Brit Insurance reports interim results
Brit Insurance has released its financial results for the first six months of 2010, including pre-tax profits of £75.5m, a welcome turn around for the firm which in the same period last year incurred a net loss of £8.7m (and a pre-tax result of £64.9m).
Gross written premiums declined by 13.4% year-on-year, falling from £983m to £851.5m, with premium rate increases of 1.1%.
Investment return fell from 1.8% to 1.6%, £59.2m to £57.5m), and diluted earnings per share climbed from a loss of 8p to 87.3p.
Group Chief Executive Officer Dane Douetil has stated that the firm has made excellent progress in the first half of 2010, and cited Brit’s improved return on equity (now 16.9%) as proof of this.
Douetil also said that the move to the Netherlands was already bearing fruit, with a post-tax result of £67.4m.
Category: Brit Insurance News, Financials, Insurance News
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