to $2,021.3 million from last year.

Brit’s capital ratio increased to 167.7% in the period, compared to the 154.5% figure that the organisation posted from 31 December 2023.

Martin Thompson, Group CEO of Brit, commented on the firm’s H1’24 results: “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.”

Adding: “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.”

He concluded: “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.”

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