Brit announces post-tax losses in first half of 2009
Brit Insurance has revealed its financial results for the first half of the year, which include pre-tax profits of £64.9m, a rise of 24% on the corresponding period last year, which saw pre-tax profits of £52.3m.
However, after tax the firm incurred a loss of £8.7m due to the £73.6m cost of the foreign exchange effect on non-monetary items.
By comparison, in the first half of 2008 the firm enjoyed post-tax profits of £49.9m.
Gross written premiums rose sharply by 30% to reach £983.0m.
Group chief executive officer Dane Douetil has lauded the significant progress the firm has made in its strategic aims in Brit’s three Strategic Business Units.
Douetil also praised the advances made in the firm’s strategic drive to become closer to customers, namely the opening of new offices in Tokyo and Chicago.
The firm has recently relocated to the Netherlands for tax purposes, a decision made following declining annual profit from 2007 to 2008 (£191.2 to £89.2m).
Category: Brit Insurance News, Financials, Insurance News
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