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Daily Insurance Industry News
Thursday 19th of April 2018
February 26, 2010

Brit Insurance announces 2009 results

by Richard Kilner

Story link: Brit Insurance announces 2009 results

Brit Insurance announces 2009 results

Brit Insurance has revealed its preliminary financial performance figures for 2009.

The firm made pre-tax profits of £171.3m (excluding the effect of foreign exchange on non-monetary items), more than threefold the 2008 pre-tax profit of £39.6m.

Earnings per share rose by 32% from 86p to 113.2p.

Gross written premium was also up, rising 21% to £1,696.4m (a rise of 10.4% at constant currency).

The year also saw Brit Insurance establish a new holding company in the Netherlands (Brit Insurance Holdings N.V.), and further expanded its global presence with a new managing general agent in Chicago and a representative office in Tokyo.

The firm chose to be move to the Netherlands after the UK Government increased the tax take on overseas earnings.

Dane Douetil, CEO of Brit Insurance Holdings N.V., has said that the firm is pleased with its annual results.

Douetil went on to say that Brit would continue to focus on optimising underwriting margins and enhance shareholder value of the portfolio.

 

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